But this is not all. A study of the subject would be
incomplete without a survey of its political bearings.
Every one knows that but a few months ago the Presi-
dent of the United States concluded with Nicaragua a
treaty by which that Government agreed to undertake
the building of a canal through Nicaragua. The treaty
was on the point of being ratified by the Senate, where



4 INTRODUCTION.
it received the warmest endorsement of its president 'pro
tempore^ Senator Edmunds, a man remarkable for his
sound and conservative views, and whom the Americans
recognize as one of their leading statesmen. The treaty,
however, was not ratified. As a question arose as to the
expediency of the United States building a canal through
a part of Central America, and keeping the preponderat-
ing influence therein, in face of the Clayton-Bulwer
treaty between the United States and Great Britain, it
was thought better to delay a decision with regard to it
until the Government at Washington should come to an
amicable understanding with Great Britain.
Moreovei^, it must be remembered that the recent
revolutionary troubles in Panama, brought about the
armed intervention of the United States, ^nd the con-
clusion of another treaty at Bogota, by which Colombia
is said to have confirmed the treaty of 1846 with the
United States ; thus fully establishing the political im-
portance which the United States Government attaches
to the canal, probably because it foresees great complica-
tions in the isthmus if it does not own and absolutely
control it. "We propose to show how important this
matter is to the United States, and how that Government
has been consistently declaring its policy in the premises.
