, 1881-01-12

eager for an opening for investment, yet
they continue suspicious and mistrustful of
plans not recommended by the character
of their promoters. Without the existing
plethora of money the Panama Canal could
not have been atarted. Still more certainly
the superabuDdance of money would have
been useless for the purpose except for
the guarantee of sagacity and honesty
offered by the name OF M. Ferdinand de
Leaseps. M. de Lesseps has never been
accused of mercenary se~lf.seekiDg. When
his magnificent work was labouring under
a mountain of apparent impossibilities,
blind enthusiasm was the worst charge
alleged agaist him. That imputation he
is accounted to have. refuted by results and
men believe him on his own word capable
OF accomplishing bis pledges in future as
in the past. The manner in which by his
personal ascendency he has overcome at
least half the reluctance of the American
public is a confirmation of the power of
his star and bis genius. His skill in
securing an actual Minister OF the United
States for the ostensible head of his COM
pany ia an additional testimony that he has
lost none of the diplomatic talent which,
when he was still unknown, triumphed
over doubt and fear and dislike.
The money is present and the man.
But difficulties remain which would appal
another than M. de Lesseps. To begin
an enterprise at the age Of seventy five,
with a sense one Of bis disposition and
achievements is sure to feel of bis W
personal necessity to success, is in itself a
subject of wonder. The consciousness
that, if the public believes more in him,
he has no longer the mighty help behind
OF q French Emperor would have been a
powerful argument with ordinary old man
who had done great things not to tempt a
signal failure. If no leading Euro
pean statesman declares war against
the work, no European Government has
taken its protector by the hand and identi-
fed with bis victory the vanity Of q nation
In Egypt there was at worst the prejudice
of politicians to contend with. Political
sympathy could be made to neutralize
political antipathy. At Panama M. de
Lesseps connot disguise from himself that
the people on whose custom he has chiefly
TO rely, and who claim a floating protector
ate over the soil in which he works, may
at ATTY moment pronounce against and veto
his entire scheme. The Monroe doctrine
has been invoked against him ; and TO ban
a project with the Monroe doctrine 10 like
d whisper Of heresy against q Spanish sub
ject OF Philip II. To what extent that
doctrine is relevant to the present case it
is not very easy to understand. How,
because President Monroe nearly sixty year
ago asserted that his countrymen would
not tolerate European interference with
south American Republicanism, the United
States should be empowered to forbid the
digging by a private company, WIKI the
OnsenE of the territorial Government, of
q canal across the Isthmus of Panama,
American citizens might themselves fiud it
difficult to explain. While it is all but
incredible that the Washington Govern
ment should intervene to prohibit an
assemblage of capitalists, with an eminent
American citizen at their head, from bring
ing the of San Francisco nearer
to the old world by thousands of miles,
Americas ill.will might operate as fatally
without taking the shape OF on act of
State. Popular odium might quite con-
ceivably be concentrated against the en-.
terprise 10 . way to hamper its progress at
every step and to intensity every casual
disaster. The tactics Of opponents of the
Panama line ara in truth already maDiieS-