From New York to San Francisco by this route for sailing vessels the time is ten days shorter than by the Panama route. The purely pecuniary prospects of the canal as an investment are subordinate to the great national benefits to accrue from it; but it seems evident that the work, great as its cost may appear, will be a measure of prudent economy and foresight if undertaken simply to afford our own vessels a free waterway, for its far-reaching results will, even within a few years in the life of a nation, amply repay the expenditure by the increase of national prosperity. Further, the canal would unquestionably be immediately remunerative. It offers a shorter sea voyage, with more continuously favoring winds, between the Atlantic ports of America and Europe and the countries of the East than any other practicable route, and with lower tolls, by reason of its lesser cost, the Nicaragua route must be the interoceanic highway for the bulk of the world's trade between the Atlantic and the Pacific. So strong is this consideration that it offers an abundant guaranty for the investment to be made, as well as for the speedy payment of the loan of four millions which the treaty stipulates shall be made to Nicaragua for the construction of internal improvements to serve as aids to the business of the canal. I might suggest many other considerations in detail, but it seems unnecessary to do so. Enough has been said to more than justify the practical utility of the measure. I therefore commit it to the Congress in the confident expectation that it will receive approval, and that by appropriate legislation means may be provided for inaugurating the work without delay after the treaty shall have been ratified. In conclusion I urge the justice of recognizing the aid which has recently been rendered in this matter by some of our citizens. The efforts of certain gentlemen connected with the American company which received the concession from Nicaragua (now terminated and replaced by this international compact) accomplished much of the preliminary labors leading to the conclusion of the treaty. You may have occasion to examine the matter of their services, when such further information as you may desire will be furnished you. I may add that the canal can be constructed by the able Engineer Corps of our Army, under their thorough system, cheaper and better than any work of such magnitude can in any other way be built. CHESTER A. ARTHUR. EXECUTIVE MANSION, _Washington, December 10, 1884_. _To the Senate of the United States:_ I transmit herewith, for consideration by the Senate with a view to advising and consenting to its ratification, a convention for commercial reciprocity between the United States and Spain, providing for an intimate and favored exchange of products with the islands of Cuba and Puerto Rico, which convention was signed at Madrid on the 18th ultimo.