DOCUMENTARY HISTORY OF THE FLORIDA CANAL 119

DOCUMENT NO 58 (FILES OF SHIP CANAL AUTHORITY OF THE STATE
 OF FLORIDA), NOVEMBER 12, 1934

 COMMUNICATION FROM SENATOR FLETCHER TO THE PRESIDENT

 Under date of November 12, 1934, Senator Fletcher, on behalf of
the Senators of all the Gulf States, addressed the following letter
to the President:
 NovEamB 12, 1984.
Hon. FBanKLnr D. RooSEVmLT,
 The President, The White House.
 MY DmRa ML PameIDziT: On September 12 the Senators from Texas, Louisi-
ana, Mississippi, Alabama, and Florida addressed to you a joint communica-
tion reviewing briefly the manifold benefits of the Gulf-Atlantic ship canal
across Florida and urging that you authorize its construction. Under date
of June 28 the special board of review appointed by you to study this project
made a report to you, and pursuant to further direction made a supplemental
report under date of September 15.
 The report of the board under date of June 28 embodies the following recom-
mendations and findings:
 1. A recommendation, for your consideration, of a 32-foot sea-level canal
at a cost of $14,700,000 exclusive of interest during construction, and further
recommends the deepening of this canal to 35 feet when traffic may justify it.
 2. A conclusion that the canal recommended for your consideration would
be economically justified on a 4 percent basis, even at a cost of between
$100,000,000 and $170,000,000.
 The supplemental report of the board under date of September 15 does not
 qualify or amend the above recommendations or finding and concludes that
 on a toll basis of 8 cents per net registered ton the traffic through the canal
 would pay the operating and maintenance expenses of the waterway and return
 its coat, without interest, n 80 years. This estimate of 80 years is reaehed by
 assuming that the net revenues (after operation and maintenance expenses are
 met) are held as cash in storage. If deposited each year in a sinking fund
 drawing 3% percent interest, the same revenues will pay the cost of the canal
 in 36% years.
 Copies of these reports are attached hereto.
 We respectfully submit, therefore, that the project stands as justified. It has
 now been under careful examination by the War Department, the Department
 of Commerce, the Administration of Public Works, and the special board of
 review, for a number of years, and the conclusions of the last-named body
 represent the most conservative findings of any of these agencies of the
 Government. In fact, they appear to be the ultimate minimum.
 A most substantial body of technical opinion, including experts of the Ad-
 ministration of Public Works, the Department of Commerce, many eminent
 engineers, traffic experts, and economists exists, to the effect that the special
 board of review, in arriving at its figures and conclusions, has employed mar-
 gins of safety greater than prudence requires, the result being that their fnd-
 ings of construction costs are higher than probable and their estimates of
 revenues are lower than probable to a degree which, while amply justifying
 the project on general economic grounds, has prevented the more logical
 conclusion that the project will be entirely self-liquidating on a reasonable basis
 of interest and amortization. In support hereof there is attached a mem-
 orandum which we earnestly commend to your attention.
 We have set forth in our letter of September 12 a resume of the outstanding
 reasons why this canal will be of equal if not greater national benefit than
 any other contemplated public work, and why its present construction is most
 appropriate. We request that you review that communication, a copy of which
 is attached hereto.
 We, take this opportunity, therefore, to again urge upon you the prompt
 construction of this project, which has been so amply justified, measured by
 every yardstick of experience and every rule of prudent valuation.
 Very truly and sincerely,
 DUNCAN U. FtwrCHEB.