Panama Canal
The Panama canal is seen here telling Teddy, portrayed as a cat, that they will not allow their country to be cut in two, but Teddy, in cat form is saying "I beg to differ" which reflects his atitude in real life.
Cleveland's reaction to Hawaii's annexation
The black and white picture is of president Grover Cleveland, who is seen here stating a clear no to the rich business owners the fat cats, (who are represented by a fat cat) who are trying to annex (eat) Hawaii (shown by the mouse).
Teddy and Imperialism
On the left is teddy wielding his all mighty big stick and on the right wielding a substantially smaller stick is a child. This was how things were, Teddy/America basically had overwhelming power and other countries had no choice but to do as he wished.