THE PANAMA CANAL. 327 



"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 re- 

 gard 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 in- 

 different to the fate of the undertaking. He recognizes the stake pos- 

 sessed 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, Rous- 

 seau. Upon such conditions the assistance of the Government might 

 be more readily obtained than if the company should persist in endeav- 

 oring 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 pos- 

 sesses 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* Should this design be adopted, so as to get the canal through, 

 and should the undertaking prove remunerative, capital might be sub- 

 sequently raised to deepen the work to the sea-lev el. 



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. 



