The Memphis appeal. [volume] (Memphis, Tenn.) 1886-1890, 1886-02-28
THE PANAMA CANAL.
De Lesseps's JOurney-An Enter.
prise Rich ia Possibilities
of Failure,

IOuOOu IFWm : VI. ToIuluhnu uo
Lesseps has been feted at Southamp-
ton, and has started on his monoto-
nous Journey to Panama with the hope
of infusing new life and confidence
into the financial supporters Of his
great scheme, the Panama canal,
many Of whom are qusking in their
shoes. They have every reason for
anxiety. The great mans estimates
have proved lamentably deficient,
while the Panama Canal Company
was started W tn capital of e2S,000,-
900. NJ. de Lesseps himself now ad-
mits that the enterprise may cost ga
100000. But this is not all one of his
critics, Mr.. j. Z. Rodriguez, adopted
the comDany's own estimst3 OF
l25,C00,000 cubic meters to be
excavated, aud shows in very con-
elusive manner that the total cost is
more likely TO be el0S,U00,-
600. MIR. Rodriguez accompanied
NJ. de Lesseps rs the special commits
sioner of the New York World, during
his former inspection OF the Isthmus,
and therefore had exceptional facili-
ties for studying the problem. His
revelationg as to the way in which
previous estimates we're arrived at are
instructive, and show the great canal
maker in a somewhat unenviable
light. II NJ. de Lesseps at the incep.
ton OF the scheme cut down the esti-
mates Of his engineers from S49, 900, 900
francs to 65S,000 900 on board the
steamer between Aspinwall and New
York in order that he might hcaa his
company with a capital Of 700,000,000
francs, it is not unlikely that the fig
ures which are arrived at by the dis
tinguished continental engineers, who
accompany him on his present tour Of
inspection, may undergo a similar
process OF pruning. And for what
purpose is all this juggling aud schem-
ing? Simply to prove that NJ. de LIS
seps Is right in pTonouncing the Pan
anna canal scheme possible, and for the
glorifi alton OF his name. Certainly
not in order TO lsstingly benefit the
unfortunate 100000 shareholders,
chiefly French'peasants and shop keep
ers, 10000 OF whom belong to the fair
sex, for with such an enormous outlay
the Panama Canal cannot pay. TAX
ing, with Mr.. Rodriguez, the tonnage
using the canal as 100000 annually,
and the dues at IL shillings per ton,
which appears high estimate, the
revenue would work olt to G3 900, 900,
while nearly e6,000,000 would be re-
quired for interest and amortization of
the GlOS, 100000 OF capital expenditure,
apart from the cost of maintenance,
etc, Of the canal. Here, then, is the
pro, pect of stupendous annual de.
felt Of over 100000.
As regards the benefit 20 be con-
ferred by the Panama Canal on the
trade Of the world, il seems to me to
be greatly exaggerated by the De Les
seps party. The voyage to Yokohama
through the Panama Canal will be
1900 miles longer than through the
Suez Canal, il will be 5000 miles longer
to Shanghai, 400 miles longer to
Hong Kong, and even to Sydney the
balance is in favor OF the Suez Canal,
The country most benefited will be
America, for not only will European
vessels arrive more quickly on the
west coast OF that continent, but
vessels from the east coast
OF the United States will
reach Australasia and Eastern
Asia with greater speed. Thus Ameri-
can competition in our Australian
colonies will receive a strong support
by the proposed canal. France and
the rest OF Europe have, on the other
hand, not much 10 gain in comparison
with the enormous sacrifices required
for the completion OF the scheme. It
is pity that M. de Lesseps did not
conceive the project Of the Tehuante-
pee ship canal as put forth by one OF
the first American engineers, Capt.
Eads, That enterprise has in it the
possibility OF great financial success,
and could be carried out with a COM
paratively moderate capital expendi-
ture. Decidedly, NJ. de Lesseps's en-
thusiasm was worthy better cause,
for it is more than J. ohsble that the
Panama Canal will prove, as one of
my French contemporaries pTophesies,
the most terrible financial disaster Of
the nineteenth century.