A recent unofficial British estimate of the British policy at the Isthmus, as summarized in the Clayton-Bulwer Treaty, may here have interest: "In the United States was recognized a coming formidable rival to British trade. In the face of the estimated disadvantage to European trade in general, and that of Great Britain in particular, to be looked for from a Central American canal, British statesmen, finding their last attempt to control the most feasible route (by Nicaragua) abortive, accomplished the next best object in the interest of British trade. They cast the onus of building the canal on the people who would reap the greatest advantage from it, and who were bound to keep every one else out, but were at the same time very unlikely to undertake such a gigantic enterprise outside their own undeveloped territories for many a long year; while at the same time they skilfully handicapped that country in favor of British sea power by entering into a joint guarantee to respect its neutrality when built. This secured postponement of construction indefinitely, and yet forfeited no substantial advantage necessary to establish effective naval control in the interests of British carrying trade." Whether this passage truly represents the deliberate purpose of successive British governments may be doubtful, but it is an accurate enough estimate of the substantial result, as long as our policy continues to be to talk loud and to do nothing,--to keep others out, while refusing ourselves to go in. We neutralize effectually enough, doubtless; for we neutralize ourselves while leaving other powers to act efficiently whenever it becomes worth while.