"The Panama Company, because of the names and past of the men who direct it; the eminent advisers whom it possesses; the grand and in some sort humanitarian character of the work it pursues; because of the serious efforts which it has already made, and is still making successfully to complete the work, deserves in a special sense the regard of the Government."
Much has been said as to the unfavorable character of the report of Rousseau. Although not published in full, it is understood not to be in every respect what De Lesseps would have wished. Yet, judging from the passages quoted, it is plain that the author is in no sense indifferent to the fate of the undertaking. He recognizes the stake possessed in it, alike by the French people and the French Government.
It seems, therefore, probable that the French will make strenuous efforts to finish the canal; reports, on the other hand, have been current as to the calculations of English, German, and American capitalists, in view of a possible collapse. A year or two will probably determine the success or failure of the company. It has, however, a resource wholly within itself—the reduction of the cost by making the canal with locks instead of cutting it to the sea-level. This is the course recommended by the commissioner of the French Government, Rousseau. Upon such conditions the assistance of the Government might be more readily obtained than if the company should persist in endeavoring to carry out its original purpose. In case the lock solution should be adopted, it is to be kept in mind that such a canal at Panama possesses one unquestioned advantage over one at Nicaragua: the former can, while the latter can not, be converted into a sea-level canal.
It may be observed, besides, that the only plan for a canal at Panama ever submitted by the engineers of the United States, that of Lull and Menocal, in 1875, is a plan including locks. De Lesseps is not a man to neglect his own interests; he might be ready enough, no doubt, to take a hint, never mind from what source. Fas est ab hoste doceri.[1] Should this design be adopted, so as to get the canal through, and should the undertaking prove remunerative, capital might be subsequently raised to deepen the work to the sea-level.
One common error in estimating the cost of the canal here deserves attention. The preparatory expenses of such an undertaking are large. A heavy outlay is required before much more than a beginning can be made in the matter of excavation. The Hon. John Bigelow, in his report upon the status of the enterprise, submitted to the New York Chamber of Commerce in April, 1886, gives a table of the expenses down to July, 1885. It is taken from De Lesseps's annual report of that date. In it the expenditure up to this point is put down at 368,-
- ↑ This is not a point to be pressed. Wyse and Reclus prepared two plans for a ship-canal at Panama, one a sea-level plan and one with locks. The former was adopted by the Paris Congress. It was plain, however, that should this method of execution prove too expensive, the company might fall back upon the other alternative.
