“I do not know what will be the fate of the millions of lottery bonds which still remain to be placed, but what is certain is that two men never gave themselves to a more laborious work of propagandism than M. de Lesseps and M. Charles de Lesseps, his son, have undertaken. If ever the Panama Canal is finished, if it ever yields the results promised—as to which I can make no assertion—it would not be too much to raise statues to these men, who have spared themselves no toil, but have made almost superhuman efforts to bring the work to a successful close. For a month M. de Lesseps and his son have been visiting the industrial and commercial centres, delivering addresses, taking part in banquets, organising committees, and endeavouring to create a national movement favourable to the realisation of this gigantic scheme. In all places where they have been speaking they have had crowded audiences, which have eagerly listened to them, and have shown sympathy with their efforts to make the completion of the Panama Canal a national question. Frenchmen feel that success in this work must avert a rebuff for the constructor of the Suez Canal, who will continue to be styled ‘Le Grand Français’ so long as the Panama Canal Scheme has not collapsed.” On the 14th December, 1888, the Panama Canal Company suspended payment. Announcement was made in Paris that in consequence of the subscription not having extended to 400,000 obligations, the payment of all coupons and drawn bonds would be temporarily suspended. The intimation caused a severe shock in Paris, although it was not entirely unexpected. The French Cabinet deemed the matter one of such importance that they held a meeting to consider what should be done. It was decided to propose a suspension for three months only. This was proposed for a double reason—to gain time, and to prevent speculation on the Bourse. It was stated by M. Peytral, the Minister of Finance, that the Government wished to enable the old company, without going through the process of bankruptcy, to hand over the canal to a new concern. There have been few warmer discussions, even in the French Chamber, than that which followed the proposal to interpose to this extent on behalf of the canal company. It was argued by the opponents of the Government that the canal should not be treated exceptionally; that the bankruptcy law should be allowed its ordinary course; that the Government had kept secret the report of its own engineer on the condition of the company when it was known to be in danger; that the Army Bill should not be delayed for the sake of a private company; and that if the company did come to grief, nearly a million bondholders would be ruined and a milliard of money would be lost.