Alpena weekly argus. [volume] (Alpena, Mich.) 1871-1893, 1891-04-29
A Business View of Subsidies.

We are very glad to find that in
regard to steamship subsidies we are
in accord with Mr.. Matthew Marshall
who writes on financial and CONNER.
cial subjects for the New York Sun.
Leaving out of view entirely the Con
stitutional questions involved, and the
propriety of taking money from the
people and paying it over to men who
are carrying on the shipping business
for their individual profit, the practi-
cal business facts involved in this
matter are these:
The United States possesses vast
continental area, and it has been for
the political interests Of the country,
and for the profit of its citizens TO
develop railroads instead of shipping.
The fact that countries with very
little territory, and, as in the case Of
England, with possessions reached
only by water, exceed us in shipping,
whether as the result of private enter
prise or public support suggests no
reason why we should follow their
example. Why should we envy
Great Britain her mercantile fleet
any more than England enyies us our
unparalleled railroad mileage?
And in the next place the shipping
business, largely as the result of Gov
ernmental aid, has been so enormous
ly overdone that for years past the
profits have been little or nothing,
and the value of the vessels haye
been greatly depressed
If we have all the shipping facilities
we need, and if American citizens
have put their capital into other in
vestments because they are profitable,
and not into ships which are unproft-
able, why should the people hire men
to carry on the shipping business
And finally, if our policy is to re-
strict foreign commerce by a high
tariff, why in the world should we
stimulate it by subsidies Our ex-
periments in that direction have in
creased our imports much more than
our exports and the main purpose of
our tariff is to reduce imports. We
are like man whose house is on fire,
and who tries to extinguish the flames
by pouring on alcohol.
Of the general policy of subsidies
Mr.. Marshall says APPLY:
Every man that would be taken
from the workshop or the farm where
he is now busy and set to building
and navigating ships and steamers
would be taken from a profitable en-
ployment and put to one less profit
able. 1t might fatter the national
pride, but it would hurt the national
pocket.
He mentions the fact that the Cum
ard Company, the oldest and most
celebrated of the companies operating
steamships between New York and
Liverpool lately declared dividend
of A per cent, while the State Line
has lost money till it has got tired,
and is now winding up its affairs.
"When the Cunard Company" he
says, declared dividend year or
two years ago it was spoken of as
being the first one that had been
made on the company's stock for a
long time, and the record showed
that the stock was selling at only
about 80 cents OH the dollar. find
that it has now risen to about 80,
which for an investment which pays
only A per cent. at most, and some
years nothing, is pretty high. The
shares Of the National Steamship
Company are quoted at about %,
those of the New Zealand at so, those
of the Royal Mail at SO, and those of
the African and of the General Steam