government; it was a mere business undertaking by a business firm.

The company did not build the canal; the work required too much money, and
the affair fell through.

At the present time it is the American Government that proposes to build
the canal, and if the Government is to put in the enormous sums of money
that will be needed, it is only right that the Government shall control
it. Nicaragua is not wealthy enough to build the canal herself, and if we
do not undertake it, some other country will, and it will certainly expect
the control of the canal in return for the money invested.

Senator Morgan asked the Senate to consider the matter of the
Clayton-Bulwer treaty, and decide whether or no we are still bound by it,
before the Arbitration Treaty be signed. He insists that if the Senate
decides that the Clayton-Bulwer treaty is still binding, England must
agree to release us from it before we can discuss another treaty, as it is
too absurd to suppose that we will put our money into the canal and have
no right to control it.

In the time that must be taken up in the consideration of this very
important point. Senator Morgan will have time to get his bill properly
considered, and with the new light that he has thrown on canal affairs
through the Clayton-Bulwer treaty, he is more likely to get his bill
passed.

* * * * *

There is news of a great victory for the Cubans, which is called one of
the most brilliant successes of the war.