Vermont watchman and State journal. [volume] (Montpelier, Vt.) 1836-1883, 1881-01-19
The Rival Canal Schemes.

across the narrow necks Of land which form
the southern limit of the North American
continent engrosses general attention in
this country and excites sensational inter
est in France. At present there is but one
line OF communication across the isthmus,
the Panama railroad. Four new lines or
projects are embraced in the present agita-
ton, the Panama canal the Nicaragua canal,
the Tehauntepec railway and Captain Eads
project for ship railway across the Isthmus
of Panama Two of these projects, the
Panama and the Nicaragua canals, have
reached stage Of development that brings
them into active rivalry. The pushing of
the Panama scheme under foreign auspices
involves an international question to the
maintenance Of which the law of self-pres-
ervation has unalterably committed the
United States. While the advocates Of the
Nicaragua canal, at the head of whom
stands the powerful figure of General
Grant, vigorously assert the Monroe doctrine
against the Panama canal scheme with its
French leadership and foreign capital, it is
maintained that nature has interposed far
more formidable barrier against the con-
struction of the Panama canal than the
political law which nation has devised for
its preservation. DeLesseps has pushed his
scheme in the face both of the alleged in
superable physical difficulties and of the
evident determination of this government
to resist the construction of the Panama
canal by foreign company. By every art
known 10 the advertisers OF quack medi-
cines he has kept the project before the eyes
of the French people, Paris has been pla-
carded with flaming advertisements, news.
papers have been bought up the purchasers
of novelties at the stores have their goods
wrapped up in bills recommending the
scheme, premium is offered to every sub
scriber for certain amount of stock, and
interest on the entire Investment during the
period of construction is promised No
circus advertising, it is reported, can equal
the degree of mendacity exhibited in the
publications put forth by the patrons of the
DeLesseps scheme. Under this stimulus
300,000,000 francs have been subscribed
and DeLesseps proposes to commence oper-
atoms at once. An explanation of the en-
thusiasm of the promoters of this scheme is
found in an article of their act of associa-
ton which states that ten per cent of the
shares are to form privileged series of
shares of stock for the founders of the com
pany. Ten per cent of the subscribed cap
ital is about 100000, a fine prize to be di.
vided among the founders" This scheme
reminds readers of history of the days of
l7l7, when John Law, comptroller general
Of France, devised his famous Mississippi
scheme for developing the resources of Lou
isiana and the country bordering on the
The prospectus was so invit-
ing that the shares were eagerly bought.
The company having obtained the monop-
ply of trading to the East Indies and other
eastern countries, the rage for speculation
rose to absolute frenzy. Laws house in Paris
and the street in front of it were daily
crowded with applicants for shares, and
men and women waited for hours and days
together in order to obtain an interview
with the founder of the scheme. The shares
rose to an immense price, but in 1920 the in |
svitable crash came and Law fed for his life. |
Partisan subscribers to the Panama scheme |
of the present day are evidently doomed |
% disappointment similar to that which
overlook the deluded victims OF the MIS- i
'issippi scheme. General Grant maintains |
hat the frequent heavy waterfalls on the
sthmus, the great swamps fatal to the |
life Of laborers, the long, open cuts and |
tunnels for safe viaduct, the lack of |
material and subsistence and |
IN estimated cost of S400,000,0O0, are
among the reasons that render Panama |
canal an impracticable scheme. Along the
Nicaragua route there is ample material for
and subsistence, the country is |
five hundred miles are saved to |
any Atlantic port or to Liverpool, and &C
,ording TO the estimates of the best engi- |
,eers this canal will cost only sl00,000,000. |
These facts, independent of any International |
would seem to be decisive in |
,avor of this scheme. 1t is estimated that |
100000 tons of freight now pass from the |
EAST to the west. The opening of the canal |
would have the effect to attract commerce |
and increase the tonnage. 1t is estimated |
hat the canal would yield net revenue of |
sS,500,00O. These material considerations, |
backed by a faithful adherence to the Mon |
zoe doctrine, must ultimately secure the con-
'truction Of the Nicaraguan canal.