Lord Beaconsfield (then Mr. D'Israeli), while he was Prime Minister
of England, purchased in 1875 from the Khedive of Egypt
176,602 Suez Canal shares for the sum of 3,976,582 Pounds
on his own responsibility, and without consulting the Imperial Parliament.
When Parliament or Congress has to be consulted about everything,
great national opportunities to do some profitable business
must undoubtedly be sometimes lost. No such bold national investment
as that made by Lord Beaconsfield could have been undertaken
by any American president on his own responsibility. Mr. Cleveland,
when president of the United States, said that "the public affairs
of the United States are transacted in a glass house."

Washington, in his farewell address, advised his compatriots
that on account of the detached and distant situation of their country
they should, in extending their commercial relations with foreign nations,
have as little political connection with them as possible;
and he asked this pertinent and pregnant question, "Why, by interweaving
our destiny with that of any part of Europe, entangle our peace and prosperity
in the toils of European ambition, rivalship, interest, humor, or caprice?"
In 1823, twenty-seven years after Washington's celebrated address,
President Monroe in his annual message to Congress warned the European Powers
not to plant any new colonies on any portion of the American hemisphere,
as any attempt on their part to extend their system in that part of the world
would be considered as dangerous to the peace and safety of the United States.
This "Monroe Doctrine", as it has since been called, practically protects
every state and country on the American continent from attack or interference
by any foreign power, and it cannot be denied that it has been and is now
the chief factor in preserving the integrity of all the countries
on that continent. Thus the United States is assuming the role of guardian
over the other American nations. In the city of Washington