78-03-A1

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Panama Canal Debate

Transcript If you've followed the Senate debate over the Panama Canal treaties you know that the senators have examined some aspects of the issue with a fine-tooth comb. Still, worries won't go away over the possible cost to the American taxpayers, over the Panamanian government's ability to manage the Canal and, most of all, over the possible consequences of these treaties to our security. Many Panamanians have worries over the treaties, too. An American who lived in Panama for many years and visits there often, wrote to me the other day to say that what a large number of Panamanians want -- especially the young people -- is democratic government. He quoted one young Panamanian professional, a recent graduate of the university there, as voicing the views of many when he told my correspondent --QUOTE-- "The Canal is not a solution right now. It is a problem. Panama's greatest need at the moment is the gradual creation of an honest, efficient, responsible government deriving its power from the people under law". --UNQUOTE-- The Torrijos regime seems a lot less interested in principles such as this young man expresses than it does in making money. For example, word comes from New York that an underwriting firm is in discussion with the Torrijos regime to issue between 50 and 100 million dollars worth of long-term bonds, payable out of canal tolls after the treaties are ratified. Torrijos has already run up Panama's indebtedness to more than one-and-a-half billion dollars since he came to power nine years ago. The country's debt at that time was only $167 million. Worries that the American taxpayer will end up footing a hefty bill for the Canal turn-over won't go away. Recently, the Carter administration, after insisting for weeks that the treaty payments to Panama would be covered by tolls, finally admitted that there would be a cost to the taxpayers of $600 million. Outside estimates go much higher than that. On the security issue, an important item comes from the respected English publication, The Intelligence Digest. It says, --QUOTE-- "Plans are being formulated at Patrice Lumumba university in Moscow for the establishment of a subversive network in the United States using illegal immigrants from Mexico. This is linked to developments throughout the Central American area. The U.S. border with Mexico is left open effectively for political purposes and plans are being made in Moscow and Havana to train Mexican activists who will, at the right time, stimulate nationalist claims to those parts of the United States "stolen from Mexico." But, first the Panama Canal has to be eased from United States control." --UNQUOTE-- This is a time for Congress to take its time and let the legislative wheels grind slowly and exceedingly fine on every aspect of the Panama Canal treaties. This is Ronald Reagan. Thanks for listening.		Details Batch Number 78-03-A1 Production Date 02/20/1978 Book/Page RPtV-264 Audio Youtube? No
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