If the results of this temporary transit should realize the expectations it seems to warrant, there can be little doubt the completion of the canal will soon be commenced with ardor. Supposing the surveys should show a cost not exceeding the sum estimated in 1837 by Lieutenant Baily, the prospect of the returns would, there is reason to believe, be much larger than the public have at any time been accustomed to suppose. There is also the fact that the increase of these returns can know no limit so long as the commerce of the world shall increase; and indeed, already the idea of the gains to accrue appears to have struck some minds with such force as to lead them to question if the privileges which have been granted are not of a kind so extraordinarily favorable that they will sooner or later be repudiated by the State of Nicaragua. No such danger however exists; as the company are guaranteed in the safe possession of all their rights by the treaty of protection which has been ratified between Great Britain and the United States. One most important sign in favor of the quick completion of the ship-canal is now furnished in the circumstance that there are no rival routes. At Panama, a cheap wooden railway is to be constructed, which will prove serviceable for much of the passenger-traffic to Peru and Chili; but the project for a canal at that point has been entirely given up. The same is the case at Tehuantepec, where the difficulties are far greater than at Panama. It is true, the question naturally arises, whether if an exploration were made of other parts of Central America or New Grenada, some route might not be discovered which might admit of the construction of a canal even at a less cost than will be necessary at Nicaragua. But in a matter which concerns the commerce of the whole world for ages, there are other points to be considered besides mere cheapness; and those who have studied the advantages of Nicaragua maintain that enough is known of the whole country both north and south of that State, to establish the fact that she possesses intrinsic capabilities essential to the perfectness of the entire work, which are not to be found in any other quarter, and for the absence of which no saving of any immediate sum would compensate. In the first place, it is nearer to California by several hundred miles than any other route that could be pointed out except Tehuantepec, while at the same time it is so central as duly to combine the interests both of the northern and southern countries of the Pacific; in the next place, it contains two magnificent natural docks, where all the vessels in the world might refresh and refit; thirdly, it abounds in natural products of all kinds, and is besides comparatively well-peopled; fourthly, it possesses a temperature which is relatively mild, while it is also in most parts undoubtedly healthy; and finally, it has a harbor on the Pacific, which, to use the words of Dunlop in his