Note 186 — Chapter XXI · THE PANAMA CANAL.

The Times of the 17th December declared, in a leading article, that “it would be surprising if the collapse of the Panama scheme had not a momentous effect upon French politics. The small investors who have lost their money would not be human if they omitted to turn and rend the Parliament which, after affording legislative facilities to M. de Lesseps, now refuses to lift a hand to save the colossal scheme from ruin. Some of the French journals are already beginning to say that Saturday was the beginning of the end for the Republic. It is possible to commend the action of the Chamber, and at the same time to feel that ‘Parliamentarism’ hardly realised the magnitude of the forces which he challenged with such a light heart. All the vague discontent which has been accumulating against Parliamentary government will now naturally be brought to a head. The Panama collapse will furnish a specific grievance which will appeal with irresistible force to the unfortunate subscribers, and send them crowding into the ranks of the enemies of the Republic.”