Water Leaking in Basement

I have a home built in 1890 that has a stone walled basement. When it rains for an extended period of time, water flows through the wall. I have added gutters and used UGL Drylock, but it has not stopped. Is there anything I can do, short of excavating the perimeter of the basement? I had a mason offer to put a plaster/fiberglass mixture on the wall. He said it should stop the water for about 10 years, but that the water was still getting through the wall and would eventually get through. I was hoping for something a little more permanent. Does anyone know of any ideas, or is what I was told the best or only solution?

Thanks,
Lee

 

The only long term solution is done on the outside.

Is the ground sloping away from the house? Do the gutters empty at the foundation or do you pipe the water away?

 

I did this with a field stone foundation after the gutter down spout was moved, and water got into the basement.
Dig a trench on the outside of the wall where the leak is; slope the dirt AWAY from the house (the 'trench' was only about 6 inches wide). Line the back of the trench (the side near the house) with with heavy plastic, and fill it with stones and gravel.
Plant some croci and tulips if you do this in the Fall. (This does nothing to keep back the water, I just like croci.