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,
which resulted in the construction of the actual Panama Railroad.
These gentlemen acted fairly in the matter, and in 1849, calling Mr.
De Sabla to New York, offered him to join them in the new scheme.
Unfortunately they had decided upon placing the Atlantic terminus of the
railroad upon the low and swampy mud Island of Manzanillo, while Mr.
De Sabla insisted on having it on the mainland on the dry and healthy
northern shore of the Bay of Limon.
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