III. The Clayton-Bulwer treaty is not voidable, but is binding on the United States, and is part of "the supreme law of the land."- Hall's Int. Law, 281-283, 293, 300; Constitution, art. VI, sec. 2.

IV. Even if voidable, there are great obstacles and objections to the purchase and completion of the Panama canal on account of: (a) The expense; (b) the difficulties of construction; (c) the difficulties incident to its situation.- Nation, vol. 47, 487, Forum, vol. 4, 279, Forum, vol. 3, 412; Popular Science Monthly, vol. 32, 447.

V. Any interoceanic canal should be constructed, owned and managed by private individuals and not by the government.

VI. In such construction, the Nicaragua route possesses great advantages over the Panama route in; (a) ease and economy of construction; (b) natural approaches; (c) distance saved, etc.- North Am. Rev., vol. 132, 107; Ninteenth Century, vol. 23, 195.

VII. Governmental control would tend towards a policy of aggrandizement and extension of territory.- Nation, vol. 39, 538.