expense it would cost in Europe.

At various periods foreign individuals have obtained grants to carry the
project into execution, but time proved that they were mere speculators,
unprovided with capital, and unfortunately death prevented Bolivar from
realizing his favourite scheme. For the same object, attempts have also
been made to form companies; but, owing to the hitherto unsettled state of
the government in whose territory the isthmus is situated, the
unpopularity of South American enterprizes, and the fact that no grant
made to private individuals could afford sufficient security for the
outlay of capital, these schemes fell to the ground. The non-performance
of the promises made by the grantees, at length induced the Congress of
New Granada to annul all privileges conferred on individuals for the
purpose of opening a canal, or constructing a railroad across the isthmus,
and notifying that the project should be left open for general competition.
This determination, and the ulterior views of the French in that quarter,
have again brought the subject under discussion; and it is thought that a
fresh attempt will, erelong, be made to organize a company. It must,
however, be evident to every reflecting mind, that although the scheme has
a claim on the best energies of our countrymen, and is entitled to the
efficient patronage of government, yet, even if the funds were for this
purpose raised through private agency, the works never could be carried
into execution in a manner consistent with the magnitude of the object in
view, or the concern administered on a plan calculated to produce the
results anticipated. No body of individuals ought, indeed, to receive and
hold such a grant as would secure to them the tenure of the lands required
for the undertaking. If such a privilege could be rendered valid, it would
place in their hands a monopoly liable to abuses.

The best expedient would be for the several maritime and commercial
nations interested in the success of the enterprize, to unite and enter
into combinations, so as to secure for themselves a safe and permanent
transit for the benefit of all; and then let the work be undertaken with
no selfish or ambitious views, but in a spirit of mutual fellowship; and,
when completed, let this be a highway for each party contributing to the
expense, enjoyed and protected by all. At first sight this idea may appear
romantic--the combinations required may be thought difficult; but