Kingsbury County independent. (DeSmet, Kingsbury County, S.D.) 1894-1929, 1908-12-25

from Pennsylvania. l directed or APP
proved every action, and am responsible
for all that was done in carrying u
the will of the congress: and the pro-
ision Of the law enacted by congress
after exhaustive examination and dls-
cussicn were scrupulously complied
with by the executive. While h tran
| saction was pending | saw Mr.. Crom-
we'll but two or three times and my
communications with him were limited
to the exchange of purely formal u
tesy. Secretary Hay occasionally saw
him. i'm the same manner: doubt
whether Mr.. Root held any converse
ton with him. The attorney general
saw him frequently. as he was couhset
for the Panama company. their COM
munications were official as represent
ing the two sides"
The action OF the government, ne
says. was wholly uninfiuenced by any
question OF who were or were moi
stock holders either i'm the new or old
company.
Transactions Were Open.
IF. as a matter of fact he explains,
9TH canal company, either or both,
had been owned by American cltiZehs
or by citizens OF any other nationality
il would not have altered in the sllght-
est degree the action k by THIS
! government. Our concern was 10 get
the Canal plpDcItS, NIith "ht
by the French company and To see that
the title was clear. Our transactions
We're carried on openly, and were bud
lished in detail. and we dealt solely $50
far as the interests of the ola Pahahha
, mpa were concerned with the
liquidator appointed by the proper
French governmental body, the civil
tribunal of the Seine and in accordance
with the decree of the same tribunal
the new Panama Cana company,
! which also went into liquidation upon
the sale TO the United States.
Morgan Handled 1t.
The president states that the money
was paid through the New York bank
ing house of j. i. Morgan x Co. act
ing as financial agents of this govern
ment, into the Bank of France, in
Paris.
IN these PAYMENTS" he a I'VE
followed to the letter the decree of the
governmental tribunal of France,
which had the authority to make such
a decree the civil tribunal of the Seine.
We had neither desire nor authority
tC go behind this decree OF his proper
governmental body, as all the conflict
ing lights of the security holders or
beth companies had been settled by
the decree of said court by ratification
of the arbitration which resulted in
that division.
Il wish to make as clear as possible,
and as emphatically as possible, the
statement that we did not have any
thing to do with the distribution OF a
dollar of the $40, 000, 600 we paid as
regards any stakeholder, or ~bondholder
of the French company, save that we
followed out the award of the arbi-
traitors appointed in accordance with
the decree of the French court, which
had dealt with the subject in awarding
a certain proportion to the old com
pany and q certain proportion to the
now company. Any question concern
ing the stockholders, or other bench
Charles of the proceeds of the sale was
purely a question for the civil tribunal
of the Seine. The French govern
mental body, with which this nation
had nothing whatever to do.
Cromwell Supplied List.
Under these circumstances there
was not the slightest need for Mr..
Cromwell to give any information on
the subject Of the companies for which
he has been n This govern
ment has no concern with Mr.. Crom-
wells relation to these companies or
either of them. or with the amount OF
his personal compensation; il was not
the affair of this government to in
ouire who were the security holders OF
the companies. Nevertheless, Mr..
Cromwell, of his own accord has sub
mitted to me, together with a copy or
His statement published on the 18th
instant, and which l transmit herewith,
a full list of the stockholders Of the
new Panama Canal company, OF
France, on January Is, 1900. Number
ing over $1,000 and a list of all stock
holders who were present at a special
meeting of the company held February
rs, 1902. Immediately after the cable
offer OF the company was made TO the
United States ,(Jan. 9-11-1902) to ac-
cept the appraisement Of $4,000. 600
made by the Isthmian Canal commits
sion and TO sell for said sum the Pana-
ma canal concessions and other prop
erty, and the shares OF the Panama
Railroad company.
Referring to the accompanying docu-
ments the president say no payment
will be made upon the stock of the
old Panama Canal company and he is
informed the payment on the bonded
indebtedness win be but 10 per cent.
| About 5000 shareholders of the new
Panama company will receive pay
ments and they will recover their orig
inal investments with annual interest
Of about 3 per cen
Records on Deposit.
THE accounts and records Of this
l~iquidation which was concluded In
June last, ne SAID, are Oh uepOSit
| with the Credit Lyonnaise of Paris, as
a proper custodian of the same, APP
pointed upon such a liquidation.
Recently a request was made by a
private individual TO inspect the rec
ords of these payments, but answer
was made by the custodians that they
saw no proper reason for granting such
request by a stranger, and, inasmuch
as there is not the slightest ground for
| suspicion of N bad faith In the trans
action it hardly seems worth while to
make the request, but If the congress
desires, / have no o that on the
request OF our ambassador in Paris, the
lists Of individuals will be shown him.
"As a matter of fact, there is moth
ing whatever in which this government
is interested to investigate about the
transaction. So far as this government
lis concerned every step of the slight
est Importance has been made pubic
by it's executive and every step taken
| In France has there been made pub
lie by the proper official"
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