What makes the treaty specially binding is that the right
accorded under it to the United States to dig the Canal was given for valuable consideration. Britain gave up her rights of construction in the isthmus in consideration of the Americans promising absolute equality in the matter of rates for all vessels. We note with satisfaction the admirable tone of Senator Root's speech. He reminded the Senate that a demand that the Hague Tribunal should decide the matter in dispute—a demand which could not be refused by the United States—might end in an award declaring that the United States must remit all tolls on the Canal because they had remitted the tolls to American shipping. This would land America in an enormous outlay. That America may charge whatever rates she thinks necessary to recuperate herself, and that she may make arrangements for the proper protection of the Canal, no one denies ; but she must keep her faith and observe both the spirit and the letter of the Hay-Pauncefote Treaty. That when they understand it all honest men in the United States will agree to this proposition we have not the slightest doubt.
