New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1885-11-09
THE DOWNFALL or De LEssEPS

Since the completion or the SueZ canal
Count Ferdinand de Lesseps has posed as sort
of idol to his cOuntrymen. Frenchmen swear
bv him. Riches and hOnOrs have been shOwcred
into his lap and enthusiastic dcvOtecs have
Frustrated themselves at his feet. Ills daring
schemes have dazzlod them, and his widest
conceptions are received as Inspirations lie
undertook To excel the world as diplomatist and
engineer, but he has excelled hihsclf as
iuggler of finance. Outsiders have looked on
in amazement while he has wrung gold from
others and have asked themselves the secret of
his power. Yet his strength is passing from
him now and his prestige is on the wane. Inc
story of his success reads like a romantic fable.
The story of his downfall will be a sad Ieve-
lation of greed and gullibiliy on the one hand
and of chicanery on the other
Five years ago the Panama Canal was started
with brilliant promise of success; to-day 1t Is
practically at a Standstill for want OF funds.
The shares are falling rapidly and VI. de Les
seps is begging his Government for permission
to issue new bonds. A great scratch in the
rock and the white posts of the surveyors from
Colon to Panama alone represent the actual
progress which has been made. An elaborate
plant, transported from Europe and the United
u
rusting into uselessness. An army of needless
EMPLOYEES is maintained at high salaries. YES
sells bringing unnecessary cargOes have been
delayed on heavy demurrage; contracts have
been let ut unfair prices to high bidders, and
fine residences and hospitals erected regardless
of cost. Red tape and official bumbledOm
hamper the dispatch of business. The Canal
Company sells gold at premium of ~ per
cent, when the market quotation Is at 10, and
the accounts are III state OF hopeless con-
fusion. WOrkmcn die like sheep. The whole
Isthmus is OverIun with knavcs and plumber
ers. who, fOreSceing that the ship will founder,
are in haste TO enrich themselves before she dis
appears The ilustriOus director has done his
best to conceal the true state OF things from his
stockholders and has devised ingenious methods
TO hoodwink the curious but he cannot hope to
temporizc mu IN longer. In the past, WOuld-bc
investigators have been met with abuse and
coolly invited to relinquish their complaints OF
their interest. The precedent Of the Suez
Canal has been employed to quiet all doubts and
a corrupt press has lied to the full extent Of its
subsidy. If the Government refuses It's aid the
crash must come at last. a grant would only
imply greater disaster in the future and Il tenn
porary suspension Of misery to the victims.
NJ. de Lesseps doubtless will 90 to Panama.
as he promises. lie will expose his gray hairs
to the deadly climate, and will invite public
sympathy with himself, as a martyr to the mach
nations of unprincipled schemers who design
ID involve him in ruin but he will not be able
to find any tenable ground of defence. He has
been shrewd enough to keep away indus
triously from the Isthmus, 50 that he might
screen himself under the convenient plea Of lg
nOrance; but no ngcnui'" can eAOneratc him
from the charge of gross and culpable negli
gence in the administration Of the enterprise or
mitigate the distress and suffering entailrd on
his unfortunate dupcs. NJ. de Lesscps is
wealthy man, and if he is really anxious to set
himself right in the eyes of the world, the best
thing he can do is to hand over his private fort
unc to trustees for the benefit OF those who
must be ruined when the final crash comes.
NJ. de Lesseps says That a large subsidy has
been granted to the bankers OF the company in
Newly This is denied by the bankers
themselves Americans, indeed, have bat littlc
faith in VI. dc Lesseps; and it is well investors
should know that the Panama enterprise, far
from enjoying the cOuntcnancc ana confidence
of the American people, is looked upon here us
gigantic failure which was begun in ignor
ance. fostcred on enthusiasm and will terminate
in ruin.