n of its lesser cost,
the Nicaragua route must be the interoceanic highway for the bulk of the
world's trade between the Atlantic and the Pacific.

So strong is this consideration that it offers an abundant guaranty for
the investment to be made, as well as for the speedy payment of the loan
of four millions which the treaty stipulates shall be made to Nicaragua
for the construction of internal improvements to serve as aids to the
business of the canal.

I might suggest many other considerations in detail, but it seems
unnecessary to do so. Enough has been said to more than justify the
practical utility of the measure. I therefore commit it to the Congress
in the confident expectation that it will receive approval, and that by
appropriate legislation means may be provided for inaugurating the work
without delay after the treaty shall have been ratified.

In conclusion I urge the justice of recognizing the aid which has
recently been rendered in this matter by some of our citizens. The
efforts of certain gentlemen connected with the American company which
received the concession from Nicaragua (now terminated and replaced by
this international compact) accomplished much of the preliminary labors
leading to the conclusion of the treaty.

You may have occasion to examine the matter of their services, when such
further information as you may desire will be furnished you.

I may add that the canal can be constructed by the able Engineer Corps
of our Army, under their thorough system, cheaper and better than any
work of such magnitude can in any other way be built.

CHESTER A. ARTHUR.

EXECUTIVE MANSION, _Washington, December 10, 1884_.

_To the Senate of the United States:_

I transmit herewith, for consideration by the Senate with a view to
advising and consenting to its ratification, a convention for commercial
reciprocity between the United States and Spain, providing for an
intimate and favored exchange of products with the islands of Cuba and
Puerto Rico, which convention was signed at Madrid on the 18th ultimo.

The negotiations for this convention have been in progress since April
last, in pursuance of the understanding reached by the two Governments
on the 2d of January, 1884, for the improvement of commercial relations
between the United States and the Spanish Antilles, by the eighth
article of which both Governments engaged "to begin at once negotiations
for a complete treaty of commerce and navigati