Panama the Isthmus And the Canal

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European producers can reach the west coast of South America, and the oriental countries in general, more readily than can our manufacturers, but the opening of the Canal will entirely subvert the condition in the favor of the latter. Few of our industries are likely to receive such an expansive impulse from that event as those dependent upon iron and steel for their material and the section which will benefit most in that respect is the coal and ore region of the South.
One of the most certain
... consequences of the in- creased American trade that will follow the estab- lishment of a waterway between the Atlantic and Pacific Oceans will be the great extension of the mer- chant marine and the expansion of the shipbuilding industry of the country. The Canal will have the ef- fect of largely increasing the coasting trade of the United States and all the vessels engaged in it must be built in American yards* Aside from this the in- creased foreign trade under conditions that will make the shipping business once more profitable, must lead OPINION OF A SHIPBUILDER 261 to the construction of a large additional number of American vessels.

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