As regards the Panama Canal, I really think that outside nations have a juster idea than our own people of the magnitude and success of the work. Six years ago last spring the American Government took possession of the Isthmus. The first two years were devoted to the sanitation of the Isthmus, to assembling the plant and working force, and providing quarters, food, and water supplies. In all these points the success was extraordinary. From one of the plague-spots of the globe, one of the most unhealthy regions in the entire world, the Isthmus has been turned into a singularly healthy place of abode. Active excavation on a large scale did not begin until January, 1907. Three years and a half have gone by since then, and three-fifths of the total excavation has already been accomplished. In 1908 and 1909 the monthly average of rock and earth removed was three million cubic yards, notwithstanding the fact that nine months of each year constituted a season of very heavy rainfall; but it is impossible to maintain such a ratio as the depth increases. Still, it is certain that such a rate can be maintained as will enable the workers to finish the excavation considerably in advance of the date fixed for opening the Canal—January 1, 1915. Indeed, I shall be surprised if the Canal cannot be opened six months or even a year in advance of the time set. The work has two great features: The Culebra Cut, which I have been considering, and the great dam at Gatun. The construction of the dam has advanced sufficiently to convince the engineers in charge of the work of its absolute stability and imperviousness. The engineer in charge has announced that all the concrete in all the locks will be in place two years hence. This is a stupendous record of achievement. As a people we are rather fond of criticising ourselves, and sometimes with very great justice; but even the most pessimistic critic should sometimes think of what is to our credit. Among our assets of the past ten years will be placed the extraordinary ability, integrity, and success with which we have handled all the problems inherited as the result of the Spanish War; the way we have handled ourselves in the Philippines, in Cuba, in Porto Rico, in San Domingo, and in Panama. The cruise of the battle fleet around the world was a striking proof that we had made good with the navy; and what we have done at Panama represents the accomplishment of one of the great feats of the ages. It is a feat which reflects the highest honor upon our country; and our gratitude is due to every man who has taken an honorable part in any capacity in bringing it about.