"A careful examination has been made of all the rights, privileges, and franchises held and owned by corporations, associations, and individuals at the different canal routes. This necessarily included a study of the treaties relating to the establishment of an interoceanic communication made by the Republics, whose territory is to be occupied, and by the United States, with one another, and also with foreign governments. The treaties heretofore made exclude all idea of a relinquishment of sovereignty over any of the proposed routes. In most of them the right of transit and the innocent use of the communication, whether by railway or canal, is granted to the other contracting party, its citizens and subjects, to be enjoyed upon equal terms with other governments and people; and the leading commercial nations of the world have committed themselves to the policy of neutrality at the different routes, and some of them have obligated themselves to use their influence to induce other nations to agree to the same policy. No existing treaties between the United States and the Republics of Nicaragua and Costa Rica, or of Colombia, give our Government the right to excavate and operate a maritime canal through any of these countries. The concessions granted by the different Republics through whose territory the lines of the projected canals extend, in terms, exclude the right of the companies holding them to transfer them to any foreign government, and further treaty rights must be acquired to enable the United States to undertake the excavation of a navigable waterway between the two oceans in a governmental capacity. The only prior obligations to corporations, associations, or individuals in the way of a direct agreement between the United States and Nicaragua authorizing our Government to construct a canal across the territory of the latter, to be under its control, management, and ownership, have been eliminated by the forfeiture and termination of the contracts with the Maritime Canal Company of Nicaragua and the Interoceanic Canal Company. In view of this declaration the Commission has not made any effort to ascertain the cost at which the concessions of these companies can be purchased, for if these forfeitures are final the rights formerly granted to these companies are not in the way of diplomatic negotiations with the Government interested to acquire the consent and authority necessary for the construction of a canal by this route. The situation in Costa Rica is practically the same.