equally true, and should be kept in
mind, that the time given by the Board to the consideration of the
subject in all its practical bearings, including an examination of
actual conditions on the Isthmus, was limited to so short a period that
it would be contrary to all human experience that this report should
represent an infallible or final verdict for or against either of the
two propositions.

It is necessary to keep in mind certain facts which may be concisely
stated, and which I do not think have been previously brought to the
attention of Congress. While the Board had been appointed by the
President on June 24, 1905, the first business meeting did not take
place until September 1st, and the final meeting of the full Board
occurred on November 24th of the same year. This was the twenty-seventh
meeting during a period of eighty-five days, after which there were
three more meetings of the American members, the last having been held
on January 31, 1906. Thus the actual proceedings of the full Board were
condensed into twenty-seven meetings during less than three months, a
part of which time--or, to be specific, six days--was spent on the
Isthmus.

The minutes of the proceedings have been printed and form a part of the
final report made to the President under date of January 10, 1906. They
do not afford as complete an insight into the business transactions of
the Board as would be desirable, and the evidence is wanting that the
subject was as thoroughly discussed in all its details, with particular
reference to the two propositions of a sea-level or a lock canal, as
would seem necessary. Very important features necessary to the sea-level
plan were treated in the most superficial way, guessed at, or wholly
ignored. I do not hesitate to say that no banking house in the world
called upon to provide funds necessary for an enterprise of this
magnitude as a private undertaking would advance a single dollar upon a
project as it is here presented by the majority of the Board to the
American Congress as the final conclusion of engineers of the highest
standing. The Board, as I have said, divided upon the question, and by a
majority of eight pronounced in favor of a sea-level against a minority
of five in favor of a lock canal. Let us inquire how this conclusion, of
momentous importance to the nation, was arrived at and whether the
minutes of the Board furnish a conclusive answer.

As early as the sixth meeting, or on Septem