This being an amendment to an amendment, no further modification or change could be made to the bill until it was disposed of. Mr. Stewart made some remarks, and in conclusion said:

"I do not intend further to comment, at this time, on the amendment to the bill which I have offered. If it shall be adopted, then there are other portions of the bill which can be stricken out. The amendment I have offered presents the question naked and simple. Will you remonetize silver and place it back where it was before it was excluded from the mints of the United States and Europe?"

I was taken by surprise at the sudden presentation of this question, but promptly took the floor and said:

"The sudden and unexpected change of the scene, the introduction of an entirely new topic into our debate, must not pass by without the serious and sober attention of every Senator on this floor to the revolutionary measure now proposed. I do not wish to, nor will I, nor can I, regard this as a political question, because we know that the local interests of a certain portion of our number-and I do not object to Senators representing the interest of their constituents-lead them to opinions different from the opinions of Senators from the larger states containing the great mass of the population of this country, not only in the north, but in the south; and therefore, while the Republican party may be weakened by the unexpected defection of a certain portion of our number who agree with us in political opinions generally, yet that will not relieve the minority in this body, our Democratic associates, from the sober responsibility which they will assume by aiding in the adoption of this measure. At the very outset of this discussion I appeal to the sober judgment of Senators to consider the responsibility which they take in adopting what I regard as a revolution more full of injury, more dangerous in its character, and more destructive in its results, than any measure which has been proposed for years.

"Now, what is this question? The Senator from Nevada [Mr. Stewart], representing a state whose chief production is silver, offers an amendment to change entirely the standard of valuation of all the property of the United States. At present all contracts are founded upon what is called the gold standard. Every particle of property we enjoy, every obligation of contract, whether by the national government or by each individual citizen, is now based in actual fact upon the gold standard of 25.8 grains. That is the standard of all the commercial nations of the world. It is the standard of France, which, like ourselves, has used silver to a large extent. It is the standard of value of France and every country of Europe."

I then, at considerable length, stated the objections to the free coinage of silver and the revolution it would create in the

financial condition of the country. This led to a long debate, participated in by many Senators. On the 13th of January I made a long and carefully considered speech, extending through fourteen pages of the "Record," in which I entered into detail in reply to the speeches that had been made, and stated the objections to the free coinage of silver. It is too long to insert even an abstract of it here. I have carefully read this speech and refer to it as the first of three speeches, the second being delivered on the 30th of June, 1892, and the third on August 30, 1893, as the best presentation I have ever made of the question involved, and as containing all the material facts bearing upon the question of free coinage and the folly of its adoption.

It was manifest that the combination that had been made intended to force the adoption of the amendment. The vote on it was taken on the 14th of January and the result was yeas 42 and nays 30. Nearly all the Senators from the western group of states, though Republicans, voted for the amendment in favor of free coinage. Only four voted against it. So the amendment of Mr. Stewart was agreed to. The bill was further discussed and changed to conform to the amendment and finally passed the Senate by the vote of yeas 39, nays 27, but failed to pass the House.

Thus the debate and the adoption by the Senate of free coinage defeated all financial legislation during that session.

S.-75

CHAPTER LVIII.

EFFORTS TO CONSTRUCT THE NICARAGUAN CANAL.

Early Recognition of the Needs of a Canal Across the Isthmus Connecting North and South America - M. de Lesseps Attempts to Build a Water Way at PanamaFeasibility of a Route by Lake Nicaragua - First Attempts in 1825 to Secure Aid from Congress - The Clayton-Bulwer Convention of 1850 - Hindrance to the Work Caused by This Treaty Report of the Committee on Foreign Relations in 1891-Failure to Secure a Treaty Between the United States and Nicaragua in 1884-Cleveland's Reasons for Withdrawing This Treaty — Incorporation of the Maritime Canal Company of Nicaragua-Inevitable Failure of Their Attempts Unless Aided by the Government Why We Should Purchase Outright the Concessions of the Maritime Company - Brief Description of the Proposed Canal-My Last Letter from General Sherman His Death from Pneumonia After a Few Days' Illness - Messages of President Harrison-Resolutions-My Commemorative Address Delivered Before the Loyal Legion.

