The Memphis appeal. [volume] (Memphis, Tenn.) 1886-1890, 1889-04-28
DE LESSEPS'S ADORERS.
THE NAPOLEON OF THE SHOVEL rs
STILL A HERO.
But the French Do Not Put Up Cash-dr.
slaven, the Great American Dredger.
Says 1t viii Cost Two Hundred Mil
lions to Complete the Ditch.

-''"N''''h bAVNS'"S No'hpdhy, ndS ToCcHtiy
arrived in this city from Paris. That cor
poration, by its work upon the eastern end
OF the Panama Canal, has placed itself in
the position Of the leading canal digging
corporation in the world. Mr.. Slaven
went TO Paris TO meet the directors and
stockholders OF the Panama Company,
and called upon him yesterday to learn
the exact status OF DeLesseps's Great
Ditch"
"in order that you may understand how
things are now" said Mr.. Slaven, sit is
necessary TO 20 into ancient history
little. Up TO the present time the French
have spent on the Panama Canal some
thing near S250,0O0,00J. For that they
have fifteen miles on the Colon side practi-
cally finished. That is tho portion which
we had the contracts for, and at the pres
ent time the canal exists there aud is
thirty feet deep the whole way. II is not
quite completed because in places the
banks have slipped, but Il could be com
| pletcd in a month. From the end OF our
contract to the beginning OF the Culebra
section could be finished in a short time,
as the ground is easily worked and at its
| highest point is only liity-six feet above
the level Of the sea.
"Ihe Culebra cut is the sticking point.
Into it the company have poured money
like water. There are no finer engineers
in the world than the French, give them
road 20 make or n bridge TO build where
they can have the bureau system devel-
opcd to the utmost aud where there are
about seven chiefs aud sub-chieis TO each
man at work They require, too, ma
chine shop next door all the time. But
they can't work in this country, or at least
ON the isthmus. They are stiilcd by their
red tape. Where an American cannot 90
straight he will 90 round or climb over or
crawl under an obstacle. The Frcnchman
must 20 through II, and that according to
the original plans rs signed by the chief
engineer aud fourteen subordinatcs. Now,
the highest point In the Culcbra is over
three hundred feet above the sea. Ii you
stood Trinity Church sicople in IL you
would have 10 look down about hundred
feet 10 see IL.
TuE DIsonEnlENr EARTH.
"The French engineers calculated the
slope at which they thought the sides OF
tho cut ought 90 stand firm, and they
rcckoncd that 10000, 600 cubic meters Of
earth would have to be taken out. IN
fortunately for them the earth refused 10
stand at the anglo they said IL would. In
other words, they did not allow enough
slope for the sides OF the great cut In
point Of 'act, there were 10000, 600 cubic
| meters Of earth IN take out In order TO
make that cut stand aud run tide level
canal through. This, Of course. could DO
done II there were money enough put up.
IL Is all q question OF money. When |
was ia Paris / told the dircctor-gcnoral Of
the enterprise that | would take the con-
tract 10 finish tide level canal across the
lslhmus, aud that | thought Il could be
done Tor 500, 0O0, 900 more. | refused, OF
course, 10 bind my company 10 do the
work for that, but | offered TO take the
contract, aud told him what | honestly
believe would be the cost.
"rhe money that has been spent on the
canal has not all gone into digging The
waste down thero has been something per
fcctly frghtiul. There are literally acres
Of machinery rusting way, much III II
never having been used. With our
drcdgos We paid the highest wages paid on
the lSthmus, We got tho best men We
could got and they were generally Amer
cans wo worked throo gangs eight houn
EACH we paid tho biggest price for every
thing and we got the smallest prices per
cubic meter paid on the canal. Yet we
made money. Why2 We did not waste
anything. We did not buy pound u
stuff wo did not need aud did not use.
wAsrErUL THENCuNEN.
"The French contractors seemed TO
throw money away for the pleasure Of seq
ing IL 20. The very friction OF their bu-
rcaus cost them hundreds OF thousands Of
dollars. With NJ, u a man could not do
thing ono way aud could another, we
were satisfied; NIL We wanted was 60 have
II done. With the French. II II could not
be done their way, Il need not be done ut
ALL
"Now about the money. De Icsscps Il
all right. The French people have not
lost faith IN him. ! was pfesontat meet
ing OF 600 subscribers to the canal, AMI
thcrc was nothing heard but 'Nive lie
lcsscps' The people growled at the gcv-
eminent because Il had not passed some
relief measure. When the old company
failed an effort was made, YOU remember,
10 have the government hclpit out. When
that failed plan was sct ON foot by which
q new company WIS 90 be formed aud take
over the unfinished work, all the con-
| tracts. the plant, etc, aud 90 on. Tho old
/ company wis composed OF poor people, in
/ yrstOfs who held one or two shares. They
/ bad not lost confidence In DO lcsscps. but,
| M We used 10 say in California, they'd
gone busted DO lcsscps poured the
money into the canal faster than those
people could save IL up. No banks %
heavy capitalists were investors, aud the
failure Of the old company did not affect
the financial institutions.
INVESTORS "LLr DowN rAsY."
Then came this scheme Of the second
company. II was 81 20 ahead with the
work. complete the canal and take q lair
percentage ircm the receipts. All that ne
manned over was 10 ~ 10 the stockholders
oi the old company. OF course, this was
merely an casy way Of letting the people
down who bad spent the $3.50, 900, 600
The amount they would get under this ar
mngrment would never trouble thom. In
this second scheme the capitalists were
Interested. Headed by the Cnfiic f0ucid
aud backed mp by such institutions u.s. Ny
Compton dEscompic, the money was
be- raised. The arrangements were abb
complete when the failure Of the coppN
syndicate startled all France. The Comp.
t0ir a E.compte nearly went down aud
the way la which the other banks wcu
Interested and their fear of a run was best
shown by the manner IN which they came
10 the assistance Of the Compton dEs
compile. No one can tell how many mil-
lions those French banks have put into
that corner In copper. It's worse han
any OF the old mining sWindics ON the
coast. lts the widest kind Of spccula-
ton.
ESQ Il comes that there are no more