=The Panama Canal.=--All present-day readers are familiar with the greatest of all ship canals, the Panama Canal, constructed by the Government at a cost of approximately $400,000,000, and open to the ships of the world. It will be remembered that a canal across the isthmus had been dreamed of practically ever since Balboa passed over and for the first time a white man saw the Pacific from the west coast of America. With the opening of the Oregon territory there was increased interest in such a canal. With the discovery of gold in California much traffic went by way of Panama being freighted across and transshipped on the other side. Soon a railroad was established for that purpose. Other crossings, too, were much in mind. In 1846 a treaty of amity and commerce was entered into with New Granada, afterwards the United States of Colombia, which gave the United States a right of way across the Isthmus by any available method. In return the United States agreed to guarantee the neutrality of the Isthmus. Great Britain had likewise long been interested in a canal scheme and courted Nicaragua. Also because of English settlements at Belize or British Honduras they claimed rights which had been confirmed by the treaty of Versailles in 1773. Another route, across the isthmus of Tehauntepec, had also assumed importance. In 1848 a company of American citizens was formed for and began at once to construct a railway across the isthmus of Panama. Another contracted with the Nicaraguan government for a canal there. A treaty was made with Nicaragua whereby a concession was granted the company for the waterway, the United States guaranteeing the neutrality of the way as had been done with New Grenada. But the British government claimed control of the eastern terminus, therefore a treaty had to be negotiated with her. As a result the Clayton-Bulwer Treaty was signed and ratified in 1850, whereby the United States and Great Britain agreed to join in promoting a canal by the Nicaraguan route promising that neither “would obtain or maintain for itself any exclusive control over the ship-canal,” nor, and here was the joker, “assume or exercise any dominion ... over any part of Central America.” Neither was to acquire nor have any rights the other did not have and they both guarantee the neutrality of the canal. This, apparently, was a violation of the Monroe Doctrine in so far as it did allow a European nation a foothold upon this continent, and it was contrary to the Washingtonian policy of avoiding “entangling alliances.” However, it was considered at the time to be a victory for American diplomacy. But Great Britain retained her hold on Belize and some islands along the coast, and finally it was made known that before the signing of the treaty Sir Henry Bulwer had left with Clayton a memorandum to the effect that British renunciation in Central America should not apply to “Belize” or any of its “dependencies.” Greytown, a British trading