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THE PANAMA DITCH.
nat'l Republican
Some Inside Facts About "The Grandest Hu-
manitary Enterprise of This World."
wash
e. e.
A Few Specimen Fables Told to Induce
People to Take Stock.
Scenes at the Subscription Offices, Recalling the Days
of the Mississippi Bubble."
Dec 26
18.82
A Letter from Dr. Johnston to Admiral
Ammon.
PARIS, Nov. 29, 1882.-Dear Admiral. You
ask me to what cause we attribute at Paris
the present decline in the value of the stock
of the Panama canal scheme?
I think I can tell you the cause or causes
of this decline; but you may be sure that I
do not obtain my information from the Paris
press, which remains as completely muzzled
on that subject as it did during the period
when the loan was being forced on the public.
In the first place, the recent earthquake
had much to do with it. One of the strong
points made by the initiators of the project was
the total absence of earthquakes at Panama,
and their frequency at all the other points
where a canal had been proposed, especially
at Nicaragua.
This unfortunate intervention of nature into
the discussion in so brutal a manner deranged
most disastrously the programme of brilliant
promises. But M. de Lesseps, with his happy
nature, never admits that he can be defeated
in anything, and was disposed to treat the
earthquake with the contempt he shows for
the other physical and financial difficulties
that stand in his way. His colleagues, on the
contrary, saw the thing in a different light:
they had felt the trembling of the ground,
and they succeeded in convincing him that
there really had been an earthquake and that
it was his duty to make an effort of some kind
to neutralize its effect.
So, off he rushed to the lecture room of the
Sorbonne, called a public meeting and there,
in the presence of a large audience of intelli-
gent men, with the levity and indifference to
facts which he has carried into the whole of
this Panama business, declared that it had
been a very poor earthquake and not much of
a shake after all (which is, as you know, just
the contrary of the truth); that it was an ex-
traordinary and an exceptional event, such as
had never before occurred in that country,
and would not probably ever occur again, and
then gave as one of his strong points of evi-
dence-what do you suppose?
Ignoring the fact that the country had a
history, and that this history tells of earth-
quakes in the early part of the century, one
of which at least was disastrous, he told of his
visit to Panama, and how he had there seen
many ruins of monuments and houses, which
he considered as positive proofs of the absence
of earthquakes, since these ruins otherwise
would have all been cast down. But the art-
less lecturer omitted entirely to mention the
fact that these ruins had been the result of
earthquakes, and that their existence proved
therefore the exact opposite of what he was
trying to make them prove! He only saw
the bricks that were standing, and did not see
those that had fallen down. And in all that
intelligent audience there was not one man to
correct him, not one man who saw apparently
any more fallen bricks than he did, not one
man that did not applaud
To show you farther the extraordinary
popularity of M. De Lesseps, and the blind-
ness with which he is followed by men of
learning and talent, he was universally
cheered when he finally exclaimed that this
earthquake might in fact be considered
rather as a blessing than a disaster, since it
served to remove out of sight a lot of ruins
which were only a disfigurement of the city.
Another cause for the decline in the price
of the stock is to be found in the following
circumstance. Not long ago a second syndi-
cate was formed with a basis of sixty millions
of francs, taken out of the subscription to the
canal for the purpose of maintaining the price
of the canal shares, by buying up with an ap-
pearance of eagerness all the shares that were
offered in the market. One of the most hon-
orable and influential members of this syndi-
cate, who, like the great mass of the people in
France, had been misled by the subsidized
press, and knew only one side of the canal
affair, as soon as he became acquainted with
its real situation, gave in his resignation.
This event has come in as a most unfortu-
nate postscriptum to the earthquake; but it
does not apparently disturb the equanimity of
the great promoter of the scheme, or that of
the other originators, who, having realized
their anticipated profits, look on with calm-
ness at the unrolling of the drama. Never-
theless the obstinacy of M. De Lesseps in see-
ing everything couleur de rose, his levity, his
resistance to defeat, still braces up the cour-
age of the friends of the scheme, and prevents
anything like a fatal crisis. The price of the
stock, however, has made a serious fall, and it
is safe to say will never go up again.
