The times. [volume] (Richmond, Va.) 1890-1903, 1894-09-27
FAILURE OF 1HE PANAMA CANAL
kCBSt ETPTIDN.

| 1t was announced a week or so ago that
| the Panama Canal Company was about
| to be reOrganized with working capital
| TO complete the canal with locks, and
that the public liquidatOr, who had charge
OF the bankrupt concern, had collected
| $1,000 900 as a start
| 1t now appears from the New York
| Times. which quotes the London Econo-
mist, that of this $1,000 900 s. 900. 600 was
to be obtained by enforced subscriptions
| from the very scoundrels who had robbed
the company. and among these subscrib-
ers were Elffel. Herr, and the heirs Of
Baron Reinach, the same who under the
| pressure Of the disclosures Of his corrup-
ton Of the members of the French AS
sembly. committed suicide.
| The remaining 100000 Of the 81, 900 900
were to be offered to the public. whose
| gullibity in the matter of the Panama
| canal seemed 10 have 10 end-as they had
| put up $265, 900 O0O which had been thrown
away-it was small thing TO ask for
only 100000 more. But as this sum was
too trihng to such magnificent finahciers,
they just added million more and made
the offer for a round 5000, 0U0.
A quietus seems now to have been put
on that canal scheme by the returns from
the subscribers. Our latest accounts are
that only 10000 shares. OF 100 francs each
(say 500, have been taken. This would
be 100000. or about one-tenth Of the
amount asked for; and as the most favor
able estimate for completing the canal,
even with locks, is Sl0OOgOOOO. it would
seem that the French had abandoned the
Panama scheme. Nor is this unreasonable
when we consider the facts. Says the
Times
Not much progress toward the compile
ton OF Il canal on the Panama route
could be made by the expenditure OF
$2O0.0O0. even ii this sum should be used
economically. The truth appears TO be |
that the route has lapsed almost into |
its original condition. We take the fol- |
lowing from description recently pub |
lished:
The canal takes its way from Colon |
for Il few miles up the river which has |
been deepened aud brOA1ened. On the |
water are scores of great dredsebOats and |
costly pieces Of machinery that, since
work VAS stopped, are rapidly rustlng
OF Colon can be seen acres of machinery |
and dump ears all going to dissolution.
TO assist In the removal of earth, nearly
l.OJJ miles OF steel track were laid on the |
isthihus, rainiiyinB IN every direction |
from the proposed canal on much of
this track are thousands of dump ears,
with locomotives scattered through them,
Ill of which are now half buried in the
tropical growth SeVenty-siX great steam
'noNcIS, with attendant machinery, were |
counted I'm the distance of few miles |
n the interior. standing as they were
asst used where excavations were being |
made, and along the side Of the noun |
aims. Some of these are so overgroWn |
With tropical growth already that only |
ne great arms stand up above the green |
n mute protest at the WantOn waste that |
bounds. Machinery of every kind and |
haracter used in such work is scattered |
rom one side of the isthmus to the other.
ma While some two hundred locomotives
hat were never put ia use have been
oused. a fair estimate of the machinery
) that nine-tenths Of IL is rusting into
bsoiute decay-decay that has already
progressed 10 such an extent that all is
early beyond recovery"
The proposed channel this account goes
n TO say, can be traced by abrasion
ut only small fraction" Of the earth
as been removed. The tremendous rains
I the isthmuS have caused great land
NOES along the line, and the hoods of |
ne Chagres river are filling up that part J
the dltch which was completed. Trop-
al vegetation Is rapidly covering the ] ;
'ars made on the surface by the work
zen. IL IS probable that a new company |
sdIly undertaking 10 make a canal would |
assisted very little by what was done | r.
efore the original company collapsed.
To those who favor, as we do the CON q
ruction of the Nicaragua canal. and I
5 control by Americans, this condition | :
its Panama rival is not altogether ]
inevitable. 1t presents a case Of which a
a Rochefoucauld might say: There is g
not altogether unpleasant In +
e misfortunes OF even our best friends" c