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PANAMA was a great, lovely city in 1670 when Henry Morgan determined on its destruction; a rich, strong city, and justly called the Cup of Gold. No place in all the raw New World could compare with it in beauty and in wealth.

Over a century before, Balboa had come to the shore of a new ocean. He dressed himself in scoured armor and waded into the Pacific until the gentle water washed his thighs. Then, in an oration, he firmly addressed the sea and claimed all lands it broke on for the crown of Spain. He demanded that the water be tractable and loyal, for it was to be the honored private lake of Castile and Aragon.

Behind Balboa, on the shore, huddled a small grass village of the Indians, and its name was Panama. In the native tongue this signified a place of good fishing. When the soldiers of Spain put torch to the litter of huts, and in its place built a new town, they kept the old name, Panama, which is a song. And soon the meaning justified itself, for out of this little town the nets of Spain were flung to the four directions.

Pedrarias carried the nets to the north and enmeshed the cities of the ancient Mayan race. He was enabled, of his fishing, to send strangely