The citizens of the United States (said he) cherish sentiments the most friendly in favor of the liberty and happiness of their fellow-men on that (the European) side of the Atlantic.  In the wars of the European powers in matters relating to themselves we have never taken any part, nor does it comport with our policy so to do.  It is only when our rights are invaded or seriously menaced that we resent injuries or make preparation for our defense.  With the movements in this hemisphere we are of necessity more immediately connected, and by causes which must be obvious to all enlightened and impartial observers.  The political system of the allied powers is essentially different in this respect from that of America.  This difference proceeds from that which exists in their respective Governments.  And to the defense of our own, which has been achieved by the loss of so much blood and treasure, and matured by the wisdom of their most enlightened citizens, and under which we have enjoyed unexampled felicity, this whole nation is devoted.  We owe it, therefore, to candor and to the amicable relations subsisting between the United States and those powers to declare that we should consider any attempt on their part to extend their system to any portion of this hemisphere as dangerous to our peace and safety.  With the existing colonies or dependencies of any European power we have not interfered and shall not interfere; but with the Governments who have declared their independence and maintained it, and whose independence we have on great consideration and on just principles acknowledged, we could not view any interposition for the purposes of oppressing them or controlling in any other manner their destiny by any European power in any other light than as the manifestation of an unfriendly disposition toward the United States.  In the war between those new Governments and Spain we declared our neutrality at the time of their recognition, and to this we have adhered and shall continue to adhere, provided no change shall occur which in the judgment of the competent authorities of this Government shall make a corresponding change on the part of the United States indispensable to their security.

To the question which may be asked, whether this meeting and the principles which may be adjusted and settled by it as rules of intercourse between the American nations may not give umbrage to the holy league of European powers or offense to Spain, it is deemed a sufficient answer that our attendance at Panama can give no just cause of umbrage or offense to either, and that the United States will stipulate nothing there which can give such cause.  Here the right of inquiry into our purposes and measures must stop.  The holy league of Europe itself was formed without inquiring of the United States whether it would or would not give umbrage to them.  The fear of giving umbrage to the holy league of Europe was urged as a motive for denying to the American