2.  The guaranty does not extend to the territories of New Granada generally, but is confined to the single Province of the Isthmus of Panama, where we shall acquire by the treaty a common and coextensive right of passage with herself.

3.  It will constitute no alliance for any political object, but for a purely commercial purpose, in which all the navigating nations of the world have a common interest.

4.  In entering into the mutual guaranties proposed by the thirty-fifth article of the treaty neither the Government of New Granada nor that of the United States has any narrow or exclusive views.  The ultimate object, as presented by the Senate of the United States in their resolution to which I have already referred, is to secure to all nations the free and equal right of passage over the Isthmus.  If the United States, as the chief of the American nations, should first become a party to this guaranty, it can not be doubted—­indeed, it is confidently expected by the Government of New Granada—­that similar guaranties will be given to that Republic by Great Britain and France.  Should the proposition thus tendered be rejected we may deprive the United States of the just influence which its acceptance might secure to them and confer the glory and benefits of being the first among the nations in concluding such an arrangement upon the Government either of Great Britain or France.  That either of these Governments would embrace the offer can not be doubted, because there does not appear to be any other effectual means of securing to all nations the advantages of this important passage but the guaranty of great commercial powers that the Isthmus shall be neutral territory.  The interests of the world at stake are so important that the security of this passage between the two oceans can not be suffered to depend upon the wars and revolutions which may arise among different nations.

Besides, such a guaranty is almost indispensable to the construction of a railroad or canal across the territory.  Neither sovereign states nor individuals would expend their capital in the construction of these expensive works without some such security for their investments.

The guaranty of the sovereignty of New Granada over the Isthmus is a natural consequence of the guaranty of its neutrality, and there does not seem to be any other practicable mode of securing the neutrality of this territory.  New Granada would not consent to yield up this Province in order that it might become a neutral state, and if she should it is not sufficiently populous or wealthy to establish and maintain an independent sovereignty.  But a civil government must exist there in order to protect the works which shall be constructed.  New Granada is a power which will not excite the jealousy of any nation.  If Great Britain, France, or the United States held the sovereignty over the Isthmus, other nations might apprehend that in case of war the Government would close up the passage against the enemy, but no such fears can ever be entertained in regard to New Granada.