, 1881-01-12

ed in New York ; it can array the supreme
reputation Of General Grant against the
business capacity OF the s. secretary to
the United States Navy. Our Philadelphis
Correspondent telegraphs that . Bill was
introduced yesterday to incorporate the
company.
M. de Lesseps has uphill work before
him, with such o personality extended over
the rival canal, ard the vague terrors OF
the Monroe doctrine looming in the back
ground. After such an exploit, however,
as the gain of subscriptions for 1,25O,0 900
shares no mere popular and sentimental
OPPOSITE on is likely to intimidate him. A
canal through the neck OF land which
divides the two oceans is a work the earth
might reasonably have lsagued to perform
10 the general interests Of mankind.
Whenever the pecuniary profit may com.
mence, it is likely to be of an amount to
reimburse the cost. But an undevt ak ing
may be of the highest intern ational utility
which it would not be possible to COM
mend to any individuals for an investment.
The Canadian Government has persuaded
a syndicate to contract for the completion
of q railway between Canada and the Pacific
territories of the Dominion. It is permits.
sible to hope that each section of the line
as 1t ia finished may carry traffic more or
less remunerative, and feed itself by open.
ing up the fertile interior. A canal,
whether through the Isthmus of Panama
lor through Nicaragua, can in it's
nature produce nothing at all until the last
spadeful Of earth is dug out whichprevents
the waters of the Pacific from blending
with those of the Atlantic. Many OF few
as the years may be, the whole of the
capital invested is In the interval sunk until
the union of the two oceans floats it. 10.
vestorS who are willing aud able to
wait may be, and probably will be,
amply rewarded for their enthusiasm
and their patience. In any case they ought
to make it clear to their own minds that
they are purchasing q reversion, very
valuable though that reyersion may be
shown to be. The interim payment OF
i%ntereat upon the price of their share is
immaterial. 1t would come precisely to
the same thing if the promoters called
up so much less on the shares by the total
the interim interest will amount to. Their
shareholders might as we'll lock the sum 10
a box and take it out by annual or half.
yearly instruments as have it doled back TO
them by directors and founders. When
nothing is earned there can be no dividend
in any proper sense of the word. The:s
cannot even be interest, The apparent
interest is only a return of o fragment OF
the principal which the investor has
himself contributed. We are far from
saying hat the subscribers of the Panama
Cana list are not prudent in embarking
their capital from implicit belief in NJ. de
Lesseps. Our inference rather is that NJ.
de Lesseps. to have extorted such conf
dence, must possess a strength of will
adequate to cope even with the most
obstinate national prejudices. A career
must have been splendid indeed, aud the
evidence of mental and moral vigour must
have been singularly complete, VIII en- o
man can'persuade capitalists throughout the
world to offer him the control Of twenty
millions sterling in mere trust 10 the
power of his genius ten or twenty years
hence to return them their treasure in q
form In which it can then first yield a pro.
6t. Far from uttering q word of condem-
nation or protest, public critics 10 any
country, and especially in this, cen simply
express their gratitude at once to M. de
Lesseps and to bis subscribers. Without
their faith and his brillia ut resource and
canacifv of comhination. q schoma m;oh%