The Birmingham age-herald., 1914-05-06

| study to the proposition. He had what proved to be accurate estimates made of
 the passenger traffic which would be of
 fered within few years to the, subway,
 and he had further estimates prepared 1 which tended to show how large would be the growth of the upper part of New York and how greatly the real property would appreciate by reason of this growth. He was also convinced that unless there were some immediate outlet the lower mart of
 the city would speedily find itself in a half -congested situation by reason of the
 inability of the surface and elevated rail- | road lines to provide adequate transporta- tion-
 It was only few years after there had come perfect demonstration of the sound- ness of Mir. Belmont's judgment from the economic point of view respecting sub way construction that he found himself
 interested in proposition involving the excavation of deep waterway across the shoulder, so to speak of the Cape Cod peninsula. The proposition attracted him. He learned that 1t was no new thing to propose the building of a canal across cape Cod As long ago as the time when the energetic business man of Massachu- setts canalized the Merrfmac river so that transportation could be furnished around the falls and rapids to the lumber regions Of New Hampshire there had been earnest advocacy of the construction of a canal across Cape Cod. That proposition came to nothing, but it was renewed several | times and abandoned for two reasons :: First, because the capital could not be found which was necessary for the build- ing of the canal and second, because there was no good demonstration that sufficient commerce could be taken through the n do o t.t the investment
 In John c. Calhoun's Day
 John .. Calhoun, when Secretary of War in the administration of President James Monroe, earnestly advocated as a
 governmental work the building of A
 canal across Cape Cod and then by the use
 of the inshore waters and by the construc- tion of canals across New Jersey, the Del l aware peninsula and from Norfolk to the sounds of North Carolina whereby a perfectly protected inland waterway prac-
 tically the whole, length of the Atlantic coast could be provided.
 That however, would have been a rov- ernmental work, but it would have been in sympathy with the undertaking by which the great national highway was constructed from the seacoast to the Ohio valley.
 All of the propositions were supported by competent engineering authorities. There was doubt that science could easily compass the construction of a deep waterway across the shoulder of Cape Cod But as business proposition there was lack of good demonstration that com merce in sufficient amounts could be per- suaded to utilize the canal so that it would be found practical commercially. But MT. Belmont reasons that the sub stitution of steamers for sailing vessels. h fnl h Ix<,x. .xk- t1-s.- American commercial life in the past 25 years, would make it reasonably certain that sufficient commerce would be navi- gated through this canal to make possi- ble reasonable returns upon the invest
 ment. He stated at the Boston luncheon. as reported, that as recently as 20 years ago a canal across Cape Cod would not
 have been good commercial proposition because even at that time much the l greater part of the tonnage to and from Boston was carried by sailing vessels How rapid has been the change is illus- l trated by MT. Bemont's statement that 1 at this time the tonnage carried by sailing
 vessels is a little over il per cent of the whole. Much the greater part of the ton
 mage which is navigated around Cape Cod at this time Is carried by steamers. For this reason 1t is reasonable to expect that l tonnage which now is offered to the canal will be sufficient, even at first, to pay the interest upon the cost of the invest ment
 The latter part of this year this Cape Cod canal, unless there be unforeseen obstacles. will be open to navigation, and 1 It Is regarded as most interesting incl
 dent. full of significance, that at about the same time the Panama canal will be open to navigation and within a few
 months probably the improved Erie canal.
 The construction of deep water canals
 must lead to very important commercial
 changes. These will affect industry and
 business all over the United States, either directly or indirectly.
 l MT. Belmont. for instance. told the l members of the Boston Chamber of Com