III of the Clayton-Bulwer Treaty, p. 23--The
motive for, and the condition of, the substitution of the Hay-Pauncefote
Treaty for the Clayton-Bulwer Treaty, p. 24--The rules of the Suez
Canal Treaty which serve as the basis of the neutralisation of the
Panama Canal, p. 25--Literal meaning of the words "all nations," p.
26--Importance of Article IV of the Hay-Pauncefote Treaty, p. 26--The
various contingencies contemplated by Article II of the same treaty, p.
27.

V. The American contention that the exemption of American coasting
trade vessels from the payment of canal tolls does not discriminate
against foreign vessels, p. 29--Every vessel shall bear a proportionate
part of the cost of the Panama Canal, p. 30--Meaning of the term
"coasting trade" as upheld by the United States, pp. 30-33--Coasting
trade vessels of the United States can trade with Mexican and South
American ports, p. 33--Any special favour to a particular nation
involves discrimination against other nations, p. 34.

VI. Is the United States prevented from refunding to her vessels the
tolls levied upon them for use in the Panama Canal?, pp. 34-35--Difference
of such refunding from exempting the vessels concerned from the payment
of tolls, p. 35.

VII. Prominent members of the Senate and many American newspapers
condemn the special privileges granted to American vessels by the
Panama Canal Act, p. 36--The defeated Bard Amendment of 1900, p. 37.

VIII. Two schools of thought concerning the relations between
International and Municipal Law, p. 38--The maxim that International
Law overrules Municipal Law, p. 39--The doctrine that International and
Municipal Law are two essentially different bodies of law, p. 39--The
two maxims of the practice of the American Courts, pp. 40-42--President
Taft's message to Congress suggesting a resolution which would have
empowered the American Courts to decide the question as to whether
Section 5 of the Panama Canal Act violates Article III, No. 1, of the
Hay-Pauncefote Treaty, pp. 42-44.

IX. The Panama Canal conflict and the British-American Arbitration
Treaty, pp. 44-45--Does the term "interests" mean "advantages" or
"rights"?, p. 46--_Pacta tertiis nec nocent nec prosunt_, p. 47--The
exemption of the vessels of the Republic of Panama from payment of
tolls, pp. 48-50.

X. Why it must be expected that the Panama Canal conflict will be
settled by arbitration, pp. 51-52--Mr Thomas Willing Balch's letter
to th