Panama City pilot., 1908-12-24
How shall Waterway Development
be Paid For?


ed upon, the question Immediately T.
arises, How shall it be paid for? On
this point new and to some minds
somewhat startling suggestion was
made at the Conference and indorsed
in many directions. President RoOse-
velt, in speaking of waterway i'm
provement, said: "Let us have it and
at once. If we can pay the cost from
current revenues, let us do so. IfnOt,
let us issue bonds. By either method
let US have the waterways, and that
quickly" The suggestion of bond
issue for such a purpose has prece-
dent in the method of paying for the
construction of the Panama Canal.
But aside from this case, so far as we
know, bonds have been issued by the
United States Government only for
the payment of expenses of war or
for eXigencies arising from financial
disturbances. The plan suggested by
the President received Endorsement
from Mr. Taft. In his speech he
said:
| agree with what the President has
said to you about the issuance of
Federal bonds for the funding of per-
manent National improvements.
| have no cOmpunctiOns on
the subject Of issuing bonds if the
debt to be contracted ought to be met
by bonds. ] think that men
sometimes Overdo tie business
of meeting what ought TO be
distributed expenses out Of current
income. think there is good reason
for is suing bonds for these improve
mentS that are to be permanent, and
not to spend current income for
them. Sometimes it takes as much
courage and involves as much real
public interest to issue bonds for a
purpose for which bonds ought to be
used as it does to pay as we 90. In
other words, it is a mere question of
economic policy, and the mere fear
of criticism becau:e an administration
has issued bonds should not prevent
us from doing Justice to ourselves and
pOsterity.
l. was also indorsed by Vice Presi-
dent Fairbanks in his opening speech
before the Rivers and Harbors Con-
gress, by Mr.. Andrew Carnegie, and
by other prominent speakers. The
only opposition to the suggestion
came from the Speaker of the House
of Representatives Speaker Cannon
wisely declared that we want to 90
slowly and to have the work done
sanely and safely. In this declaration
the real friends Of waterway develop
ment will heartily concur; and it is
just because they want the work done
safely and sanely that they ask for a
commission to prepare a cOmprehen
SiVe plan. In what a different sense
Speaker Cannon interprets the words
safe and sane is sh )wn by the
method which he advocated of deal
ing with river and harbor improve
ments. He stated in substance: All
legislation is matter of compromise.
For any measure that we wish to
pass we must get majority in Con-
gresS. We have in Illinois a project
for a fOurteen-foOt channel from
Lake Michigan to st. Louis. The
State has appropriated twenty million
dollars for this work. The work will
cost thirty-one million dollars in all.
Now, ! do not expect to get many
votes from the Pacific Coast or from
New England or from the South for
an appropriation to complete this
project. When | advocate this
project, there will be gentlemen
coming here like flaming brands"
to demand something for the Ohio .
River and for the Missouri River and !
for projects in the East and the West .
and the South. All legislation, as | {
have said, is a matter of compromise. +
| suppose we will have to throw into =.
the pot with our project something
from New England and from the
Pacific Coast and from other regions
in order to get anything out of it.
Mr. Cannon is opposed to bond issue,
to an executive commission, and to
the development of comprehensive
plan. He favors legislation on this
great subject by compromise-iust