O

NE of the most important subjects considered by the Senate within the last ten years, to which I have given special attention, is the construction of a ship canal across Central America. The American continents, stretching from the polar regions of the north to the Straits of Magellan, south of the 50th parallel of south latitude, present a barrier to navigation from the east to the west, to overcome which has been the anxious desire of mankind ever since the discovery of America by Columbus. It was the object of his memorable voyage to find a water way from Spain to China and India. While his discovery was an event of the greatest importance, yet it was a disappointment to him, and in all his subsequent voyages he sought to find a way through the newly-found land to the Indian Ocean. The spirit of enterprise that was aroused by his reports led many adventurers to explore the new world, and before many years the peculiar formation of the long strip of land connecting North

and South America was clearly defined. The Spaniards conquered Mexico and Peru, and at this early period conceived the idea of a canal across the isthmus, but the obstruction could not be overcome by the engineering of that day. The region of Central America was soon occupied by Spain, and was divided into many colonies, which, in process of time, became independent of Spain, and of each other.

During the four centuries that have elapsed since the discovery, the construction of a canal across the isthmus has been kept in view, and by common consent the routes at Panama and through Lake Nicaragua have been regarded as the best. That at Panama is the shortest, but is impracticable, as was shown by the abortive attempt of M. de Lesseps. The route by Lake Nicaragua was early regarded by the American people as the only adequate, efficient and practicable passage. Though burdened with the delays of lockage, it is more practical, less costly and more useful than the one at Panama would have been, and will accomplish the same object. When, in 1825, the independence of the republic of Nicaragua was secured, that government appealed to the United States for assistance in executing the work of a canal by that route. Mr. Clay, then Secretary of State, took an active interest in the subject, and said, in a letter to the commissioners of the United States to the congress of Panama :

“A canal for navigation between the Atlantic and Pacific Oceans should form a proper subject of consideration at the congress. The vast object, if it should ever be accomplished, will be interesting in a greater or less degree to all parts of the world; but especially to this continent will accrue its greatest benefits; and to Colombia, Mexico, Central America, Peru, and the United States, more than any other of the American nations."

No action was taken, as the discordant interests of the several Central American states prevented. When California was acquired as the result of the Mexican War, and gold was discovered in its soil, the necessity for some means of speedy transit from the Atlantic to the Pacific coast became imperative. The route by Panama, being the shortest line across the isthmus, was naturally taken by the eager gold seekers and a railroad was soon after constructed over this route. The movement of

travel and transportation across the isthmus tempted M. de Lesseps and his associates to undertake the task of constructing a canal, with the result already stated.

Prior to 1850 the movements of the British government to seize the country at the mouth of the San Juan River in Nicaragua, with the evident view of controlling the construction of a canal by way of Lake Nicaragua, excited in this country the deepest interest and apprehension. This led to the Clayton-Bulwer convention of 1850, by which the United States and Great Britain stipulated that neither of the governments "will ever obtain for itself any exclusive control over the canal or colonize or assume or exercise any domain over Nicaragua, Costa Rica, the Mosquito Coast, or any part of Central America."

It provided for the exertion of the influence of the two governments in facilitating the construction of the work by every means in their power, and that after completion they would defend its neutrality, with the privilege of withdrawing such guaranty on notice. It also provided for inviting other governments to come into the same arrangement, and that each party should enter into treaty stipulations with such of the Central American states as might be deemed advisable for carrying out the great design of the convention. It declared that no time should be unnecessarily lost in commencing and constructing the canal, and, therefore, that the two governments would give their support and encouragement to such persons as might first offer to commence the same with the necessary capital, and that, if any persons then already had obtained the right to build it from the Central American government and should fail, each of the two governments should be free to afford its protection to any other company that should be prepared to proceed with work.

This treaty has given rise to much discussion, and has ever since been a hindrance to the great work it proposed to advance. The British government has repeatedly violated the treaty by extending its possessions and strengthening its influence in that part of the world. The report made by me, as chairman of the committee on foreign relations, on the 10th of January,