shed by this constant
drain. In the year 1892 only 12.3 per cent of our imports were brought
in American vessels. These great foreign steamships maintained by our
traffic are many of them under contracts with their respective
Governments by which in time of war they will become a part of their
armed naval establishments. Profiting by our commerce in peace, they
will become the most formidable destroyers of our commerce in time of
war. I have felt, and have before expressed the feeling, that this
condition of things was both intolerable and disgraceful. A wholesome
change of policy, and one having in it much promise, as it seems to me,
was begun by the law of March 3, 1891. Under this law contracts have
been made by the Postmaster-General for eleven mail routes. The
expenditure involved by these contracts for the next fiscal year
approximates $954,123.33 As one of the results already reached sixteen
American steamships, of an aggregate tonnage of 57,400 tons, costing
$7,400,000, have been built or contracted to be built in American
shipyards.

The estimated tonnage of all steamships required under existing
contracts is 165,802, and when the full service required by these
contracts is established there will be forty-one mail steamers under
the American flag, with the probability of further necessary additions
in the Brazilian and Argentine service. The contracts recently let for
transatlantic service will result in the construction of five ships of
10,000 tons each, costing $9,000,000 to $10,000,000, and will add, with
the _City of New York_ and _City of Paris_, to which the Treasury
Department was authorized by legislation at the last session to give
American registry, seven of the swiftest vessels upon the sea to our
naval reserve. The contracts made with the lines sailing to Central and
South American ports have increased the frequency and shortened the time
of the trips, added new ports of call, and sustained some lines that
otherwise would almost certainly have been withdrawn. The service to
Buenos Ayres is the first to the Argentine Republic under the American
flag. The service to Southampton, Boulogne, and Antwerp is also new,
and is to be begun with the steamships _City of New York_ and _City
of Paris_ in February next.

I earnestly urge the continuance of the policy inaugurated by
this legislation, and that the appropriations required to meet the
obligations of the Government under the contracts may be made pro