The Detroit times., 1908-12-11
BRANDS
CANAL CHARGES A
LOT OF LIES
He EXPLAINS HOW FUNDS WERE
DISTRIBUTED THROUGH }. p.
MORGAN a co. TO THE FRENCH
INTERESTS.

NEW YORK, Dec. 11.-Wm. Nelson
Cromwell, who was counsel for the
French company during the negoua'
tons for the purchase Of the Panama
canal. has Issued statement In which
he denounces as lies the statements
published In the New York World tnat
an American syndicate received the
$40,000,0O0 which was paid for the
canal. Mr. Cromwell says c. p. Tart,
brother OF President-elect Taft, and
Douglas Robinson, brether-in-law OF
President Roosevelt, had as much TO
do with the deal as Caesar or Ma
poleon." .t..~
Mr.. Cromwell's statement follows;
1.-The reply of the editor OF the In
dianapolis News furnishes proof OF the
justice OF the presidents characterize
tons, for In the very journal under
whose sheets II now takes refuge,
namely, In the New York World OF
Oct. 3. 1903. appears an explicit and
unqualified denial by me or the story
referred 10 and In which used the
following Language:
1--WE may expect during a heated
political contest all kinds or stories
which are not. worthy OF notice. but
this ones,I wish TO denounce In the
strongest terms as a lying fabrica-
ton, without a shadow OF truth in 1t
Neither ] nor any one allied with me-
either directly or indirectly. at any
time or In any place In America or
abroad. ever bought, sold, dealt In or
ever made a penny OF profit out OF
any stocks, bonds or other securities
of either the old Panama Canal Co.
or the new Panama Canal Co, or ever
received for the same single dollar
OF the forty millions paid by the
United States. 4 make this the most
sweeping statement that language can
convey ~ >s~ss~
CAS- everybody connected with the
affair knows Sustained from recelv-
ing the forty millions in my own hands
at washington or New York, as the
general counsel of the company, and
myself arranged for the payment OF
the entire forty millions direct from
the treasury of the United States
through the bankers OF the govern
ment. intd the Bank Of France at
Paris. To the credit of the liquidators
or the two companies.
There IT remained subject to the
order Of The liquidators until dis
tributed by them to the hundreds OF
thousands OF beneficiaries, and not one
dollar of it@exer came TO me or to any
one in any way connected with me. Or
course, / do not refer TO our regular
compensation as counsel.
"I wish to call attention To the fact
that upon the first day OF the hear
fngs before the committee OF inter
oceanic canals OF the senate OF the
United States, In February, 1906,
voluntarily made an explicit and de-
tailed statement showing how the
$40 100000 was paid by the United
States through Messrs. j. p. Morgan
& Co., as their agents, TO the Bank
of France at Paris, for account OF
the new Panama Canal Co. | also ex-
planned the subsequent payment or
the full amount TO the liquidators or
the new Panama Canal Co. and to
the liquidstor of the old Panama Canal
Co, who in turn distributed the same
to their respective. stock and bond
holders, numbering hundreds or thou
sands OF persons,
IT further submitted to the senate
committee, With the permission OF the
Panama government, detailed state
ment of the disposition by the repub-
lie OF Paf5xma Of the $10,o0O.Ooo paid
by the United States TO Panama In
1904. accounting for the payment OF
the whole amount and showing tho
Investments, and, disposition by the
Panama government OF every dollar