From the Baltimore American.
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.4tlantic and Pacifc Caaal-The con- tract entered into by the Earrings, of London, with the Republic of New Grenada, for the construction of ship canal across the lsth- mus of Darien, provides for cedmg to the Company the line for the projected work, with eighty thousand acres of land on the two banks, and four hundred thousand acres in the interior These princely merchants do not appear in this transaction as the agents of the British Government officially; but they are British subjects, protected by the Government, and doubtless many important advantages will be secured to Great Britain. both political and commercial, by the com pletion of the vast work here projected.

 The time has been when the construction of this Atlantic and Pacific Canal-a work of worldwide concernment-Was in our own hands, if we had chosen to take up the mat ter Other nations, on the other side of the water, held back, as though it were expected that our Government would execute an en- terprise to which 1t seemed called by posi- ton as the foremost power on the American continent, and as power whose commercial spirit and energy would hardly brook the in- reference of European nation in work so peculiarly American The occasion, how ever, has been suffered to pass Through our tardy indifference, the work which we would not do, has fallen into hands that will do it-into hands that will hold 1t with a steady grasp when 1t is done. The key of the whole American continent is to be in the keeping of England-there being, as 1t would seem, no proper guardian of 1t on this side of the Atlantic-at least none with spirit enough to step forth and claim the function.

 The completion of ship canal between the two oceans, as projected, will mark an era in the worlds age. The event will stand forth to give distinctive character to the cen tury. It is to be five years work-to en- dure for ever. The whole aspect of com merce will be changed by it. It will acce- lerate the revolution now going on in China, more rapidly and more thoroughly than all the force of British armament-and not there only will 1t work changes, but in all Polyne- sia and Australasia, and the Western coasts of South America, which are now reached by doubling Cape Horn.

 We observe that writer in the Alexandria Gazette Is of opinion that better route for a canal between the two oceans, is by the way of the river St. Juan and Lake Nicaragua much better than across the Istifnus of Da- rien. This latter route is through noun tanous region for some forty or fifty miles, while by the other the distance required to be cut will not exceed fifteen or twenty miles; ana as rlyers empty IntO tne Iaeiiie at no great distance above lake Nicaragua, the inference is fair that no great difference of elevation exists between the lake and the ocean.

 It would be worth while unquestionably to send a special agent to Guatemala, on this business-to make inquiries and eXamina- tions at least. The last ambassador sent thi- ther from the United States, was not able to find any Government there; after much pain ful searching, he was obliged to give 1t up. We do not know that the Guatenaans have any Government yet-possibly they have. At all events an envoy might be sent, and for aught that any body knows, he might return with knowledge of the two important facts, that practicable canal route between the At- lantIc and Pacific, and live Government, both actually exist in Guatemala.