telegraph
line, if deemed advisable, as accessories to the canal, as both may be
necessary for the economical construction of the work and probably in
its operation when completed.

The terms of the treaty as to the protection of the canal, while
scrupulously confirming the sovereignty of Nicaragua, amply secure that
State and the work itself from possible contingencies of the future
which it may not be within the sole power of Nicaragua to meet.

From a purely commercial point of view the completion of such a waterway
opens a most favorable prospect for the future of our country. The
nations of the Pacific coast of South America will by its means be
brought into close connection with our Gulf States. The relation of
those American countries to the United States is that of a natural
market, from which the want of direct communication has hitherto
practically excluded us. By piercing the Isthmus the heretofore
insuperable obstacles of time and sea distance disappear, and our
vessels and productions will enter upon the world's competitive field
with a decided advantage, of which they will avail themselves.

When to this is joined the large coasting trade between the Atlantic
and Pacific States, which must necessarily spring up, it is evident that
this canal affords, even alone, an efficient means of restoring our flag
to its former place on the seas.

Such a domestic coasting trade would arise immediately, for even the
fishing vessels of both seaboards, which now lie idle in the winter
months, could then profitably carry goods between the Eastern and the
Western States.

The political effect of the canal will be to knit closer the States now
depending upon railway corporations for all commercial and personal
intercourse, and it will not only cheapen the cost of transportation,
but will free individuals from the possibility of unjust
discriminations.

It will bring the European grain markets of demand within easy distance
of our Pacific States, and will give to the manufacturers on the
Atlantic seaboard economical access to the cities of China, thus
breaking down the barrier which separates the principal manufacturing
centers of the United States from the markets of the vast population of
Asia, and placing the Eastern States of the Union for all purposes of
trade midway between Europe and Asia. In point of time the gain for
sailing vessels would be great, amounting from New York to San Francisco
to a saving of seve