Courier Democrat. (Langdon, N.D.) 1891-1920, 1904-03-31
SHIP SUBSIDY AGAIN.
Secretary shaw Rea.sures Bankers
who Hold Ship Trust Stock.

Secretary shaw Rea.s1res Bankers
who Hold Ship Truat stock.
Secretary Shaw never loses an OF
portunity to urge the ship subsidy
scheme. His latest pleading was be-
fore the bankers of Philadelphia ut
banquet given by them ut the Union
League club ut which guests We're
present from all the principal cities Of
the country. Philadelphia was Il very
appropriate place to receive this latest
word for subsidy. 1t was in that city
In 1898 that the late Senator Hanna
made the bargain With Mr.. Griscom,
who was up to few weeks ago presi-
dent of the ship trust. to pass the ship
subsidy. bill through congress in return
for a large donation, said to be $780,
600, to the Republican congressional
committee. Since the demise of Sena-
tor Hanna Secretary Shaw seems to
have taken up the burden of urging
that the promise should be redeemed.
In his speech Secretary Shaw said:
''Those who advocate subsidy are
accused of being in league with ship
ping trust. There is no shipping trust
except it be in the ownership of YES
sells built in foreign yards, of foreign
materials, with foreign labor and for
eign alien colors. These cannot partici-
pate in an American subsidy
Now, either Secretary Shaw does not
understand the ship subsidy scheme or
he was trying to deceive those astute
bankers and the people who might
read his speech by pretending that the
American line was not Il part of the
Morgan ship trust. Why, that line Of
steamers was owned by Griscom and
the Pennsylvania railroad people be-
fore it was combined with the trust.
The whole subsidy scheme was con-
cocted in their interest. The Hanna
Frye bill would have given the Ameri-
can line steamers the major portion Of
the enormous subsidy proposed to be
paid, and every ship they built would
have added to the amount to be paid.
The statement Of Secretary Shaw
that there is no shipping trust except
Of foreign vessels Is such a misstate-
ment of fact that those bankers must
have smiled ut his exaggeration, for
many Of them must have been fully
aware Of the inside history of the for
nation of the trust by ]. =. Morgan,
and some of them were doubtless
stockholders, to their great pecuniary
discontinue. On the same day that
Secretary Shaw addressed the bankers
| the shares of the International AIer-
camille marine, the ship trust, sold ut
5, the par value being 100. Is it any
wonder that Morgan, Griscom ct al.
should want subsidy?
| If the ships of the American line,
now combined with the trust. can draw
an immense subsidy from the govern
ment of the United States the trust
stock, instead of being at 5, would pos
sibly go to par and allow dividend to
be paid.
Probably Secretary Shaw understood
the connection of the bankers to the
ship trust and that many of them
might have made large loans, with
ship trust as collateral, on a basis
much beyond it's present price. What
rejoicing, therefore, would ensue from
Wall street, Philadelphia and wher
ever large loans are made on such Sc
curity as ship trust stock if Uncle Sam
could be induced to take up the burden
by substituting the trust!
Secretary Shaw being the financial
head of all the Roosevelt administra
ton would indicate that President
Roosevelt favors ship subsidy or his
secretary Of the treasury would not -bt
pleading for it iii and out of season
The present scheme is to pass the bill
now before congress which creates {
commission to inquire into the bes
plan to build up the American mercan
tile marine and report at the next SEES
sion that subsidy is the most avail
able plan. Such favorable repor
would give the president and the Re
publican majority in congress the ex
cuse they want to pass theanbsidy bill
at the next session.