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 The present Treaty shall be ratified by His Britannic Majesty, and by the President of the United States, by and with the advice and consent of the Senate thereof; and the ratifications shall be exchanged at Washington or at London at the earliest possible time within six months from the date hereof.

In faith whereof the respective Plenipotentiaries have signed this Treaty and thereunto affixed their seals.

Done in duplicate at Washington, the 18th day of November, in the year of our Lord one thousand nine hundred and one.

C

Constitutes the United States, in the words of Sir E. Grey, 'practical sovereign' over the Canal territory.

The Canal when constructed, and the entrances thereto shall be neutral in perpetuity, and shall be opened upon the terms provided for by section i of Article III of, and in conformity with all the stipulations of the Treaty entered into by the Governments of the United States and Great Britain on November 18th, 1901.

D

Section 5. That the President is hereby authorized to prescribe and from time to time change the tolls that shall be levied by the Government of the United States for the use of the Panama Canal. &hellip; No tolls shall be levied upon vessels engaged in the coastwise trade of the United States.