Daily press. [volume] (Newport News, Va.) 1896-current, 1908-12-16
ceived the money; but that is no con,
Germ Of ours
Holders identity No Concern.

f1OIucTS 1ocnttty NO concern.
The action of the United states
Government was. of course, wholly
unintuenced by, and had nothing
whatever to do with. any question as
TO who were, or who had been. the
security-holders of either the new or
the old company. Who such security
holders were was not our affair. If.
as matter of fact. the Canal COM
panics. either or both. had been own
ed bv American citizens or by citi-
Zens of any other nationality. it would
not have altered in the slightest de-
gree the action taken BY this Gov
eminent. Our concern was to get
the canal property which was owned
by the French Company and to see
that the title was clear Our trans
actions were carried on openly. and
were published in detail. and we dealt
solely $50 far As the interests of the
old Panama Company were concern
ed with the liquidator appointed by
the proper French governmental body.
the Civil Tribune Of the Seine. and
n accordance with the decree OF this
same tribunal. with the New Pana-
ma Canal Company. which also went
into liquidation upon the sale to the
United States. All our transactions
were carried on openly. and were pub
lished in detail.
Paid Through Morgan.
The distribution of our payment OF
sac, O0O. 900 follows the award Of arbi-
traitors chosen by the new company
and the liquidator. authorized by the
decree OF this same Civil Tribunal OF
the Seine. and providing for a de-
termination OF the proportionate d.
vision between the new and old COM
panies. We paid the money through
Messrs. J. P. Morgan & Company.
acting as fiscal agents Of this Govern
ment into the Bank OF France in
Paris. The receipts and accounts OF
our Treasury Department show the
payment Of the money into the Bank
Of France and account for the money
being paid over TO the liquidator ap-
pointed by the Civil Tribunal OF the
Seine and to the New Panama Canal
Company of France. the proportion OF
the forty million dollars being 1884,
GOO. 900 francs to the liQuidator Of the
old company and 77.400.0O0 francs to
the New Panama Canal Company OF
France in liquidation. In these
payments We followed to the lette!
the decree of the governmental tri-
lSlnal Of France which had the
authority to make such a decree. the
Civil Tribunal OF the Seine. We
had neither desire nor authority to
20 behind this decree OF this proper
governmental body. as all the con
ficting rights OF the security-hold
ers OF both companies had been
settled bv the decree Of said court
hy ratifcation OF the arbitration
which resulted in that division. -
No Call Upon Cromwell.
Under Shese circumS ances there
was not the slightest need for Mr.
Cromwell to give any information on
the subject Of the companies for
which h. had been counsel.
Furthermore. through the entirely
voluntary act OF Mr.. Cromwell. I am
now able to present TO yon full !nfor
maticn as 10 these actions in France
with which this Government did not
have any concern. and which are
set forth In the accompanying papers
Commission Fixe1 Sum.
II NAV be well 70 recall that the
New Panama Canal Company OF
France did no; itself propose or fix
the figure $4,000. 600 as the valuation
Of the canal ard railroad properties
That sum was first fixed By our
Isthmian Canal Commission In its re-
ports 10 the Congress after two years
OF investigation and personal insPec
ton of all the properties and work
ALREADY done. whereby the propertiss
and the work done were in detail ap
praised az ihs; sum As their va'ue
10 the United States Tho Preach
company steadily refused for over
two wears to make any Offer whatever
IN answer 20 The mary written re
quests Of the IsthTnisn Canal Com
mission: and when its president did
approach the question Of price. u wsf
on the basis Of sioa 0oo. ooo
transmit herewith Fsis OF th'
documents In The ?ossess'on Of he
Department Of state. the Department
Of Justice. and the Department Of