The Triumphant Life of Theodore Roosevelt edited by J. Martin Miller

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THE PANAMA CANAL
wall, on the Atlantic, with Panama, on the Pacific. The total
length of the projected waterway was about fifty miles, the
maximum width 72 feet and the average depth 28 feet. The
cutting of the Cordilleras, which would necessitate an excava-
tion of some 350 feet deep at one part, and the controlling of
the waters of the River Chadres, were the chief difficulties to
be encountered.
COMMENCEMENT OF OPERATIONS
Operations were commenced in 1881, by a French com-
pany, under M. de Lesseps, and composed of stockholders
drawn mostly from among the common people. The work of
excavation went on more or less continuously until 1887, but
after an expenditure of more than $266,000,000, the company
fell into difficulties and in 1899 suspended payment. In
November, 1892, criminal proceedings on behalf of the French
government were instituted against the leading officials of the
canal, a committee of inquiry into its affairs was appointed by
the chamber of deputies, and several prominent French offi-
cials were convicted of bribery.
The history of this company's financial operations has
never been written, but this much is known, that it could only
show work done to the value of something like $140,000,000; the
difference, over $120,000,000, having disappeared. In 1893,
the Colombian government entered into a contract with the
reorganized Panama Company, whereby the time for the com-
pletion of the canal was extended to October 31, 1904. In
1900, a further extension of six years was granted.
Meanwhile, the Nicaragua route had been proposed, pro-
viding for a waterway for ships across Central America from
the Pacific to the Atlantic, passing through the Republic of
Nicaragua, and utilizing the lake of the same name and the