58 



Doc. No. 75. 



important item, and its corresponding returns, without including it in my 

 calculation . 



Supposing that all the nations of the European continent combined do 

 not receive directly more than twenty millions of dollars' worth of Asiatic 

 productions, this and the equivalent return in trade make up a sum of 

 forty miUions. 



The exportations from the Philippine and other islands of the Pacific 

 into Europe are computed at three millions of dollars, which, with an 

 equivalent return in trade, amounts to six millions. 



The importation of Asiatic goods into the United States has amounted 

 lately to ten millions of dollars; so that, with the corresponding return, 

 we have the gross sum of twenty millions. 



The exportations from England, from the continent of Europe, and the 

 United States, into Chili, Bolivia, Peru, Ecuador, the coasts on the Pa- 

 cific — such as New Grenada, Central America, Mexico — as far as the Rus- 

 sian possessions, are not under twelve millions of dollars, which, with 

 corresponding returns in trade, would amount to twenty-four millions. 



The whale and fur and skin fishery in the Pacific amounts to twelve 

 millions. 



These amounts, united, make up the sum of two hundred and forty 

 millions of dollars' worth of merchandise which must pass through the 

 canal. This estimate, so far from being an exaggeration of facts, is, 1 

 believe, considerably below the mark; and, when more reliable statistics 

 shall have been obtained, I have no doubt that a much larger balance will 

 be exhibited in our favor. The question now is, What rate of tollage 

 ought to be imposed upon this property for the privilege of transit through 

 the canal, so that trade may be substantially benefited, even after pay- 

 ment of the same? This problem can only be solved by referring to pre- 

 cedents. 



Among the various canals that are now in full operation in the United 

 States, the Erie canal affords the cheapest mode of transportation, in con- 

 sequence of the proportionably low rate of tollage; and by comparing the 

 amount collected with the net value of all the goods that have been trans- 

 ported, the former will be found to stand in relation to the latter at the 

 rate of 3^^^ per cent. Some articles pay higher duties than others: there- 

 fore, everything must be talcen in the average. As we are more generous 

 towards foreign nations, however, than the government of New York is 

 to its own citizens, we will fix the rate of tollage upon the Nicaragua 

 canal at 3J per cent, only, which will secure to us the handsome sum of 

 seven million two hundred thousand dollars upon the two hundred and 

 forty millions' worth of merchandise. 



Now, it is necessary to inquire whether foreign vessels, after paying 2^ 

 per cent, upon the value of goods, will be sufficiently compensated in the 

 end to render this route still preferable to that by way of Cape Horn and 

 Cape of Good Hope. 



^^The average length of voyages from the United States, round Cape 

 Horn," observes Mr. Radcliff, '^to the principal ports on the west side of 

 America, and the whaling districts of the Pacific, is above four months, 

 while by way of the canal it would not exceed one month — making a 

 difference of three months each way, and six months on a voyage out 

 and home — usually performed in about a year, except by whaling vessels. 

 Consequently, there would be a saving effected of insurance on vessels 



