The morning news. [volume] (Savannah, Ga.) 1887-1900, 1892-11-19
Prospect of a Big Scandal.

The announcements OF the intention of the
French minister OF justice, NJ. Ricord, to
prosecute, criminaIly, the directors OF the
Panama Canal Company, made Count de
Lssseps. one Of the directors and the chief
engineer OF the canal, III. Il is stated that
ne was not able to leave his room for three
days after the announcement was made.
What the effect Of the announcement was
upon the other directors IL not stated, but
it is not improbable that it made them i'll
also.
The feeling in France against the direc-
tors is extremely bitter. Most of the
holders of the canal shares are compare
lively poor people, who invested nearly all
their earnings In them. The failure of the
enterprise was a crushing blow to them.
Believing themselves to be comfortably well
of. all at once they found themselves almost
paupers. or course a large percentage Of
tho shareholders are rich people, and people
who can stand the loss; but the feeling
among thcm against the directors is no less
bitter than it is among those who are
poor.
That there was reckless extravagance in
the expenditure of the companys money
there is no doubt, but whether there was
downright stealing is still an open question.
The belief is that there was, and that only a
small part of the money that was sub
scribed was expended on the canal
There ought certainly to be an investiga-
ton Of some kind of the management of
the company's finances, in order that the
shareholders might know what became of
their money. The receiver of the company
doesn't seem disposed TO make public any of
the alleged crooked transactions Of the d.
rectors, IL any there were, that may have
come to his knowledge. 1t is charged that
be has been trying to cover
up the whole business with the
view of getting additional subscriptions and
going on with the work. 1t is estimated by
the French engineers that it will require
$4,000, 900 to complete the canal, but we'll
informed American engineers say it could
not be completed for twice that sum.
1t can be stated with absolute certainty
that no more money will be subscribed
either in France or elsewhere, until a salts
factory statement of what became OF the
money already subscribed is made. There
is no confidence in either Count de Lesseps
or any other of the leading men in the en-
terprise, and while that is the condition of
affairs there is no probability of any further
subscriptions being made
II Nj. Ricord should carry his present in
tention into effect 1t is thought that it
would appear that vast sums of the CON-
pany's money went into the pockets Of GER
tain influential men who have never COM
piled with their contracts. For instance, il
is alleged that Sl2 900 900 was paid to NJ.
Eiffel, of Eiffel tower fame. who agreed to
construct part Of the canal locks and pro-
vide certain machinery, but who furnished
neither the locks nor the machinery. In view
of statements like this it would seem as if
M. Eiffel and others Of the accused, if they
are innocent, would demand an iuvestige-
ton. Their silence is interpreted as mean
ing that they don't want their connection
with the canal inquired into. If the di-
rectors are prosecuted there will be some
interesting testimony, and not few French
men of prominence may not be able to look
into the faces of their fellowmen.