Clarksville evening chronicle. (Clarksville, Tenn) 1886-1890, 1888-12-18
Panama Canal Excitement.

PARIS, Dec 1S.--Not since the explosion OF
the famous South Sea bubble in England can
anything be compared to the Panama canal
excitement last week. The scenes of terror
and turmoil all week in the offices of the COM
pany can hardly be witnessed outside of
France. 1t was a drama for history, and
some painter will ono day find motive in it
for picture
The crisis came earlier than was expected.
Not till De Lessep's resignation was an
nounced did the people who trusted their saw
ings to him lose faith: In the exciting hours
preceding his fall he has shown the same
pluck, the same wonderful vitality, the same
power Of exciting enthusiasm in others as
marks his memorable career. He has sue
cessively asked for 659, 900 francs for 800, $50,
for $50, 900 and for 5000 francs, and at each
demand has promised completion of the work,
but this new subscription was more than pub
lie faith in the enterprise could bear, and this
grand old man of France has gone under.
His friends charge his defeat to the opposi-
ton of the press TO the lottery scheme and
hostility to the canal In America. But even
De Lesseps' friends cannot find an excuse for
his telling the throng Of miserable specula-
tors on Wednesday night that the money was
raised and the scheme safe, when he knew to
the contrary. The hall was crowded with
! subscribers, excited women weeping over
their misfortunes, and ladies' worried about
thor small savings. De Lesseps climbed on
table and said: my friends, the subscrip-
ton is safe. Our adversaries are COMPOUNDED.
We have no need for the help of financiers.
You have saved yourselves by your own ex-
ertions The canal is made"
The cheers and howls Of joy which fol
lowed the remarks so overcame De Lesseps
that he wept Every body present was al
lowed to shake hands with him. Women in
tears tried to kiss his garments. The next
day investors came to him with more Of their
savings and their childrens' savings. They
relied implicitly ON De Lesseps word. Within
few hours they realized that they were
leaning on u broken reed, and only i'll the
event of government aid was there the
slightest chance of the completion of the
canal The struggle between hope and
anxiety eliminated in scenes of the widest
distraction when De Lesseps resigned. The
government promptly admitted the gravity
of the case when it came to the rescue with
special act to allow the company to suspend
payments for throe months.
But just what it will be able to accomplish
| by it is doubtful NJ Rouyier in moving for
the chambers, said the collapse of the com
pany would I've godsend TO the enemies of
the republic Even il tho committee is
favorable the chamber may reject it. Re
liable estimate says that sixteen out of TWEEN
| ty-two members Of the committee are OPP
posed to the bill, three favorable and three
others neutral But some new departure is
| inevitable In whatever way the millions
yet needed TO complete the undertaking be
raised it is patent that the $G0,00O,000 al
ready SUM; is wasted, so far as the subscribers
are concerned.
The last loan esked for, even if entirely
covered, would not nearly complete the
canal Moderate estimates of the expenses
10 be met are S36,0o0,Op0, two years interest
ON bonds pending compilation; 10000, 900 for
removing earth, building locks and building
bar at Gambon to turn Off the Chagres
river, and $4,000, 900 more for building the
most powerful water works in the world TO
pump water into the Culebra pass, This sum
| loes not include expenses of management
and salaries nor cost Of constructing harbors
At Colon and Panama