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 a bargain made in 1850 between commercial rivals to ensure equal treatment for their trade; that bargain was in force and bound both nations; it is, to say the least of it, extremely unlikely that Great Britain intended to make a present to her rival, not only of the right to control the Canal, but also of the right to discriminate against her trade. There would have been nothing to be gained on the British side by such a surrender of her rights under the existing Treaty, indeed, if the United States were to be entitled to the discrimination that is now claimed, there would have been but little use in having any Treaty at all.

But the intention of the parties can be placed beyond doubt. It can be shown by direct evidence that it was the purpose of those who actually took part in the negotiation of the new Treaty to preserve the condition of equal treatment. Senator Hay, from whom the Treaty takes its name, speaking on January 15, 1904, described the effect of it in these words:

'The Clayton-Bulwer Treaty was conceived to form an obstacle and the British Government therefore agreed to abrogate it, the United States only promising in return to protect the Canal and keep it open on equal terms to all nations in accordance with our traditional policy.'

Mr. Choate, the United States Ambassador in London at the time, was one of the signatories of the Memorandum addressed to the American people on March 15 of this year, in which the effect of both Treaties is stated in the following passage:

'The great design of both treaties, that of 1850 and that of 1901, was to promote the construction and maintenance of a ship-canal between the two oceans, for "the benefit of mankind, on equal terms to all", and to protect the neutralized canal effectively when built. In urging on the British Government the making of the Clayton-Bulwer Treaty, the American