Wheeling register. [volume] (Wheeling, W. Va.) 1878-1935, 1888-12-17
DE LESSEPP'S FAILURE.
A Scheme TO Save the Canal-The Small
Holders Suffer.

A Scheme TO Save the Canal-The Small
Holders Suffer.
NEW YORK, December 15.-The Times
this morning publishes a long London spe,
cial in regard 10 the failure of the Panama
Canal Company. In part the special says:
Thus far there hsve been few signs Of
general plnic. Other securities on the
Paris Bourse, particularly those which are
q speciality Of the Paris market, were firm,
Here in London there was yesterday con.
siderable liquidation of securities held for
Paris account, ard there were lively fears
here of big financial trouble in the French
Capital. This was in part due to the fact
that English capitalists have always dis,
Trusted the Panama enterprise; first, be,
cause tfe reports IF engineers were 30 an,
tagonistic when they were not obviously
purchased; and, secondly, because of the
general English ides that the United States
would eventually step in aud absorb the
thing. But, beyond THE, England canrot
understand how the French ptOple car
stand the extinction of an enormous cIpi,
tai OF a savings bank character without g
big row.
The less must fall upon peasant and
middle class investors, who have been
lurtd by De Lessups into disaster. NJ
plan Of all these proposed for the future
con'enplates saving any appreciable por,
ton of the huge sum invested for those
who put it into the canal. Those few who
are able TO regard the thing az investment
for their grandchildren mny conceivsbly
be safe. All Others must be total losers.
The plan which is most talked about in
Paris, and which the government is be-
lieved to favcr, provides for the formation
Of a new company with tie credit tinsDcier
at its head, the capital to be 800, 600, 00O
francs. All the interest and outstanding
| obligations would be cancelled AMI
this company's claims be put
ahead of everything else. |;
would buy the old Compiny's concession
and property at a low figure, aud pay ever
this only after the interests on its OWE
shares should have been paid and the
completed canal should be s~arning q suf
ficient surplus. OF course, this would bt
q hard bargain, bat it is the most intslli-
gible way cut of the difficulty. The chisl
reason for the governments hesitation
| about assisting to this ia q dUubt ~ Il
| whether the Columbian government will
| consent to deal with the new company or
| the same terms as with the old one. Tit
prevailing notion in Paris is that tn,
government will back tbs enterprise ont
way or another and see it TO a fioish. /
is said thst tie present company hsI
enough money en- hand 10 keep the worl
going on for at least three months.
1t was in 1879 that NJ. de L.esseps frs
turned his attention TO the construction Q
a canal across the Isthmus of Panama. IL
was then flushed with the glory of the sue
cessful SUE enterprise. He began hi
preparation with thu earaestneSs aud vigo
which have always characterized him
notwithstanding the fact that he was thel
nearly IS years old, he undertook a jour
ney to Panama in order personally to ex
plore the proposed route and TO negotiat
with the local government. Active sui
yeys CT tie isthmus were begun under b.
direction IN January, 1880, and late il
February hs arrived in New York and he
gen 8 tour which extended from Boston +
San Frarciscc, and embraced q trip I
Washington, where no had a p%ersonel in
t.ryiew with President Hayes aud a hear
ing before a Congressional committee
His first estimate of the cost Of the cana
was $50. 900, 900. A preparatory force @
engineers and skilIed mechanics was sen
ont from Havre in January, ISL, an
work upon the canal was begun sOoD atte
its arrigal at the Isthmus. This work 10
been prosecuted at intervals, with create
or less vigor, ever since. although the est
mates of cost have been grtaJy increased
He has issutd shares and bonds smountin
to $500, DOC, 600 at par, snd this immenp
sum in obligations has bsen taken by II
French people. who have probably psi
him $3.50 900 coo in cash; and the create
part nf this has come IRON the peasantr
ard snail landho!ders Of France.