DOCUMENTARY HISTORY OF THE FLORIDA CANAL


 To insure the general use of the canal by shipping, the Board finds tolls must
be substantially lea than ship-operating costs-
 And so forth.
 Mr. BUoxKaN. May I interrupt you, Senator?
 Senator VANDENzxmG. Yes.
 Mr. BUCKMAN. You cannot be reading from the June 28 report?
 Senator VANDENBEG. No; you asked me to read from the Sep-
tember 15 report?
 Mr. BUCKMoA. That is the toll report
 Senator VANDrENBEG. Yes.
 Mr. BUCaKAN. Very good. I beg your pardon.
 Senator VANDENB G. And the letter goes on to discuss the fact
that the revenue accruing from a toll of 8 cents would not retire a
bond issue even at a 2-percent interest rate. In other words, it
would appear that this entire cost is on the basis of tolls, would it
not ?
 Mr. BUCKMAN. Not at all. I misunderstood your first question.
 That is a second report, of September 15, and has to do with its
aspect as a toll canal.
 The first report of June 15 has nothing to do with tolls, but is
examining it as a rivers and harbors project.
 Senator VANDENBEG. Now, you have seen the report of June 28?
 Mr. BUCKMAN. We have it there.
 Senator VANDENBEG. Yes.
 Mr. BUCKMAN. No; I gave it to you in this other package. It is
 in both of them.
 Senator VANDENBERO. Is there another one, did you say, of June 15?
 Mr. BUCKMAN. No; June 28 and September 15.
 Senator VANDENBERG. I am sorry.
 Senator FImCHEB. One is dated September 15.
 Mr. BUCKMAN. The June 28 report had to do with the project as a
 rivers and harbors project in general benefits.
 The September 15 was a supplementary report, which was respon-
 sive to a directive that it be examined with reference to its toll-yield-
 ing possibilities as a self-liquidating proposition.
 Senator VANDENN mG. Where is the report which contains these
 economic provisions to which you are referring?
 Mr. BUCKMAN. That is the report of June 28.
 Senator VANDENBERG. All I find in that is a reference to a provision
 that a report was made by the special board of Army engineers for a
 lock canal on page 3.
 Mr. BUCKMAN. On page 3?
 Senator VANDENBERO. It says, "If it be assumed that the economy
 study previously made is O. K."-
 Mr. BUCKMAN. Exactly. That is all it says.
 Senator VANDENBEOG. Where is the previous study? Have you
 that h
 Senator FLErrHE. That is the special board report.
 Mr. BUCKMAN. That is the special board of survey report by the
 Army engineers, which we were discussing some time ago.
 Senator VANDENBEBO. So all of this refers to economic justification
 and finally winds up in this pigeonhole down here that we have not
 been able to invade?
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