The Memphis appeal. [volume] (Memphis, Tenn.) 1886-1890, 1888-12-26
THE PANAMA CANAL.
THE HISTORY OF A GREAT FAIL
2 URE.
The Struggles Of Do Lesseps In the Mud
and Mire of Panama and the Degrad-
ing Cesspooi of the Financial World
of Paris.

Lesseps.
Ferdinand dc Lesseps ten years ago was
the most popular man in France. lie had
won his way to the affections OF the COM
mon people, not by anya OF martial yalor
or by skill in diplomacy or statecralt, but
by a great work OF peace. The construc-
ton Of the Suez Canal which had been
completed under his direction in 1869, was
about meeting public recognition at It's
true value. Already the eyes Of the com
mercial world were turned eagerly toward
that waterway, and the French public,
who, following the lead Of Dc Lesseps, had
deposited their savings in the securities OF
that enterprise, were beginning 10 reap
handsomely from their Investment.
II the events OF the past few months
have not sufficcd to SKATER the faith OF the
people OF that country in the popular idol,
such turn OF fortune cannot possibly be
much longer ayertcd. Presenting upon
his popularity with the people and upon
the confidence with which they regarded
any enterprise which might have his sane
ton, De Lesseps has taken from them
within ten years upward of 500, DOC, 600,
nearly all Of which has been lost beyond
the hope OF recovery even by the most
sanguine. The Panama Canal Is the grave
OF this enormous aggregation Of fortunes.
81 DECLARE" said De Lesscps November
/, 1870, when the Panama Canal project
was fint brought by him TO public notice,
''that the canal ut Panama will be more
easy to begin, TO prosecute and TO com
plete than was the canal ut sueZ This
has been the text upon which all OF the
operations on the lsthmus of Panama, un'
der the direction ol De lcsseps, have since
then been prosecuted. In every com
muncation 20 his subscribers, whenever
the loans which lac had undertaken
seemed 10 reach him by a hating course
he has held up the enterprise at Suez rs
an inspiration To the people 10 come for
ward again with their money with tho
confident assurance that they would be "a
we'll repaid rs they wcro for their former
bestowal OF confidence in him.
The Sucz Canal cost about 500, 200, 900
In the early part OF 1863, about year be-
fore It's completion, the success OF that en-
tcrprise was seriously doubted even by
FrcnChmen. De Lcsseps theTcupon oh
tanned the authority Of the French lmpe
rial Government 10 issue a lottery loan
The money thus obtained completed III,
canal aud carried DE Lpsicps 10 the pin
nncle OF fame among people al large. Ill
chief glory, however, was yet TO come, for
although his canal at Suc1 was used fol
commerce from the time OF its completion
IL had not reached the commanding i'm
poriance then for which IL was destined
Indeed, Il was not, until about 1879 tia
the Sucz Canal shares rose sufficiently IL
the marko. TO enrich the original investors
he Lcsscps accordingly projected th'
Panama scheme at n time exceeding!
favorable TO him Tor gigantic marine en-
tcrprise. The operations and the succes
OF the Sucz Canal are significant in con
neciion with the present iiasc0, chiefly be
cause Suez has always been held beior
the eyes Of the French people ~ n temp
iation 20 investment at Panama, and due
ing all these years when In the opinion o
engineers In every other country tie Pan
ANA scheme was impraciicablc. DE Lesscp
has been able 10 dcludc his own country
men with the cry, Look at Sucz.' an,
he has pursued in raising the enormou
loan which IN now saddled upon the OK
piring Panama Company a. u liability th,
identical method with which he carrie,
the work nj Suez 10 a successful compile
ton. In this scheme lac mas had th
almost unanimous as,istancool the froncl
newspapers, who arc believed 20 hav
| been entirely under his control, and hn
thus kcpt the facts Of which the rest q
| the world knew out OF the sight aud hear
ing II the people whose money had bee
inlriislcd Ia him.
Tho history OF the Panama Canal, al
/ though one Of infinite complications, h
which intrigue, trickcry and financial iug
glcry have played no small part, may b
/ stated within reasonable bounds.
/ makes quite bad enough n showing
only the facts and figures are given, !
/ regard a. which them IA no dispute. II.
/ fore Dc lesseps became Interested M Pan
anna he had committed himself IN favor {,
canal at Nicaragua, provided can'
with locks were 10 hc built Two concci
siuns had bscn granted 10 Frcnchmcn b
| the Nicnraguan Government, both
which had expired by Limitation before j
L,ssops appeared ln this field. Athird col
cc-sion was granted by that Government
NJ. Blanchct IN 1877. 1t which time 4
Irsseps seems fin tohavc concerned hin
scli with inicmcJlnic transit ON III
American continent. lilo appears
I NNNN NlNN NNNNANAfA ny AAANA AAtAN AlAtN
canal with locks would not do.
In international congress Of cngincc
WIS called to meet at Paris 20 considC
the general subject Of an intcroccan
canal. NJ. Blanchct cndcayorcd at ia
time 90 have the Ncamguan project COT
siiorcd DO Les is then declared hin
scli the champion VI sea level cans
lie had sufficient influence with the col
grcss 10 SECURE Indication OF his opinioi
by a majority vote
The Panama sch1mc having thus b.,
started, DE lcscp madcpublic announc
mcnt Of the gcncrl product and often
! shares Of the pro- lsod company 30 q
! public. At that time the period oi gru
} excitement over Tie rise Of Sucz Can
shares hal not occurred. although Il
, shares were paylul we'll, aud the pub
, wore a little wary about investing Ia a n,
and doubtful enterprise. DclRucp'a po
] ularity, ncvcf,holcs., insured for his ~
] feet respectful and favorable hearth
and his manipulation u the French pr,
. made the subject Oi inter oceanic tran
on the continent thc most important o
In the discussions o people OF small NJ
q ings, who wcc alfu1ly prohiing by ihl
+ Sucz venture. IL tnt prospectus "
4 issued In July, 49, Il invited subscfl
tons ior sO0,OO0 shares Of canal stock
|, 500 francs each. equal 20 400. OO0. 900 fran
, Not securing the loan ~ quickly rs
u hoped, be issued circular on August
J. saving that be- was willing 10 wait for ~
4 scripiions until hc could give the pub
y mofv light upon 10 subject, and that
a would At once aar Tor personal insp
h ton oi the i-thm,r
j. lie reached AtInwall December
n 1871, and remained ihcrc q few weeks.
}. landed In New York March l. 1850. p
Y coc,led 10 washingln and there had
I. l l.s.-..l.... lib D. I...t H.. "a.