ction to this was the
floods of the Chagres river, which sometimes rose twenty-five feet in a
single night; but this was got over by arranging for a separate bed for
the canal. There were a few other difficulties, but propositions were
made to obviate them; and at last the sub-commission reported that "the
Panama Canal on the level technically presents itself under the most
satisfactory conditions, and ensures every facility, as it gives every
security, for the transit of vessels from one sea to another."

Now came the question of cost. The Nicaragua Canal was estimated at
L32,000,000, and that at Panama L40,000,000. (The reader will compare
these with former estimates, especially that of Nicaragua as stated by
the _Times_.) The former was rejected absolutely, on account of the
necessity for locks, and all further discussion was concerned with the
latter. It was then calculated that, with transit dues of fifteen francs
per ton, the net annual profit would be L1,680,000.

M. de Lesseps was elected to the Academy in 1885, when M. Renan said he
had been born to pierce isthmuses, and that antiquity would have made
him a god. Carried away by enthusiasm, the great projector saw no
difficulties; he had already completed a work which had been declared
almost impossible, now he would carry out a project similar to that
proposed by William Paterson. However, Panama was not Suez, a rainless
desert, but a place where floods, marshes, and quagmires took the place
of almost level sands.

M. Wyse had vainly tried to start a Company; but when Lesseps, with all
the prestige of his Suez Canal, joined him, there was comparatively
little difficulty. Personally, Lesseps seems to have known little of
Panama--all his knowledge was gained at second hand. The first public
subscription was invited in July, 1879, the capital being 400,000,000
francs (L16,000,000), in 800,000 shares at 500 francs each. This large
sum, however, was not obtained at once, only L3,200,000 being applied
for. However, Lesseps was not discouraged, but determined to go on with
the work, trusting that money would flow in as it was wanted, which
ultimately proved to be the case, until the project appeared hopeless.
He visited the isthmus, and made a triumphal progress over the line; he
even witnessed one of the great floods of the Chagres river, which rose
forty feet and covered the railway. Undaunted by this, he went over to
Panama, and on the 5th of January, 1880, inaug