The banishment, whether by direct decree or by not less certain indirect methods, of so large a number of men and women is not a local question.  A decree to leave one country is in the nature of things an order to enter another—­some other.  This consideration, as well as the suggestion of humanity, furnishes ample ground for the remonstrances which we have presented to Russia, while our historic friendship for that Government can not fail to give the assurance that our representations are those of a sincere wellwisher.

The annual report of the Maritime Canal Company of Nicaragua shows that much costly and necessary preparatory work has been done during the year in the construction of shops, railroad tracks, and harbor piers and breakwaters, and that the work of canal construction has made some progress.

I deem it to be a matter of the highest concern to the United States that this canal, connecting the waters of the Atlantic and Pacific oceans and giving to us a short water communication between our ports upon those two great seas, should be speedily constructed and at the smallest practicable limit of cost.  The gain in freights to the people and the direct saving to the Government of the United States in the use of its naval vessels would pay the entire cost of this work within a short series of years.  The report of the Secretary of the Navy shows the saving in our naval expenditures which would result.

The Senator from Alabama (Mr. Morgan) in his argument upon this subject before the Senate at the last session did not overestimate the importance of this work when he said that “the canal is the most important subject now connected with the commercial growth and progress of the United States.”

If this work is to be promoted by the usual financial methods and without the aid of this Government, the expenditures in its interest-bearing securities and stock will probably be twice the actual cost.  This will necessitate higher tolls and constitute a heavy and altogether needless burden upon our commerce and that of the world.  Every dollar of the bonds and stock of the company should represent a dollar expended in the legitimate and economical prosecution of the work.  This is only possible by giving to the bonds the guaranty of the United States Government.  Such a guaranty would secure the ready sale at par of a 3 per cent bond from time to time as the money was needed.  I do not doubt that built upon these business methods the canal would when fully inaugurated earn its fixed charges and operating expenses.  But if its bonds are to be marketed at heavy discounts and every bond sold is to be accompanied by a gift of stock, as has come to be expected by investors in such enterprises, the traffic will be seriously burdened to pay interest and dividends.  I am quite willing to recommend Government promotion in the prosecution of a work which, if no other means offered for securing its completion, is of such transcendent interest that the Government should, in my opinion, secure it by direct appropriations from its Treasury.