The Greenville times. [volume] (Greenville, Miss.) 1868-1917, 1890-07-26
TIE PIMA CANAL BUBBLE.
fSeientiic American.l

1t is now over eight years since work /
was first begun upon the Panama
Canal, and about two years have elaps-
ed since active operations were suspen-
ded' The total cost of the work up to
the present time including the indebt-
edness of the company, is estimated at
seven hundred millions ofdollars. and
the canal is hardly halt finished.
DE Lesseps' estimate of the cost in
1881 was one hundred and twenty
millions, and the time required to open
the canal five years. The mismanage-
ment of the enterprise has been con-
spicuous, and the swindling practieed
upon the company fearful. Among
the methods of deception the follow
ing system was at the time reported.
When ship arrived with cargo of
coal, small portion would be landed
and vouchers given for the whole car
go; the ship would then depart and
return again in short time, ostensibly
with another cargo, for which new
vouchers would be given; the same
trick would then be performed again.
Thus by the knayery of its agents, who
were simply plunderers, the company
paid for materials several times over.
There were rumors offrauds in almost
every department of the work. There
seems to have been a woful lack Of
that rigid business organization, and
close scrutiny Of details, which should
govern in such all undertaking, ia or
der to secure economy and success,
Much of this laxity was doubtless due
to the deadly and enervating climate,
which almost at the beginning of the
work carried to the grave several of
the ablest and most experienced chief
officers and many of their valued as.
sistRnts.
After the failure OF the company to
meet lis obligations, a receiver, as we
should term him, but in France be Is
called a liquidator, M Brunei, was ap-
pointed to take charge of the work
and the properties of the company
| He named a commission consisting Of
twelve independent, experienced, and
prominent persons, among whom
were engineers and professors, who
were charged to visit Panama, exam
ina the " orks and machinery, and re-
port on the best way Of completin!
the canal, the further costs, etc. Ef
forts were also to be made to obtain
renewal of the concession granted b.
the Colombian government, as tn
privilege will soon expirc-baving nov
only little more than two years Il
: run. The commissioners reached Pan
ANA in December last and investigates
everything with much care. Thel
report has lately been made to tn
Chamber of Deputies, and is anythin
!, but encouraging.
The committee says that the col
struction of the canal at the calculate
? level would occupy twenty years an
: would cost l,737, 100000 francs-$347
? 100000. In the opinion of the con
!; mittee the work could only be con
! nleted OH the basis of an internation'
agreement or syndicate of the STATE
: interested.
The report further states that, tai
!. ing into account the interest TO be pa
y y during SO long a period without al
y receipts, and also the general tinancl
, charges, the capital necessary must
I. estimated at three milliards of franc
:, or say six hundred millions of dollar
= A further report deals with the d
- - fects and omissions of four plans pr
: posed for the completion of the can
- According to the first of these plat
= = the canal is to be isolated, no use |
!, ~ ing made of the existing watcrwa,
~ The second plan proposes to make Il
of such waterways. The third pl
y vides for ship railway as a porti
=. of the proposed interoceanic rou
10 and the fourth for q ship tunl
- through tho high land at Culebra.
y Meantime the unfortunate sha
q holders have petitioned the Frcn
70 10 Congress, asking that the liqulda
l.. shall prepare statement show
ns nS precisely what has been done with
81 81 money received by NJ. DE Lesseps a
nv the directors. More than twice
H. sum they stated would be requi
.,n ...' has been subscribed, aud the credit
y. y, now believe it was obtained upon Fl
-. ha representations. They seek to b
.. 'ne the directors made personally resp
'"' sible for their losses, and hope III t
.., way way TO recover back ut leas
~ ~ portion of their vanished treasures.