DOCUMENTARY HISTORY OF THE FLORIDA CANAL 113

 5. It will serve as an important element in the national defense for the
quicker and safer transport of munitions and supplies, as well as the passage
of fighting craft.
 6. A large part of the canal's cost will be expended in the industrial centers
of the United States for materials and equipment of construction and will
thereby stimulate the heavy and specialized industries, in addition to furnish-
ing large employment on the Job.
 7. The new business opportunities created by the construction of this canal
will encourage the investment of private capital in large amounts over a long
period of years and thereby aid in the general recovery program.
 8. Its benefits to the Nation and its commerce will be perpetual
 For these reasons, we feel that the financing of this project by the Federal
Government at this time is particularly appropriate, and that such financing
may properly include the crediting to the project of an amount equal to that
which the Government will have to expend to construct the intracoastal canal
link across Florida; an interest rate as low as the actual cost of the money
to the Government, and the usual grant which the Public Works Administra-
tion is authorized by law to 'make for such projects. We, therefore, earnestly
urge that you authorize the prompt initiation of the work.
 Respectfully,
 DUNOAN U. FLtTCHER.
 PARK TRAAM LL.
 H. D. STEPHEN.
 JOHN H. OVERTON
 MoRBIS SHEPPARD.
 HUEr P. LONG.
 J. H. BANKHEAD.

 DOCUMENT NO. 53 (FILES OF BOARD OF REVIEW), SEPTEMBER 15,
 1934

 SUPPLEMENTARY REPORT OF BOARD OF REVIEW ON THE CANAL AS A
 SELF-LIQU~ATING PROJECT

 The President's board of review after reviewing the reports of the
 Public Works Administration and the special board of survey of
 the Army engineers recommended to the President under date of
 June 28, 1394 (Doc. 49), a sea-level canal which the board of review
 estimated would cost $142,700,000, and which it found economically
 justified as a river and harbor project. The President then issued
 supplementary instructions to the board of review to examine the
 project further with a view to determining whether, regardless of
 its justification as a river and harbor project by the usual criterion
 of the ratio of benefits to cost, the shipping which would use the
 canal would pay as cash tolls a sufficient proportion of their savings
 to liquidate the project if built with the proceeds of a loan based
 upon a bond issue. It should be borne in mind that the board had
 already determined that the canal was economically justifiable as a
 river and harbor project and had recommended it to the President.
 The only question which they were required.to answer in this sup-
 plementary examination was the question as to what proportion of
 the savings which the board had already determined would accrue
 to shipping would be yielded by shipping as a cash toll for the use
 of the canal in order that the remaining savings might accrue to it.
 The findings of the several examining agencies as to savings
 caused by the canal per ton of cargo were as follows:
 Public Works Administration----------_--- cents per ton of cargo_ 21.0
 Department of Commerce----------- ---- --.-----.---. do.... 15. 5
 Board of review-.---..------..-... -----_ ----.--- do .. 17.7