The morning journal-courier., 1908-03-09

bly lumber, jute. sugar and coffee. So far they have given us nothing ill re- turn for vast expenditures, excepting large and juicy lemon.
 China and Japan send us silks, rice. mating. etc, put thus lar the ships of the few lines that are plying between our Pacific ports and those Of Japan and China have been heavily subsidized. and altogether the pros pect of enormous shipments to us from China and Japan does not seem to be fattering, unless such shipments are made of raw material, like. coal, iron and lumber.
 "The center of population of the United States is already a long dis tance west of the Allegheny Mountains, and the cost of transportation from the interior to the Atlantic. and thence over the long route by way of Panama. will undoubtedly be more for most kinds of shipments, than the cost di- rectly over the route by way of our Pacific ports.
 And it must not be forgotten that land transportation in the United States has not come to a standstill: Our western railways are becoming more and more factor, and our Pa cific ports of greater importance year. | ly. Our business will demand, and political and other interests will give | way, so that the necessary funds can and will be secured to increase the | capacity of the present, and to add ned lines, so that as the productions of our factories, our fields, and our mines, increase. so will the means of trans portation multiply, and the cost de- crease, from the interior to the Pacific ocean.
 "A study of the globe will reveal that as comparing the northern with the southern hemisphere, the former contains within itself. by reason of its immensely larger land areas, by far the greater proportion of all that is of ma terial value in the world. The great majority of all that Is produced and of all that is consumed, is by people living north of the Tropic of Cancer Emigration and traffic, therefore moves largely on parallel lines of lati- tude, and not of longitude; and just SC long as the demand continues as l, is now, for faster and faster transpor- tation of every product, whether per ishable or not, whether food products or those of iron. of copper, of wood cotton, lumber, or any other, 1t is diff ficult to figure out any great tonnage the Panama canal will handle, in which the United States will be di. rectly interested.
 "The case of Europe Is different, ant the canal will undoubtedly be of large benefit to her-much more than it wil be to the United States. Europe fa, its tenacles fastened upon the trade of western South and Central Ameri
 ca-what there is of it.'
 Rest assured, our expenditures fol
 a proper naval program will not b,
 lessened, but will rather be largely in
 creased by the Panama canal, and tn
 necessity for fully protecting 1t in tim
 of war, by naval, as we'll as by lant
 defences.
 Granting the total cost of the cana
 will be, exclusive of the interest charg
 during construction, as it is nov
 claimed. GG,000,000: The yearly in
 terest on this amount at per cent
 will be s6,000,0O0. to which must b added the cost of maintenance and op
 eration, say, $2,400,000, also a sinkin
 fund of $10,000,000. to provide at tn end of thirty years an amount suffi , cient to retire the bonds. Thus W , will have yearly charge of $1S,400, 900, to be met by gross earnings which must come from tolls on pass ing traffic. The Suez canal was thirty , six years in attaining a yearly traffi
 of 11.160000 net tons. This amour , of traffic applied to the Panama cana , with a rate of toll of $1.50 per ton , the highest rate yet suggested--woul give a gross yearly revenue of $16. l4o, ,OOO-s1,666,O00 less than enougI
 to meet fixed and operating charges | f it's thirty-sixth year.
 "The Euez canal, opened in 1S7t
 showed net tonnage the first year 0 100000, which has gradually increase in thirtysix years to II. .160,0 900 net ton
 in 1906 (and by net tonnage is mean,
 the actual tonnage on which, under ou rules of measurement, tolls would b f collected), the average yearly net ton
 mage since being approximately b,29S zoo, which at $l.50 per ton would pro
 duce a gross revenue of s7,94s,O50, leav , ing yearly average deficit, if applie i. to the Panama canal of s10,451,9bO. c , in thlrty-six years, an accumulated de
 felt of s376,270,2 200. to which may | {, added, the interest charge-if the $500 100000 does not cover it--during tn
 period of construction. making gran total of s400,0JO000, which must be pro
 vided for from other sources than earn
 ings.
 Plainly, then, the Panama can; must handle a large tonnage each yea
 from the very opening than the Sue
 canal did after thirty-six years, as an
 rate of toll, calculated to make it sell sustaining would be simply prohib
 tory. Still, he Is a rash man, wh = recklessly assumes the role of tfl prophet as regards the extension, an ! the possibilities of commerce. We ha E better trust that the brightest dream will be realized, and let the comin ! generations do the worrying about tn financial future of the completed ca \ nal"