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Doc. No. 75. 



the most important communications. The numerous assemblage of foreign 

 vessels will enable us to acquire a practical knowledge of naval architect- 

 me, because the necessity of repairing the damages sustained by mer- 

 chantmen will have the eifect of leading us to exercise our own ingenuity 

 in small experimental undertakings at first, until, as it frequently happens 

 with beginners in any of the other arts, we shall conclude by building 

 entire vessels out of the materials which abound on our own soil. 



That branch of business which consists in supplying transient vessels 

 with fresh provisions, will constitute an important source of wealth. 

 Relying upon the certainty of finding abundant supplies at an intermediate 

 poiMt, navigators will not be under the necessity, as heretofore, of encum- 

 bering their vessels with provisions sufficient to last them during the whole 

 length of the voyage. This point is particularly entitled to notice. 



Being once in possession of facilities for frequent intercourse with 

 Europe, through the medium of the canal, we shall draw towards our own 

 shores a considerable portion of the European emigration which is at 

 present pouring into Canada, and peopling the western solitudes of the 

 United States. By this means our population will greatly increiase, and, 

 the indigenous race becoming mixed up with a civilized and industrious 

 people, the result will be a generation highly improved in appearance and 

 much better educated. 



All the improvements that have been made in steam navigation are also 

 to be viewed as so many preparatory steps taken by time and the genius 

 of enterprise, in order to bring the influence of steam to bear upon our own 

 country as soon as the canal project sliall have been carried into execution. 

 The introduction of steam vessels will facilitate our intercourse with the 

 whole American coast, the lake of Nicaragua becoming the central point of 

 attraction. All the nations situated on that oast, from Chili to the Russian 

 settlements, will naturally become dependent upon ourselves, without, 

 however, being exposed to the least curtailment of their national rights; 

 and, as the revenue of the canal would be increased in proportion to the 

 flourishing condition of their agriculture, their commerce, and their indus- 

 trial arts, we shall necessarily participate in their prosperity. 



By reducing what I have stated above into more concise propositions, it 

 will be seen — 



1st. That the Nicaragua canal is the most stupendous undertal^ing, in 

 a commercial point of view, that could possibly be devised. 



2d. That it is the most lucrative speculation that ever was contemplated: 

 because, if the costs of construction were even to amount to twenty mil- 

 lions of dollars, there is every reason to believe that the revenue derived 

 from it would greatly exceed the amount of interest due on the capital. 



3d. That the toll duties on the canal being levied upon foreign com- 

 merce, and the moneys thus collected exceeding the amount of interest 

 due on the capital invested in the work, it follows, that the debt incurred 

 in consequence of the loan would finally be liquidated at the expense of 

 foreign commerce, without the necessity of imposing any heavy taxes 

 upon the people. 



4th. That by cancelling the debt in the manner specified above, the 

 republic will, in a very fe\^ years, find itself in the legitimate possession 

 of a productive property which will add annually to the resources of her 

 public treasury; a consummation without precedent or parallel in the 

 world. 



