New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1885-08-02
THE PANAMA. CANAL COMPANY

The annual meeting of the Panama Canal
Company appears to have passed oil with accus-
TONED su0othness. thanks to the inspiring
presence of NJ. dc Lcsseps, whose personal
magnetism is capable of nullitying even the
hard exhibits of actual facts. But inasinuch rs
II WAS agreed to mportune the Government Tor
y lotterv loan of 600, O00, 900 francs, II VIII be
understood by those not under the glamor oil
N de Lesseps that the recent disclosures CON
corning the actual condition of the undertaking
ORC nr,ctically admitted by the directorate. The
real state of affairs appears to be most uns'tis-
factory. 1t is apparent that the cost oil inc
work mast be at least three times the original
estimate; that the mos, serious difficulty 10 DC
encountered, viz, the Chagres RIVER, mas not
vet been at all adequately solved, even III
theory that the time required has been Wildly
underestimate that the profits oil the CANAL
have been dangerously exaggerated. No seri-
Gus attempt has been made To reiute any one OF
these assertions, though roseate pctnrcs con-
tinue to be drawn for the benefit oil the Frehch
public-the only one from which any heip can
now be expected.
But even the French investors are becoming
incrcdulous, rs the new scheme Tor lottery
loan shows The proposal itself indicates IA de-
gree of disbursement IN the directors
measured by the illegitimacy of their plan.
They feel that they can no longer secure SUD-
scr;nt;ons an the assumed merits OF the enter
n,ise . and when il is remembered that the
French public have never yet had the rea' iacls
laid before them, this means n great deal. IL
was believed some time ago that only inc
won erfu buOyancy and resourcetulnesS oi VI
dc Lesseps kept the enterprise aiioat' anu lha'
when in the fulness of time he was removed, IL
would collapse. But II looks now as II even his
immcasurable confidence was insufficient I'D
keep it up longer. and this almost desperate APP
neal 10 the French Government may quite prop
ably be regarded as a warning signai, ana
danger signal too. Ii is only too patent that the
expenditures hitherto have been enormous, cX-
trayagant and in large measure illegtlmate.
Those most nearly connected with the enter
prise have taken abundant care of themselves
by the simple but improper method OF dividing
large portions of the subscribed capital. Mean
time little work has been done on the isthmus.
and there is not even strong probability that
the Chagres River problem will be solved.
Unless it is solved, all that has been spent will
have been wasted, however, and many com
petent critics hold that the failure of all the
llans to control the river is forcgone con-
clusion The plain truth il that the whole I'M
dertaking Is the most startling Instance OF II
colossal enterprise plunged into without in
vestigation or knowledge, aud run subsequently
as gigantic speculation OF the wildcat
variety, by the aid of deliberate mlslepresenta-
ton and systematic cOnceament or perycrslon
of facts. Whether the Panama Canal can be
constructed ia certainly still an open qucs ton.
That it can be constructed on the plans now
being followed few capable of forming an in
tellgent judgment believe, and fewer still think
il possible that the enterprise can be conducted
to n successful termination by the company
which began it, and has prosecuted it thus far
with so little understanding and preparation,
and so scandalous an excess of charlatanry and
vaing loriOus false preteDce.