At various periods foreign individuals have obtained grants to carry the project into execution, but time proved that they were mere speculators, unprovided with capital, and unfortunately death prevented Bolivar from realizing his favourite scheme.  For the same object, attempts have also been made to form companies; but, owing to the hitherto unsettled state of the government in whose territory the isthmus is situated, the unpopularity of South American enterprizes, and the fact that no grant made to private individuals could afford sufficient security for the outlay of capital, these schemes fell to the ground.  The non-performance of the promises made by the grantees, at length induced the Congress of New Granada to annul all privileges conferred on individuals for the purpose of opening a canal, or constructing a railroad across the isthmus, and notifying that the project should be left open for general competition.  This determination, and the ulterior views of the French in that quarter, have again brought the subject under discussion; and it is thought that a fresh attempt will, erelong, be made to organize a company.  It must, however, be evident to every reflecting mind, that although the scheme has a claim on the best energies of our countrymen, and is entitled to the efficient patronage of government, yet, even if the funds were for this purpose raised through private agency, the works never could be carried into execution in a manner consistent with the magnitude of the object in view, or the concern administered on a plan calculated to produce the results anticipated.  No body of individuals ought, indeed, to receive and hold such a grant as would secure to them the tenure of the lands required for the undertaking.  If such a privilege could be rendered valid, it would place in their hands a monopoly liable to abuses.

The best expedient would be for the several maritime and commercial nations interested in the success of the enterprize, to unite and enter into combinations, so as to secure for themselves a safe and permanent transit for the benefit of all; and then let the work be undertaken with no selfish or ambitious views, but in a spirit of mutual fellowship; and, when completed, let this be a highway for each party contributing to the expense, enjoyed and protected by all.  At first sight this idea may appear romantic—­the combinations required may be thought difficult; but every where the extension of commerce is now the order of the day, and the good understanding which prevails among the parties who might be invited to concur in the work, warrants the belief that, at a moment so peculiarly auspicious, little diplomatic ingenuity would be required to procure their assent and co-operation.  By means of negotiations undertaken by Great Britain and conducted in a right spirit, trading nations would be induced to agree and contribute to the expenses of the enterprize in proportion to the advantages which they may hope to derive from its completion.  If, for example, the estimate of the cost amounted to half a million sterling, Great Britain, France, and the United States might contribute L.100,000 each, and the remainder be divided among the minor European states—­each having a common right to the property thereby created, and each a commissioner on the spot, to watch over their respective interests.