1913.] OF THE UNITED STATES. 241 



our demand with that principle in view, which has never been 

 changed. 



She was wilHng to join with us in building the canal, or she was 

 willing that we should build it alone. And when after a good many , 

 years of delay we announced to her that we were in a position to 

 undertake the work, and we made suggestions to her looking to that 

 result, she agreed to make a new treaty with us, to supersede the old 

 one, in order that the intended benefits might be secured and the 

 work should progress. 



The new treaty was signed in November, 1901, by Mr. John Hay, 

 Secretary of State, and Lord Pauncefote, the British Ambassador, 

 whence it has since become widely known as the " Hay-Pauncefote 

 Treaty." 



By this contract the two powers 



" Being desirous to facilitate the construction of a ship-canal to connect 

 the Atlantic and Pacific Oceans, by whatever route may be considered ex- 

 pedient, and to that end to remove any objection which may arise out of the 

 Convention of the nineteenth April, 1850, commonly called the Clayton- 

 Bulwer Treaty, to the construction of such canal under the auspices of the 

 Government of the United States, without impairing the 'general principle' 

 of neutralization established in Article VIII. of that Convention, agreed that: 

 The present Treaty shall supersede that of April 19, 1850. That the canal 

 may be constructed under the auspices of the Government of the United 

 States, — and that, subject to the provisions of the present Treaty, the United 

 States shall enjoy all the rights incident to its construction, as well as the 

 exclusive right of providing for the regulation and management of the canal. 

 And, in order to make plain the understanding between ourselves and the 

 British Government with whom we were dealing, we made this specific stip- 

 ulation : (Article III.). 



" The United States adopts, as the basis of the neutralization of such 

 ship-canal, the Rules, substantially as embodied in the Convention of Con- 

 stantinople (28 October, 1888), for the free navigation of the Suez Canal, 

 that is to say : 



" I. The Canal shall be free and open to the vessels of commerce and of 

 war of all nations observing these Rules, on terms of entire equality, so that 

 there shall be no discrimination against any such nation, or its citizens or 

 subjects, in respect of the conditions or charges of traffic, or otherwise." 



This is not an obscure subject. It is a treaty into which the 

 United States entered openly and freely with Great Britain, — a treaty 

 based upon all that had gone before, both in our correspondence and 



