Rock Island daily Argus. (Rock Island, Ill.) 1886-1893, 1888-01-25
The Panama Canal Collapse.


From time to time during the last year
there have come significant warnings
foreshadowing the collapse of NJ de Less
seps' great Panama canal scheme. En-
gineers and experts have pointed out the
natural difficulties which stand in the way
of its construction. Fnanclers, both
French and English have demonstrated
the insecure condition OF the project from
financial point OF view. Governmen
agents have investigated the progress Of
the work and exposed its unsatisfactory
state. Experts not connected with any
rival scheme. and therefore unprriu>
diced. have demonstrated that all these
millions. far exceeding the original est-
mates, have been expended in vain, for
thus far not one of the really colossal
difficulties, such as the construction OF
the Chagres dam and the drainage sys-
TEN, has been touched, nor, in fact, has
the practcability of the scheme itself
been satisfactorily demonstrated Under
such circumstances, even if it were pos.
sibe that the work could be completed,
it would involve an outlay of money that
is simply appalling to consider, and even
then its future usefulness would be prob
lematical.
Notwithstanding these warnings, up to
the present time NJ de Lesseps has been
able to raise money from the French peO-
pie by various devices as well as by apN
peals to their pride and national vanity,
but at last a halt has been called. The
government ministers a few days ago un-
animously refused his application for
authority to issue lottery loans for aiding
in the canal construction. He replies
with circular in which he says he shall
appeal to the public with class of bonds
giving the fullest guarantees. But no
attention is paid to his announcement.
The canal shares are rapidly declining
and something like panic is already
fOreshadowed. All of this means that
the public has at last lost confidence in
his great scheme, and that means speedy
collapse and bankruptcy.
The result Of this collapse will be ap-
palling. First and last NJ. de Lesseps
has poured nearly $500, 000,0 600 into the
ditch at Panama. This money has come
from the economical and saving French
peasantry, and will be an utter loss to
them. There will be no assets to yield
them dollar Of tn cir hard>earned money.
AS the correspondent of the London
STANDARD says: This terrible lis
road into the savings of the ma
ton, striking as it does the class
whose margin between poverty and
comfort is always small, must produce
the cruelest kind of financial suffering. !"
There is also great force in his statement
that the state itself will feel it keenly, as
IN. de Lesseps has been leaning on the
same financial groups who gathered the
money for government loans, and their
smash must of necessity mean partial
and temporary bankruptcy of the gov
eminent itself" 1t is evident that the
ministers themselves have long feared the
results when the true condition of things
should become known, and have tried to
stave off the revelation. There was i'm.
minent danger that it would be found out
during the excitement of the Wilson and
Grevy affair and had it come at that time
there would have been in all probability
a dangerous uprising of the people. The
time has come at last, however, and we
may expect stirring times from Paris
when the full extent of the disaster be-
comes known. 1t was an III starred prob
lematical enterprise from the beginning
Had M. de Lesseps gone farther north
and selected the Nicaragua route his canal
would have been finished by this time for
half the money he has thrown away at
Panama with nothing to show for it
The result of the final smash will be des
plorable.