Again, the purchase of the Panama railway
does not give satisfaction to those who have
closely studied the question. If the canal is
ever finished the railway will be almost worth-
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"ocrText": "THE PANAMA DITCH.\nnat'l Republican\nSome Inside Facts About \"The Grandest Hu-\nmanitary Enterprise of This World.\"\nwash\ne. e.\nA Few Specimen Fables Told to Induce\nPeople to Take Stock.\nScenes at the Subscription Offices, Recalling the Days\nof the Mississippi Bubble.\"\nDec 26\n18.82\nA Letter from Dr. Johnston to Admiral\nAmmon.\nPARIS, Nov. 29, 1882.-Dear Admiral. You\nask me to what cause we attribute at Paris\nthe present decline in the value of the stock\nof the Panama canal scheme?\nI think I can tell you the cause or causes\nof this decline; but you may be sure that I\ndo not obtain my information from the Paris\npress, which remains as completely muzzled\non that subject as it did during the period\nwhen the loan was being forced on the public.\nIn the first place, the recent earthquake\nhad much to do with it. One of the strong\npoints made by the initiators of the project was\nthe total absence of earthquakes at Panama,\nand their frequency at all the other points\nwhere a canal had been proposed, especially\nat Nicaragua.\nThis unfortunate intervention of nature into\nthe discussion in so brutal a manner deranged\nmost disastrously the programme of brilliant\npromises. But M. de Lesseps, with his happy\nnature, never admits that he can be defeated\nin anything, and was disposed to treat the\nearthquake with the contempt he shows for\nthe other physical and financial difficulties\nthat stand in his way. His colleagues, on the\ncontrary, saw the thing in a different light:\nthey had felt the trembling of the ground,\nand they succeeded in convincing him that\nthere really had been an earthquake and that\nit was his duty to make an effort of some kind\nto neutralize its effect.\nSo, off he rushed to the lecture room of the\nSorbonne, called a public meeting and there,\nin the presence of a large audience of intelli-\ngent men, with the levity and indifference to\nfacts which he has carried into the whole of\nthis Panama business, declared that it had\nbeen a very poor earthquake and not much of\na shake after all (which is, as you know, just\nthe contrary of the truth); that it was an ex-\ntraordinary and an exceptional event, such as\nhad never before occurred in that country,\nand would not probably ever occur again, and\nthen gave as one of his strong points of evi-\ndence-what do you suppose?\nIgnoring the fact that the country had a\nhistory, and that this history tells of earth-\nquakes in the early part of the century, one\nof which at least was disastrous, he told of his\nvisit to Panama, and how he had there seen\nmany ruins of monuments and houses, which\nhe considered as positive proofs of the absence\nof earthquakes, since these ruins otherwise\nwould have all been cast down. But the art-\nless lecturer omitted entirely to mention the\nfact that these ruins had been the result of\nearthquakes, and that their existence proved\ntherefore the exact opposite of what he was\ntrying to make them prove! He only saw\nthe bricks that were standing, and did not see\nthose that had fallen down. And in all that\nintelligent audience there was not one man to\ncorrect him, not one man who saw apparently\nany more fallen bricks than he did, not one\nman that did not applaud\nTo show you farther the extraordinary\npopularity of M. De Lesseps, and the blind-\nness with which he is followed by men of\nlearning and talent, he was universally\ncheered when he finally exclaimed that this\nearthquake might in fact be considered\nrather as a blessing than a disaster, since it\nserved to remove out of sight a lot of ruins\nwhich were only a disfigurement of the city.\nAnother cause for the decline in the price\nof the stock is to be found in the following\ncircumstance. Not long ago a second syndi-\ncate was formed with a basis of sixty millions\nof francs, taken out of the subscription to the\ncanal for the purpose of maintaining the price\nof the canal shares, by buying up with an ap-\npearance of eagerness all the shares that were\noffered in the market. One of the most hon-\norable and influential members of this syndi-\ncate, who, like the great mass of the people in\nFrance, had been misled by the subsidized\npress, and knew only one side of the canal\naffair, as soon as he became acquainted with\nits real situation, gave in his resignation.\nThis event has come in as a most unfortu-\nnate postscriptum to the earthquake; but it\ndoes not apparently disturb the equanimity of\nthe great promoter of the scheme, or that of\nthe other originators, who, having realized\ntheir anticipated profits, look on with calm-\nness at the unrolling of the drama. Never-\ntheless the obstinacy of M. De Lesseps in see-\ning everything couleur de rose, his levity, his\nresistance to defeat, still braces up the cour-\nage of the friends of the scheme, and prevents\nanything like a fatal crisis. The price of the\nstock, however, has made a serious fall, and it\nis safe to say will never go up again.\nAgain, the purchase of the Panama railway\ndoes not give satisfaction to those who have\nclosely studied the question. If the canal is\never finished the railway will be almost worth-"
}