New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1888-12-15
N. DE LESSEPS RESIGNS.
THE PANAMA CANAL CRASH COMPLETE.
A BILL INTRODUCED IN TIE CHAMBER BY THE
GOVERNMENT FOR THE RELIEF OF THE COM


PANY-RBTURNING THE SUBSCRIPTIONS.
Paris, Dec. I4.-M. dc Lesseps, the president, ana
his colleagues in the Panama Canal Company, have
resigned. At their request the Tribune OF tho sein'
has appointed NM Hue, Bandelot and dc Normande
TO settle the company's affairs.
In an interview previously VI. de Lesseps had said
he satisfied with the Governments action whlch
he confident would enable him TO complete inc
canal. Most complete accord reigned between inc
Government and the company He was unable W
give the details but a commission, OF which NJ Nor
mande was a member had been appointed to worh
with the present administration and commission
The money required would undoubtedly be found.
In the Chamber Of Deputies today NJ
Peytra Minister of Finance, submitted Dill
authorizing the postponement for three months OF the
payment Of the Panama Canal Company's Liabilities,
including interest and the redemption Of bonds. lie
said that the lottery for prizes attached to bonds
Issued under the law Of 1888 would continue In &C
cordance with the guarantees Of that law. Tho post
ponement Of the payment Of interest, he said, would
not apply TO bonds which had not been issued on
December l. This dcrogation of the civil law appeared
10 the Government TO be justified by the interest
attached to the canal project The proposed delay
would give time TO consider fresh arrangements Tor re-
llcving tho companys embarassmens. He urged
that committee be Immediately appointed to consider
the measure
NJ. Jumel thought the danger not imminent and
did not Justify the interruption of the business Of the
Chamber.
NJ Goiland opposed the bill He censured the
managers Of the canal and said It would be impossible
to leave the work of construction in their hands any
longer as they had been guilty of employing msrcpro-
senations in order TO attract capital
NJ. Peytral insisted upon urgency for the measure.
Delay would render it useless.
NJ. Kcrgariou expressed tho fear that the Govern
ment would be led into guaranteeing the operations Of
the canal company
NJ. Floquet, the Prime Minister, said The Government
simply aSed ior committee Ihey IN "0nld remain
We're solely solctous for the small 5ondao. .der.:
would be bankrupt. II they adopted II tho company
would be given time TO make other arrangements
Urgency for the bin was then granted by a vote OF
OF the committee appointed to consider the Panama
Canal bin. seventeen are opposed to IT, two favor 1t
1t IS reported that in the event Of the Chamber
rejecting the bil a combination headed by the Coy
enor Of the Credit Foncer will be ready TO complete
the enterprise.
rees is evs stated % can that an the So,
by State guarantee. bccatra IT undertook
in 1880 not TO do so out Of consideration 10 n
construction of the canal while IT remained private
enterprise
The company announce the immediate return of
the subscriptions for the unsuccessful Issue Of bonds
Tho cable announcement OF the failure of the last
loan of the Panama Canal Company, and the need
OF appeal to the Government Of France a
reorganization Of the company, to prevent complete
collapse caused little talk and excitement in " all
Street yesterday. The small interest held in the
enterprise here, and the doubt that the collapse had
finally come, explained the calmness with which tho
news received. Ex-secrctary of the Navy Richard
Thompson, who is president of the American Com
mtee Is now In Indiana and IS not expected TO be in
New-York for some time. c. Colne, secretary Of
the committee, in the Mills Building Office Of tho
Panama Company, confirmed the statements from
abroad in tho morning papers, but said no had
nothing TO add to them.
"Wc have received instructions TO refund the first
instalment of the subscriptions to The last oan' he
said, "and TO suspend payments of any liabilities
pending the completion OF arrangements that arc now
being made in Paris 10 preserve the company.
may hear any day of the success of new ncgO atOns
ere have been few subscribers I'm the Office today
the return Of their money, but the interest
taken in America In the last loan IS incOnsidcrabe
do not believe that the enterprise be abandoned
al tb' present stage OF its progress, but ! have no
information OF the acmal condition of affairs That
will permit me to do aught but make COnjcctures"