The Memphis appeal. [volume] (Memphis, Tenn.) 1886-1890, 1888-12-26

and immediate cause OF the straits in
which the company now finds itself, al
most on the verge OF dissolution.
The uses to which the prodid ous amount
of money has been put are varied; some
OF them are indicated above. Interest at
per cent. on the face value OF the sub
scriptions has been an important under
mining influence. A large force OF men
has been employed on the canal since
operations began. They have had ex-
pensive machinery and other appliances
for facilitating labor. They have excav-
ated about 80, 900, 900 cubic feet OF earth
out OF at least l50,000,000 which would
need TO be excavated for the canal to be
completed. Viewed from theoretical
standpoint, engineers have long agreed that
the expenditure OF at least $3.50, 900, 900
more would be needed to finish the canal.
From practical standpoint tits commonly
regarded as TO be impossible 10 finish it at
all. De Lesseps himself recognized the fu-
tiity OF attempting TO build n sea level ca
nal more than year ago, when the plans
were changed TO provide locks at each end.
The problems OF flood and OF summit sup
plies OF water for locks have not been
touched upon at all. Every one at all IA
miliar with the Chagres River and the va
carries to which it is addicted in the rainy
season knows that the problem OF caring
for those floods OF water TO prevent the
deluge and destruction OF the canal is one
OF the most serious in isthmus engineering.
All OF these difficulties were pointed out
in this country aud In the countries OF
Europe, except France, years ago. With
the sole aud honorable exception OF the
Econoaiste Frdncdise, which began in 1885
70 expose the folly OF tho undertaking,
every newspaper in France has upheld De
Lesseps throughout. The paper mentioned
is read only by class, and the managers
OF the portion of the press which reaches
the common people took care that none OF
its disclosures should enter their columns.
For all this effort TO keep from the public
accurate knowledge in regard to the
scheme, II can hardly be said that the
French people have been without warning.
In the latter part Of 1885 the Govern
ment became so much concerned by the
various criticisms appearing in scientific
and other papers, that before granting De
Lesseps authority TO issue lottery loan,
an expert engineer, NJ. Rousseau, was
sent TO Panama TO report on the condi-
| ton and prospects OF the undertaking. IL
appears from the proceedings Of the COM
mittee OF the Chamber OF Deputies that he
reported the impossbilty OF completing
the canal by 1889, as DE Lesseps had
promised. Another engineers also gave his
official opinion that the construction of a
canal without locks was impossible. The
report OF Nj. Rousseau was suppressed,
and De Lesseps hastily withdrew his
demand for authority 90 issue lottery
loan.
Last year Senior TANGO Armeros was
delegated by the Columbian Government
TO make similar investigation. His re-
| port showed that labor was very expen-
ksive, that the machinery was rusty and
out OF order. and that the work upon the
canal threatened TO be as fatal to the labor
ers as had been the work on the railroad
years before. Of which II was said that
every sleeper covered grave.
1t does not appear from the records in
connection with the company that DE
Lcsseps is deserving of any sympathy.
Indeed, the evidence goes TO show that
quite the reverse is true. lie has shown
from the beginning a wonderful aptitude
for suiting his words TO circumstances, ut
tcrly regardless OF the rules OF consistency.
The schemes which he has devised, espo-
cially the lottery loan, have brought the
funds OF tho canal 90 such condition that
the demands OF interest and other charges
had reached such dimensions that they
nearly consumed the proceeds OF every
loan, leaving scarcely sixpencc TO be
expended on the worksat Panama When
ever Il has suited De Lesscps to make q
statement which would bring money he
has shown no respect for his former utter
anccs and apparently had no purpose
or wish beyond the qualification OF the
project Immediately in hand.
Surely no one would plead Ignorance OF
the facts on his behalf, for his enthusiasm
could hardly have blinded him TO the
faults of plan which required moro than
5000, OO0. 900 for the beginning, and which
when completed, was originally 10 have
cost not 0,O0D,00l In spite OF these
facts, he has gone on year after year coax.
ing from tho pca1niry and mechanics o
France their hard earned savings. and his
puppets and agents on the Paris BoursC
have enriched themselves by double com
missions while dcluding tho public by tn,
maintenance OF fictitious value for th,
shares Of n company that never earned {
dollar and had TO rely ON one loan 10 pay
interest on another. De lesscps may mo-
have sought 90 line his own pocket, bu
the rumors current in regard 20 the pariic
ai interest In the disposition 81 contract
nj Paris would certainly not indicate tha
his family were financial sufferers by thu
enterprise.