Bryan morning eagle. [volume] (Bryan, Tex.) 1898-1909, 1908-12-17

1909. wlih the accompanying Documents
md exhibits. I call your attention 70
the correspondence ~ the officers and
agents 81 the Panama Canal company
With the president ana other officers
~ the United States. printed in senate
document No. g. Dec 10, 1909. also TO
the copy Of the official proceedings ~
the new Panama Canal company at
Paris on the 3Oth OF December. 1908,
together with report Of the council
~ administration of that company
printed w senHte document No i33,
Jan -, 1904. aud 10 the copy ~ tho
general convcyance by the New Pan
anna rhnnl company To the United
Stnies, also copies ~ certain telegram
from the president Of the company
making an offer Of Hele and AttOrney
General knoxa cablegrnm IN response.
printed IN senate documents 3B6, March
23 1905. ! call your attention further
more To tho exhaustive testimony re-
corded IN public document (Honate doc
umenl No f0i. Flfty-ninth congress-
second session., which contains the
searching investigation into the whole
tfhnsnclion made by the congress for
~ information and fully considered by
the congress before II took action In
the act approved June ~. 1909. ITO pro
vide for the construction of canal
connecting the waters Of the Atlantic
and Pacific ocenus." the congress pro
vidcd MS follows
'rhat the president OF the United
States ~ hereby authorized 90 acquire
Tor aud on behalf of tho United States
M a cost not exceeding $40 .O00. 600. the
rights. privileges franchise. CONCESSIONS.
grants OF land right ~ way unfinished
work. plants and other property real.
personal and mixed. Of every name and
nkVntaI hy la No "a.
nal company of France on lsthmus ~
Panama, and IN Paris including All
Tho capital stock. not less. however,
6Shsa shares of the Panama Railroad
company owned by or held for the use
of Nhid canal conpnnY provided a sal
lAfhtfory title 10 all said property can
bu obtained"
II lhofoupon became the duty OF tho
president Ia execution Of thi1 statute
10 purchase Tho property spec,find from
the New Panama Canal company on
Francs provided he could obtain a sat.
iwactory TILE Tho department OF jus.
Tee was Instructed To examine the title
aud after such AN examination Attorney
General Knox reported that "a sntiSfac.
tory title could be- obtained. Payment
OF The purchase price was thereupon
made 10 the New Panama Canal com
pany In accordance with the not OF
the congress- and the property was con.
vcyed boy that company to the United
states II WAS no concern OF the presl-
dent, or ~ any officer OF the executive
department, Ia Inquire Hs to what the
New Panama Canal company had done
WIN the money which IL received An
matter OF fact the New Panama ca
ma company did distribute the money
between It's shareholders and the share.
holders OF the preceding Panama Ca
nhl company In accordance with the
decree OF "a French court and the rec
ofds Of the French court show who
were the shareholders who received the
money, but that Is no concern OF ours
l call your attention To the accompany.
Ing statement us To the attempt To form
an American company In 1899 for the |
purpose of taking over the property OF |
the French company This attempt |
proved abortive. There was no CON
cenlnent In It's efforts TO put through |
this plan, Its complete failure aud |
abandonment being known to every |
one. The important points set forth In |
the accompanying papers and la the |
papers to which have referred you are
al follows:
The Investigation OF the history,
physical condition and existing value !
Of the enterprise by the congress re-
sultlng In the enactment OF the law OF |
1902 authorizing the president TO &C. |
quire the property ~ the Panama Ca
mai company Tor the sum OF $40. 0O0. 900 |
upon securing satisfactory title. and I
thcreupon TO undertake the work OF /
construction. the failure of the Ameri- /
OF the enterprise In 1899 The |
transmission by me To the congress /
from time To time Of full information /
ana advise as to the relations OF this \
government To transit across the 18TH
mus and under the treaties as to the
negotiations and final acquisition Of |
the title, and later as to the progress
and condition OF the work OF construc.
ton The previous authorization OF
sale TO the United states by the stock
holders OF the Jew company and their
ratification, the examina-
lion and approval of the title by Mr,
Knox. the arrangements for payment |
through j. l.. Morgan a. Co, as tho I
fiscal agents OF this government. ana
the payment accordingly at the Bank |
" France on proper official receipts To
The liquidators acting under the decree
" the French court, the French gov
ERA nontal body having Jurisdiction IN 7
The matter. and finally the subsequent
lpportionmcnt aud distribution uf the
fund To the creditors and stockholders /
~ the two companies under that de-
srec The Panama Canal transaction II
way virtually carried through not by Il
,ither the then secretary OF state. Mr.
John Hay, or the then secretary OF war;
Mr klihu Root, both OF whom, how
aver were cognizant OF all the essen
Ilol features, but by the hen attorney
general. MIR. y S. Knox. AT present SEN
itor from Pennsylvania directed or
approved every action and am re-
,ponsiblc Tor what was done In carrying
cut the will of the congress and
he provisions Of the law, enacted
Dy congress after exhaustive examina.
ions and discussion was scrupulously
complied with by the executive. While
he transaction was pending saw Mr..
Cromwell but two or three times and
NY communications with him were
United to the exchange OF purely for
nal court estes. Secretary Hay occa-
,lonally saw him In the same manner.
doubt whether MIR Root held any
with him, The attorney
saw him frequently. as he was