The Philippine Problem 1898 1913

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Almost all of this great showing of railroad expansion — for it is great under the circum- stances — may be ascribed to the fact that OTHER IMPROVEMENTS 145 the Philippine Government guarantees an in- come of not exceeding four per cent on the cash capital actually invested in the construction and equipment of all railroads whose financing and other important particulars meet its ap- proval.
The coast line of the Philippines is greater than that of the United States, excluding Alaska. More than
... one hundred streams of navigable size for light-draft craft run into the ocean from the large islands. More than nine tenths of the people of these lands live on the coast line or within sight of it, if their homes be elevated above the intervening trees. All the large towns are by the sea. As water- borne transportation is easily the cheapest in the world, it will be employed by the great bulk of Filipino commerce. ' Until we took hold, all this water-borne trans- portation was conducted upon the policy of monopoly or privilege.

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