The News-Herald. [volume] (Hillsboro, Highland Co., Ohio) 1886-1973, 1908-12-17


has been openly conducted at his
office in Paris, No. so Rue Etlenne
Marcel, where all the receipts ao-
counts and records of his payments
are on file.
The New Panama Canal company
of France is in liquidation. as the ac-
companying papers set forth. This
liquidated company received as its
proportion of the 100000 900 the sum
OF 100000 france and this was
distributed by the liquidation in three
payments through four leading banks
of Paris, covering a period of the
past four years and to shareholders
numbering about 5000. Every step
OF the transaction was not only taken
publicly but was contemporaneously
Herewith advertised in the legal and
financial papers or France, and the
banks making the payments took
proper receipts from all the parties
to whom payments were made, as is
customary in such cases.
The capital of the New Panama
Canal company of France was 85OO0,-
900 francs and the distribution thus
made amounted to about 100 francs
on each share Of 100 francs. No divi-
dends were paid during the 10 years
Of the compaBy's existence. II there
fore resulted that the shareholders
only recovered their original invest
ment with annual interest of about
three per cent.
The accounts and records Of this
lfnuf1atfnn u4bfph uso concluded IN
June last are on deposit with the
Credit Lyonnaise of Paris as a proper
custodian Of the same, appointed up
on such liquidation. Recently a re.
quest was made by a private indi-
vidual TO inspect the records OF these
payments, but answer was made by
custodians that they saw no proper
reason for granting such request by
a stranger, and, inasmuch as thee
is not the slightest ground for sus.
picion Of any bad faith in the trans
action il hardly seems worth while to
make the requests: but IL the con-
grcss desires, | have no doubt that
on the request Of our ambassador in
Paris the lists of individuals will be
shown him.
Says Nothing TO Probe.
As matter Of fact there is moth
ing whatever In which this govern
meut is interested to investigate
about this Transaction. So far as this
government is concerned. every step
OF tE' slightest imuortance has been
made pubic by its executive, and
every step taken in France has there
| been made public by the proper Off
cials Tho congress took the action
1t did take after the most minute and
exhaustive examination and discus
sion, and the executive carried out
the direction of the CONGRESS to the
letter Eycry act of this government,
every act for which this government
had the slightest responsibility. was
in pursuance Of the act OF the con-
gress here, and following out the de-
cree OF the civil tribunal Of the Seine
In France. Furthermore, through the
entirely voluntary act OF Mr.. Crom-
well. am now able to present to you
full information as to these actions
in France, with which this govern
ment did not have any concern, and
which are set forth in the accompany
ing papers.
II may he well to recall that the
New Panama Canal company OF
France did not itself propose to fix
the figure, S40,O00,000, as the valua.
tion Of the canal and railroad proper
ties. That sum was first fixed by our
isthmian canal commission in its re-
ports to the congress after two years
OF investigation and personal inspec-
tion OF all the properties and work al
ready done. whereby the properties
and the work done were in detail ap-
praised at that sum as their value to
the United States. The French COM
pany steadily refused for over two
years TO make any offer whatever in
answer to the many written requests
OF the isthmian canal commission,
and when its president did approach
the question of price it was on the
basis of $109,0O0,00O. Later, under
conditions not necessary now to re-
hearse, the company by cable accept
ed the appraisement of $4,000 0OG
made by our commission.
This government therefore acduir-
ed all the properties and concessions
both OF canal and railroad, at its own
valuation and price, the congress ap-
proving the price and authorizing the
expenditure Of the money after the
most exhaustive examination and dis
cussion.
transmit herewith lists and docu-
ments in the possession OF the depart
ment OF state, the department OF Jus
tice and the department of war, so
that If the congress sees flt II may di.
rect that they be printed. They are
and always have been open to the ex-
animation of any member OF the con-
sress. There is no object in printing
them, but there is also no objection
to printing them, save that It is q use
less expense.
also transmit a list of the docu-
ments furnished by Mr. Cromwell