As was most natural, De Lesseps was urged to undertake the direction of the work, and, although at his advanced age he might fairly have rested on his laurels won at Suez, this veteran agreed to conduct another enterprise, fraught with international advantage and blessings to posterity. That he underestimated the difficulties attending the task has been abundantly demonstrated, but nothing should lessen our admiration for the courage and enthusiasm with which he assumed the responsibility, and the untiring energy he displayed. To whomsoever may ultimately belong the honour of completing the canal, to Ferdinand de Lesseps will always be due the credit of having initiated the work. Following upon the report of the Congress, there was issued on 23 July, 1879, the prospectus of a company called “La Compagnie Universelle du Canal Interoceanique de Panama,” but more generally and conveniently known as the Panama Canal Company. The suggested capital was 400,000,000 francs, or £16,000,000, to consist of 800,000 shares of 500 francs or £20 each. Of these 790,000 were to be issued to the public, whilst 10,000 were reserved for the original concessionaires. It was proposed to call up only 125 francs (£5) per share at first, and interest at the rate of 5 per cent per annum was to be paid during construction on the actual money received. Even an estimated revenue of 90,000,000 francs annually from the canal when completed was not sufficient inducement to the public, and the issue failed; only about one-tenth of the capital offered being subscribed for. M. de Lesseps, accompanied by a technical commission of engineers, one of whom was Heer J. Dircks, of the Amsterdam Canal, visited the isthmus; and their opinion was that the canal could be constructed for about thirty-four millions sterling and be completed in eight years. Subsequently De Lesseps undertook a tour through the United States, England, Holland, and Belgium, and a number of towns in France, lecturing on behalf of his scheme; and it is difficult to doubt the _bona fides_ of this indefatigable octogenarian, or his implicit faith in the achievement of his design, especially when it is remembered that he is said to have sunk 309,000 francs of private fortune in the venture. The assistance of journalists and financial groups was called in, or perhaps it would be more correct to say bought in, and such enthusiasm was worked up that when next offered the capital asked for was subscribed more than twice over. But a false step had been taken, and henceforth, instead of selfish and ambitious considerations being secondary to the grand ideal of cutting from ocean to ocean a highway of nations for the benefit of the commerce of the world at large, a sordid profit-grasping spirit seems to have possessed the promoters and the public to whom they so successfully appealed.