lously careful to abstain from perpetrating any wrong upon any of these republics in this matter. We do not wish to interfere with their rights in the least; but, while carefully safeguarding them, to build the canal ourselves under provisions which will enable us, if necessary, to police and protect it and to guarantee its neutrality, we being the sole guarantor. Our intention was steadfast; we desired action taken so that the canal could always be used by us in time of peace and war alike, and in time of war could never be used to our detriment by any nation which was hostile to us. Such action, by the circumstances surrounding it, was necessarily for the benefit and not the detriment of the adjacent American republics.

After considerably more than half of a century these objects have been exactly fulfilled by the legislation and treaties of the last two years. Two years ago we were no further advanced toward the construction of the Isthmian canal on our terms than we had been during the preceding

eighty years. By the Hay-Pauncefote treaty, ratified in December, 1901, an old treaty with Great Britain, which has been held to stand in the way, was abrogated and it was agreed that the canal should be constructed under the auspices of the Government of the United States, and that this Government should have the exclusive right to regulate and manage it, becoming the sole guarantor of its neutrality.

It was expressly stipulated, furthermore, that this guaranty of neutrality should not prevent the United States from taking any measures which it found necessary in order to secure by its own forces the defense of the United States and the maintenance of public order. Immediately following this treaty Congress passed a law under which the President was authorized to endeavor to secure a treaty for acquiring the right to finish the construction of, and to operate, the Panama Canal, which had already been begun in the territory of Colombia by a French company. The rights of this company were accordingly obtained

and a treaty negotiated with the Republic of Colombia. This treaty has just been ratified by the Senate. It reserves all of Colombia's rights, while guaranteeing all of our own and those of neutral nations, and specifically permits us to take any and all measures for the defense of the canal, and for the preservation of our interests, whenever in our judgment an exigency may arise which calls for action on our part. In other words, these two treaties, and the legislation to carry them out, have resulted in our obtaining on exactly the terms we desired the rights and privileges which we had so long sought in vain. These treaties are among the most important that we have ever negotiated in their effects upon the future welfare of this country, and mark a memorable triumph of American diplomacy-one of those fortunate triumphs, moreover, which redounds to the benefit of the entire world.

About the same time trouble arose in connection with the Republic of Venezuela because of certain wrongs alleged to have been committed,

and debts overdue, by this Republic to citizens of foreign powers, notably England, Germany, and Italy. After failure to reach an agreement these powers began a blockade of the Venezuelan coast and a condition of quasi-war ensued. The concern of our Government was of course not to interfere needlessly in any quarrel so far as it did not touch our interests or our honor, and not to take the attitude of protecting from coercion any power unless we were willing to espouse the quarrel of that power, but to keep an attitude of watchful vigilance and see that there was no infringement of the Monroe Doctrine-no acquirement of territorial rights by a European power at the expense of a weak sister republicwhether this acquisition might take the shape of an outright and avowed seizure of territory or of the exercise of control which would in effect be equivalent to such seizure. This attitude was expressed in the two following published memoranda, the first being the letter addressed by the Secretary of State to the German Ambassador,

the second the conversation with the Secretary of State reported by the British Ambassador: "DEPARTMENT OF STATE,

"Washington, December 16, 1901.

"His Excellency

DR. VON HOLLENBEN, etc.:

"Dear Excellency: I inclose a memorandum by way of reply to that which you did me the honor to leave with me on Saturday, and am, as

ever,

"Faithfully yours,

"Memorandum:

"JOHN HAY.

"The President in his message of the 3d of December, 1901, used the following language:

""The Monroe Doctrine is a declaration that there must be no territorial aggrandizement by any non-American power at the expense of any American power on American soil. It is in no wise intended as hostile to any nation in the Old World.'

"The President further said: