both lines. The time required for construction, probably nine or ten
years, would be a trifle the less at Nicaragua. Control works, to keep
always the proper depth of water in the canal, could be more easily
maintained at Panama.
Panama political and commercial complications were serious. The isthmus
was Colombia territory, and, since October, 1899, a civil war had been
raging in that republic. Its financial condition was desperate. Two
hundred million inconvertible paper pesos had depreciated to the value
of two cents each in gold, yet were legal tender for all obligations. In
such a country, especially as war was in progress, the only government