Wheeling Sunday register. [volume] (Wheeling, W. Va.) 1882-1934, 1888-12-16
DE LESSEPP'S FAILURE.
A Scheme to save the CanAl-The Small
Holders Suffer.

Holders Suffer.
New YORK, December l5.-The TimcS
this morning publishes a long London sps-
cial in regard TO the failure Of the Panama
Canal Company. In part the sp cial says:
Thus far there have been few signs of a
general panic. Other securities on the
Psris Bourse, psrtic ularly itoss Shich are
a speciality of the Paris market, were firm.
Here ia London there was yesterday con-
siderable liz aidation OF securities held for
Paris pcccunt, and there were lively fears
here of big financial trouble in the French
Capital. This WAS iu part due to the fact
that English capitalists have always die
trusted the Panama enterprise; first, be-
Cause the reports Of engineers were 30 an
tssonistic when they were not obviously
purchased; and, secondly, because of the
general English idea that the United States
would eventually step in aud absorb tho
thing. But, beyond this, England cannot
underttand bow the French people can
stand the extinction Of Al enormous CAPT
tai OF a savings bank character without o
big row.
The less must fall upon peasant and
middle class investors, who have been
lured by De LessupI into disaster. No
plan Of all these proposed for the future
con 'emplates savipg any appreciable por.
tion 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 moy conceivably
be safe. All others must be total losers.
The plan which Is most talked about In
Paris and which the government In be-
lieved to favor, provides for the formation
of new company with the credit 6nAnCier
at its head, the capital 10 be 800, 900, 600
francs. All the interest and outstanding
obligations would be cancelled ana
this companys claims be put
ahead Of everything else. II
would buy the old compsny's concession
and property at low figure, and pay even
this only after the interest, on its own
shores should have been paid and the
completed canal should be earning suf.
ficient surplus. OF course, this would be
a bard bargain, but it is the most intslli.
gible way out of the difficulty. The chisf
reason for the governments hesitation
about assisting to this is doubt q, to
whether the Columbian government will
consent to deal with the new company on
the same terms ss with the old one. TIE
prt rtvAiipg notion in Paris is that the
government will back tbs entsrpTiie one
way or another and see il 10 6nish. II
is said that the present company hiss
enough money On hand 70 keep tie work
going on Tor at least three months.
IL was in 1879 that M. de Lesseps frs!
turned his att .ntion 10 the construction Of
a canal across the Istbmus Of Panama. He
was then flashed with tie gIory Of the sue.
cess fol Sntz snte,prbe. He began bis
preparation with III eorseJtLess a9d vigor
which baSe always characterized him.
Not withstandiDg the fact that he was then
nearly 75 years old, he undertook joar-
ney to Panama in order personally to ex-
plore the proposed route and 10 negotiate
with the local government. Active sur
veys Of tie isthmus were bsgnn under his
direction in January, 1880, and late In
February hs srriyed in New York and he
gan q tour which extended from Boston 10
San Francisco, and embraced . trip 70
Washington, where be had personal iu-
t.ryiew with President Hayes and hear
ing before q Congressional committee.
His first estima Of the coat Of the canal
was $50 O00,0 600. 4 preparatory forcs Of
epgineers and skilled mechanics was sen.
out from Hsvre in January, 1851, and
work upon the canal was bezun soon after
its arrival at the Isthmus. This work kas
been prosecuted at intervals, with greater
or less yigor, ever since. although the esti-
mates Of cost have been greatly increased.
He has issued shares and bonds amounting
to 500, 600, 900 at par, and this immense
sum in obligations has been taken BY the
French people, who have probably paid
him $3.50, OO0. 600 in cash; and the greater
part Of this has come from the pessantry
and small landboldeTs Of Franco.