"The estimated cost of building the Nicaragua Canal is about $58,000,000 more than that of completing the Panama Canal, leaving out the cost of acquiring the latter property. This measures the difference in the magnitude of the obstacles to be overcome in the actual construction of the two canals, and covers all physical considerations such as the greater or less height of dams, the greater or less depth of cuts, the presence or absence of natural harbors, the presence or absence of a railroad, the exemption from or liability to disease, and the amount of work remaining to be done. The New Panama Canal Company has shown no disposition to sell its property to the United States. Should that company be able and willing to sell, there is reason to believe that the price would not be such as would make the total cost to the United States less than that of the Nicaragua Canal. … In view of all the facts, and particularly in view of all the difficulties of obtaining the necessary rights, privileges, and franchises on the Panama route, and assuming that Nicaragua and Costa Rica recognize the value of the canal to themselves and are prepared to grant concessions on terms which are reasonable and acceptable to the United States, the Commission is of the opinion that 'the most practicable and feasible route for' an isthmian canal to be 'under the control, management, and ownership of the United States' is that known as the Nicaragua route." _United States, 56th Congress, 2d Session, Senate Doc. Number 5._ {69} CANAL, Interoceanic, A. D. 1900 (December). The Hay-Pauncefote Treaty between the United States and Great Britain, to facilitate the construction of the Canal, as amended by the United States Senate.