This history begins when Pizarro and Almagro, Valdivia and Benalcazar, led their desperadoes across the Isthmus to the conquest, massacre, and enslavement of the prosperous and civilised millions who inhabited the Pacific coast of South America. It ends with the United States opening a way through that same Isthmus for the ships, the trade, the capital of all the world; with American engineers laying railroad iron on the imperial highway of the Incas; with British bondholders forgiving stricken Peru's national debt; with their debtor bravely facing the fact of bankruptcy, and turning over to them all its railways.