Excerpt from The Nicaragua Canal, and Other Essays on Political and Economic Topics

To lessen the cost of transportation would enhance values of California productions and give stimulant to the development of the State's resources. Our products are already of large variety and immense in quantity, and are destined to reach almost incom prehensible proportions. We now need all the markets we can get in the East, and in future the need will be greater but it will be impossible for us to command them in competi tion with foreign producers, if they have any substantial advantage in the cost of transportation. No part of the nation will be more benefited by the Nicaragua Canal than California. The canal will enhance the importance of San Francisco as a commercial cen ter; as a distributing point its terri tory has been invaded on the north and on the south by rail lines leading from the East to the principal cities of Washington and Oregon, and to Los Angeles. It will be the terminus of all steamship lines to this coast.

Their ships may call at ports south ward. But they will hardly extend their voyages northward, and their cargoes will largely be distributed from this city. SO also will exports concenter here. Carrying upon the sea is now most largely done bv regular steamship lines whose termini are the larger cities, from which merchan dise is distributed to points of con sumption. There has been a tendency to this for more than a third of a century, ever since iron ships have come into use, and it has been demonstrated that building those of large tonnage is economical and safer. Regularity in departure and arrival is a feature that has become regarded as essential to success. Concentration will be greater than it now is, for the great cities are better supplied with facilities for reaching trade districts than the smaller ones. In my hum ble judgment, the trade of San Fran cisco will be immeasurably increased by the construction of the canal and since trade causes active demand for money, it gives impetus to industrial development.

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