of high repute (Messrs. Garella and Courtines), to verify the surveys
already made and complete them.

After receiving the respective reports of Garella and Courtines, Mr.
De Sabla decided upon first constructing a railway across the Isthmus,
postponing the cutting of the canal until this indispensable auxiliary
should have rendered it practicable and profitable. He then presented
the scheme in that shape to his friends in Paris and London, and formed
a syndicate of thirteen members, among whom we may recall the names of
the well known Bankers Caillard of Paris, and Baimbridge of London,
of Sir John Campbell, then Vice President of the Oriental Steamship
Company, of Viscount Chabrol de Chameane, and of Courtines, the
exploring engineer.

A new contract was then entered upon with New Granada in June, 1847, and
early in 1848, the Syndicate was about to forward to the Isthmus the
expedition which was to execute the preliminary works, while the company
was being finally organized in Paris, and its stock placed.

The success of the undertaking seemed to be assured beyond peradventure,
when the unexpected breaking out of the French revolution in February,
1848, dashed all hopes to the ground. Several of the prominent
financiers engaged in the affair, taken by surprise by the suddenness of
the revolution, had to suspend their payments and of course to withdraw
from the Panama Canal and railroad scheme. Others withdrew from
contagious fear and timidity. Finally the term fixed for carrying out
certain obligations of the contract expired without their fulfillment
by the company, and the concession was forfeited. Another contract was
almost immediately applied for and granted with unseemly haste by the
President of New Granada to Messrs. Aspinwall, Stephens and Chauncey,