Morgan had called the Panama plan “a job which has disgusted France . . . until she had shuddered like a sick baby at the enormity of the villainies perpetrated by her own people.” The entire affair had been “gangrene with corruption.” The Compagnie Nouvelle du Canal de Panama was the so-called New Panama Canal Company, the words spoken as though they had an unpleasant smell. The company’s assets and franchises were held to be virtually worthless, its stockholders little better than common thieves. Its officers were paid schemers and to be trusted under no conditions. These people, Morgan
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