In 1881 the people of the
United States and
France subscribed large sums towards a French company, headed by
Count de Lesseps, of
Suez Canal fame, which announced its intention of cutting a canal through the
Isthmus of Panama.
The French government authorized the company to begin operations, and $100,000,000 was subscribed for the enterprise.
Work began with great display, and continued until 1889.
By that time the canal had been cut for about 12 miles on the first section.
On the two other sections but little had been accomplished, and the workmen found themselves trying to level great mountains.
Intense feeling was aroused over the collapse of the company.
Inquiry soon developed the fact that fully $260,000,000 had been absorbed by the company.
The French government ordered an investigation, and amazing proofs of bribery and fraud were discovered.
De Lesseps's reputation received a great blot, and the famous engineer died Dec. 7, 1894, it is said of a broken heart.
The following is a short chronology of the various explorations and operations:
| First formal exploration made by Lloyd and Falmark | 1827-29 |
| Garella's survey | 1843 |
| Canal scheme of Michel Chevalier proposed | 1844 |
| Survey for Panama Railroad by Col. G. W. Hughes, U. S. A. | 1849 |
| Panama Railroad begun | Jan., 1850 |
| Exploration of Capt. Fitzroy, R. N. | 1850 |
| Exploration of Dr. Cullen | 1850 |
| Ship-canal proposed by the Bulwer-Clayton treaty | April 19, 1850 |
| Exploration of J. C. Trautwine | 1852 |
| Exploration of Capt. Prevost, R. N. | 1853 |
| Exploration of Lionel Gisborne | 1854 |
| Exploration of Lieut. Strain, U. S. N. | 1854 |
| Exploration of Captain Kennish | 1855 |
| First train from ocean to ocean | Jan. 28, 1855 |
| Exploration of Lieutenant Michler, U. S. A. | 1858 |
| Exploration of Frederick N. Kelley | 1864 |
| Exploration of M. de la Charne | 1865 |
| De Paydt announces discovery of a favorable route | 1865 |
| Exploration of Gonzorga | 1866 |
| Treaty signed by the United States and Colombia | Jan. 26, 1870 |
| Exploration of Corn.
T. O. Selfridge, U. S. N. | 1870 |
| Exploration of Com. Tull, U. S. N. | 1875 |
| General Turr and a committee propose a canal | Oct., 1876 |
| Lieut. L. A. B. Wyse's survey (1875) Published | Autumn, 1877 |
| Explorations of Reclus and Sosa | 1878 |
| International Canal Congress convened in Paris | May 15, 1879 |
| Seven schemes proposed; canal from Gulf of Limon to Bay of Panama recommended (by 74-8） | May 29, 1879 |
| De Lesseps arrives at the isthmus | Dec. 31, 1879 |
| Canal through Nicaragua proposed by Americans; favored by General Grant | Sept., 1879 |
| De Lesseps's scheme opposed by the United States government | March, 1880 |
| De Lesseps, at Liverpool, describes his plan; canal to be 46 miles long | May 31, 1880 |
| Engineers leave Paris Jan. 3; at work | Feb. 24, 1881 |
| Number of men said to be employed, 11,000 | 1883 |
| Company had expended 1,400,000,000 francs up to | 1888 |
| French government authorizes a lottery for the work | June 8, 1888 |
| Company suspends payment | Dec. 11, 1888 |
| Report of Inquiry commission states that 900,000,000 francs will be required to |
| finish the work | May 5, 1890 |
| M. Ferdinand and Charles de Lesseps, Fontane, Cotter, and Eiffel, sentenced |
| in the French court of appeals to imprisonment and fine | Feb. 9, 1893 |
| Congressional committee begin to investigate Panama frauds in America | Feb. 12. 1893 |
| Plant and works gone to utter ruin and Decay | 1894 |
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62]
| Panama Canal Company of America; capital, $30,000,000 (cost of completion estimated at $125,000,000), incorporated | Dec. 27, 1899 |
| New company in France raises $10,000,000 to continue the work | June 30, 1897 |
| President McKinley appoints Admiral Walker, Colonel Ernst, and Colonel Hain, with five civil engineers, to examine the Nicaragua, Panama, and other available routes | June, 1899 |
| Colombia extends concession to | Oct. 31, 1910 |
