The Houston daily post. [volume] (Houston, Tex.) 1886-1903, 1903-02-08

Fonahie charges upon tho business IL that
portion " our people using the canal, tho
r reason as Tor nssml.I,nT me i9sS5glns 70 use
Expressing tho views OF an individual
citizen OF the United States. desiring 70
maintain its independent chnrecter DO
not believe that any canal should bc con
Ftrncted by our government across the
American isthmur until tho nbroEation OF
this treaty Il obtained. II constructed I'M
der the limitations Of this treaty, I nppre.
hcnd that the resentment OF our people az
the surrender Of their rights to foreign
powers. will invoke difficulties for more
serious than cnn possibly arise from nm
effort now 20 terminate tho arrangement
with Great Britain
II need not be said that demand for
treaty viii necessarily delay or prevent the
construction Of an isthmlRn canal
French company has been engaged SINCE
Lessrps as president, IN the effort to cou.
struct the canal across the isthmus Of Pan.
anna.
THE PANAMA ELEPHANT.
In 1889 the Do Tlessqps company went
into liquidation. II was bankrupt. dis.
reputable, bringing ruin tp Thousands Of the
people OF France. who, with patriotic con
hdence had myestcd thelI savings In the
paper Of the company, Tho uQuldltor pro.
cceded TO satisfy himself that tho canal
project was feasible question about which
the failure Of the company had raised grave
doubts" a commission, composed oI eleven
distinguished Ercnch and foreign engineers.
was appointed which, after tour OF In
spectIOn reported May 8, $50, submitting
u plan Tor q canal With locks aud estimated
the canal could be completed in eight years
at a maximum cost OF SlT4.buo,QOO.
II estimated the value 0f tie work done
at SS1,3uu,OOO The original eetimute OF
Count De Lesseps for the sea level canal
was S127 co., COO to be completed In eight
years. The liuuidators obtained q renewed
concession from Colombia, providing for an
extension OF ten years, dating from Octo-
Der 81, 1884, and further agreement rs
claimed to have been made. extending the
lime Until October 81, 1910. The iiouidatoT,
under special act o. the french chambers
organized new company October %, 1904
With a capital stock OF 65OOOo shares Of
100 francs each, $1,000 shares Of 100 francs
each being given Colombia as q bonus for
the new concession. This was regarded
sufficient for provisional operations under
the plan Of the commission OF engineers
who reported the plant on hand was In good
condition and would PROBABLY suffice for
finishing the canal The liquidator invited
subscriptions to the stock, upon which
various banks administrators OF the old
company and syndicates who had prodtCd
/ by Its operations, subscribed 4QB2O, 700
francs, public subscriptions 34S4.OOO francs,
and the nQuldator 10, $4,000 francs.
| ~, 1885, shows that The Old company and
the liQuidutor had received by the sale OF
stock and bonds S24& 7O6. All 6S cash. The
sSe Vdso s Of g. SIS P9n s nd n4q
I
10000 A''0-'N 'D''" 10 e''''"''e0 ~
The new company undertook to Hnish the
canal "F after a new study OF its en-
gineeriug ana commercial aspects that
should be found cNDodieut under the char
ter A specL en- ueering commission q
/ i've was appointed to report on the work
| done and conclusion to he drawn from
same" when the amounts expended should
| have reached about one-half the capital
| Previous to this time the company desig
/ nuIe0 technical
| Of fourteen engineers, European and Am9r
| lean some OF them the most eminent N
! their profession" Its report was made No
! vembcr G. 1898 and referred 20 the charter
| commission Of ave. which reported IN 1920
| that the canal could be built according, &c
! that project within the limits OF time hnt
| stockholders, December so 1899. is uIIdcr
stood as adopting the report; but tht
! iqu!dator refused 10 take part In It. and
! that no conclusions were reached us e
! the cxpedcucy Of completiur tho caubl 81
| as TO providing he WAYS md means" The
! new company had expended June 30. 1899
about 100000, besides about Sl2h. 0ot
/ advanced 20 the Panama Railroad COMPANY
for pier at Ia Doca
!
IT SEEMS EXTRAORDINARY
That with the combined favorable REPORT
Of the eleven engineers comprising tn
Commission d etudes,' appointed Wy tn
| hquiiAtor and the "fourtc u eminent engl
| ueers'' appointed by the new company, an
| the special engineering commission mp
! pointed under the tp ms Of the ueIg Frencl
charter and with about So. GO, GOO OF actua
value OF work done and plant on hand, ant
! $50 $4,000 invested I'm the Pdnamg railroad
making about Sllo'oOoUlO In, sigtt' hnaDc
| ing OF the means Tor cUmpleLda, say o
1 slOJ 100000, rs slll regarded as doubt
tu. Is II not likely that tle people o
France astouished ana paralysed ut tn
| corruption and deception Of TIE compan.
throughout It's whole career, refused to az
cept OF coHsi4er any assuTance'y made unde
Its auspices or those Of the Succession, N
/ matter how eminent In stauilng ana au
thorlty1 Notwithstanding all these report
aud estimates, the cloud tHat hung owe
the company. was not dlsgelled and tn
| financial minds Of France ana OF all EuPop
must have regarded the practicability o
| the Panama canal sche1ng as yet probe
matical, otherwise the Question Of sub
scrlbing SlGo,0OO00O 10 save the imam
back to the Fregch people Lh
S4;i5, 10000 OF securities taken to al
the enterprise would Base been tavorabl
solved
The question OF doubtj as TO precticabi
ity has been solved IN y manner that ma
be accepted by the Frqnch people and IN
under the authority OF the congress OF th
United States, competed OF eminent eng
neers United States naval officers
scientists and publiEsts, have, after SUI
veys and examinations Of various route
for an sthmian canal reported ana d,
clGred that the most Practicable an
IeaGiDle route JOF an l8LWInlan canal, TO %
under the control, management and ownel
ship Of the Unf7ed States, Is that glow
as the Panama route" II has estimate
the cost Of Completing the work OF IN
( new Panama Canal company. now IN cours
OF constructed. at S144. 233. 1888. which
about S33 C0GbO0 less than the estimate 10
completion '6ade by the French engineei
ing commission OF 1880
The NOVEMBER. 1901 report Of the Walke
comniEciSg IN referring 20 the action q
the stockholders Of the new Panama Cans
company upon the 6nal report OF the cor
niss3onfr Of engineers provided for IN III
charley, save;
the engineering question had bee
solved TO the satisfaction OF the company
but the financial question had been mad
extremely difficult by the appearance
. the United States government IN the nei
ns probable builder Of an lsthmlan cana
The company Is conducting It's operation
, ~ the same provisional way as 10 the LAT
fye years. and has not yet appealed 70 III
public for capital"
why not 'hands or and give II
. ! French company and the French people
y / chance TO complete their canal, now tbs
we have given them a certificate as 10 II
Z 1 practicahnty7 We should he careful NJ
: 10 assume any responsibility Of fastenin
upon the masses Of the French republic ID
. perpetual loss Of s485,0O0.O00 Of their ga
fngs That people were our ancient allie
/. Our commerce via the isthrnian can
: would likely he Al equitahlv and econom
= cally dealt with by an individual corpor
< tion- eg under the terrnA OF the underEtan N