Although not unexpected, the news caused a severe shock in Paris, and the whole situation became so serious that a meeting of the French Cabinet was held to consider the best course to be adopted. In order to gain time and to prevent wild speculation it was proposed to permit the company to suspend for three months only, and a Bill for this purpose was introduced, but was rejected by 256 votes to 181. M. de Lesseps immediately resigned and proposed liquidation. The excitement in Paris was intense, and strangely enough, in spite of the fact that millions of pounds had been lost and thousands of shareholders ruined, the anger of the crowds vented itself, not on De Lesseps, but on the Government of the day. The Boulangists seized upon the opportunity to attempt a political revolution, and the cheers of the populace were divided between De Lesseps and Boulanger. At a great meeting of shareholders which was held it was agreed to forego the payments of coupons and annuities until the opening of the canal and the raising of more capital. A resolution professing continued confidence in the veteran De Lesseps was also passed. But the attempt to form a new company for the completion of the canal failed, owing to the lack of subscriptions, and the Panama Canal Company went into liquidation, the work being gradually suspended. The Panama Canal Bill, to promote the continuance of the work, was now passed by both chambers, and a Commission of Inquiry was appointed. The Commission, which visited the isthmus with De Lesseps in 1880, had estimated that the canal could be completed at a cost of 843 millions of francs, whilst up to the time of the suspension of the company no less a sum than 1329 millions of francs was expended. The report of the Commission of Inquiry, when issued, stated that a further sum of 900 millions of francs would be required to complete the canal. Meanwhile a great fire occurred at Colon, in which the railway buildings and a large part of the town were destroyed, and although an arrangement was come to with the Colombian Government for an extension by ten years of the time in which the canal might be completed, the scheme totally collapsed and a legal investigation was proposed.