In regard to the lock canal about one third of the necessary excavation has been made along the axis of the canal, but taking into consideration other requirements necessary for the completion of the scheme, I should estimate, roughly, that probably only one sixth of the whole amount of work had been accomplished. The question now naturally arises as to what will be the probable future of this great enterprise.
The French people have seen the scheme fail under Lesseps in whom they had the most unbounded confidence, and it is not likely that they will raise any more money to be put in it as a business enterprise under any other management. Saddled as it is with a debt of nearly four hundred millions of dollars, it would be difficult to convince any one that it could ever prove to be a paying investment. Nor do I think that any American or English corporation can be organized that could obtain such concessions from Lesseps as would make the scheme an inviting field for capitalists, and thus my opinion is that the "Compagnie Universelle du Canal Interocéanique de Panama" has irretrievably collapsed, and that the canal will remain, as it is now, the most gigantic failure of the age.
ACROSS NICARAGUA WITH TRANSIT AND MACHÉTE.
BY R. E. PEARY.
The action of this National Society, with its array of distinguished members, in turning its attention for an hour to a region which has interested the thinking world for more than three centuries gives me peculiar pleasure and satisfaction.
I propose this evening to touch lightly and briefly upon the natural features of Nicaragua, to note the reasons for the interest which has always centered upon her, to trace the growth of the great project with which her name is inseparably linked; to show you somewhat in detail, the life, work, and surroundings of an engineer within her borders; and finally to show you the result that is to crown the engineer's work in her wide spreading forests and fertile valleys.
That portion of Central America now included within the boundaries of our sister republic Nicaragua, has almost from the moment that European eyes looked upon it attracted and charmed the attention of explorers, geographers, great rulers, students, and men of sagacious and far reaching intellect.
From Gomara the long list of famous names which have linked themselves with Nicaragua reaches down through Humboldt, Napoleon III., Ammen, Lull, Menocal and Taylor.
The shores were first seen by Europeans in 1502, when Columbus in his fourth voyage rounded the cape which forms the northeast angle of the state, and called it "Gracias á Dios," which name it bears to-day. Columbus then coasted southward along the eastern shore.