National Republican. (Washington City (D.C.)) 1872-1888, 1886-03-13
The Panama Canal.

Although VI. de Lesseps Is VIGOROUSLY
unreliable in his estimates, having erred to
the extent Of about 100 per cent. in the cost
of so simple a job as the digging of the Suez
ditch, and being confessedly much further
out Of the way in the Panama enterprise,
his hopeful countrymen still trust his judg-
ment about as readily as they might be ex-
pected to do If he were as great in finance
as he is in engineering science. Their pride
in his achievements, their admiration for
his peculiarly loveable personal qualities,
and their ardent patriotism blind them to
thegloomy record of his mistakes, so that II
the government will permit, there is little
reason to doubt that he will be able to place
his proposed lottery loan Of Sl20, 000,0 600 'for
the completion of the work at Panama.
At no time since the inception of this
enterprise has NJ. de Lesseps seemed so
buoyantly hopeful as now, and certainly
there has been no time when so much nerve
was required to keep up an appearance OF
cheerfulness. Assuming the agile veteran
TO be in pOssession'of sound sense, he must
be assumed to know that he cannot live to
see the end or even the middle Of this work;
that the loan which he hopes now TO place
among the people of France viii not do
one-tenth Of what remains to be done; that,
even II completed and in operation, the
canal would be financial failure by rea-
son of the immensely of its cost.
OF the 100000 cubic meters OF stone
and earth TO be removed when construction
was begun, about $4,000, 000-not quite II
per cent.-has been taken away at a cost Of
$l53,O00,000 cash expended, besides float
ing debt and interest account
There are the figures, and there is no
question OF their substantial accuracy, but
they do not show one important considera-
ton, to wit, that the work grows more
difficult and costly as it progresses. Yet
in face of this showing NJ. de Lesseps
affrms that II the French government will
authorize him to issue debentures with
lottery prizes TO the nominal amount of
$3.50, 100000 he can complete the canal by
the close of the year originally named, 1880,
/ and NJ. Rosseau, who Is much better In
/ formed in the premises than M. de Lesseps,
is said to deem the execution of the work
practicable at the furthest by 1890. though
he avoids discussing the financial side OF
the problem, leaving that to the veteran
chief.
It is estimated that II the new loan Is sue
cessfully placed, S7,000,000 n year will be
required to provide for interest and sinking
fund on the capital already invested, max
ing $35,000,000 in 1890. Another reserva,
tion Of $4,000, 900 will be required to pay
interest on the new loan. This takes hall
of the $120,000,000, leaving but S60,0O0,00(
TO be applied to the completion OF the
canal.n
The New York san, after careful dag
nosIs OF this peculiarly interesting case
says;
Although then, NJ do Lesseps should have
nothing to do but dig q ditch, he would still
find himself peTplexed by this inquiry II, or
| calculations twice as favorable as those of you
critics, you have up to tho present hour ex
tracted less than 100000 cubic meters o.
earth with an outlay of 1888, zoo, 900, how car
you with $4,000 600 take away the 1901 ,0O
cubic meters that still remain to be removed
But even could this puzzle in the rule OF three
be solved, what would be left for the Chagres
and hRrnor improvements, which, according
10 the estimates of the canal officers th"
selves will demand not less than go
Referring TO the difficulty of COZ
the waters Of the Chagres river, h4.
Ammen-a high but not disinteresteL
authority-says
In November last at MRtachin there were
fifteen ieet Of water over the railroad, which
at that point is seyenty.three feet above the
sea. Had his canal been completed NJ. dl
Lesseps would have had elghty.elght feet toe
much water in 1t, having q velocity OF more
than eight miles an hour. If that suits NJ.
" ',essHps and his stockholders certainly We
content with It.
IAN, as to the proportion OF the work
already done 10 that which remains to be
accomplished, the admiral continues
NJ. dc Lesseps states that the excavation o
one hundred and twenty millions of cubit
meters is necessary for the canal, ana that he ha
about 10 per cent of the cube excayated, A
he gets nearer the sea level in the high ground
the cost per cubic meter Will DO greatly In
creased, and when below the sea level no en-
gineer can estimate what tho cost will be, 0