If the expediency of extending the aid of Government to lines of
steamers which hitherto have not received it should be deemed worthy of
the consideration of Congress, political and commercial objects make it
advisable to bestow such aid on a line under our flag between Panama and
the western South American ports. By this means much trade now diverted
to other countries might be brought to us, to the mutual advantage of
this country and those lying in that quarter of the continent of
America.
The report of the Secretary of the Treasury will show an alarming
falling off in our carrying trade for the last ten or twelve years, and
even for the past year. I do not believe that public treasure can be
better expended in the interest of the whole people than in trying to
recover this trade. An expenditure of $5,000,000 per annum for the next
five years, if it would restore to us our proportion of the carrying
trade of the world, would be profitably expended.
The price of labor in Europe has so much enhanced within the last few
years that the cost of building and operating ocean steamers in the
United States is not so much greater than in Europe; and I believe the
time has arrived for Congress to take this subject into serious
consideration.
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