"Mehemet Ali, the great pasha who founded the present Egyptian
khedivate, was urged to attempt the canal project, but he was wary. At
last he pushed it aside, and listened to the Englishman, Robert
Stephenson--the father of the railroad. Under Stephenson's supervision
he built a railroad from Cairo to Suez, connecting with the line from
Cairo to Alexandria. This formed the "great overland route" to India,
and brought great trade and many rich tolls to the Egyptians.
"The time came when Said Pasha ruled in Cairo. To him came Ferdinand
de Lesseps. Years before, while a clerk in the French consulate
general in Cairo, De Lesseps dreamed the dream of the great canal. He
was not an engineer, but he was a master diplomatist. He unfolded his
plans to Said, who loved France and all Frenchmen, and met with
encouragement. It was a magnificent scheme. The canal was not to cost
Egypt one cent, but was to pay fifteen per cent. of its receipts to the
Egyptian government, and at the expiration of ninety-nine years was to
become the absolute property of Egypt. On such terms the concession
was given to De Lesseps in 1856.
"Then De Lesseps went forth to get the money. France had just come out
of the Crimean War and could not advance money for ventures. England
was opposed to a canal that would let anybody have a chance at India,
and the English government did everything possible to prevent the
Frenchman from obtaining funds. He failed in Europe, for he could not
get enough even for a survey of the canal. Nothing daunted, he went
back to Egypt and borrowed money enough from Said to survey the canal
and to exploit it through Europe. Then came much planning and more
concessions, and much stock jobbing; but by 1860 the French company was
again without money. Again the appeal was made to Said, and not
without avail; for he subscribed for more than one-third or the total
capital stock and promised to advance money for the construction
work--and all for a project that was not to cost Egypt anything. That
was the beginning of Egypt's bondage to the money lenders of Europe,
for Said had to borrow the money he gave to the canal."