The Cairo bulletin., 1907-12-22
CAUSE OF THE
MONEY FAMINE
WAS RATE MAKING COMMISSION
or SEVEN MEN SITTING IN
WASHINGTON.
SHIP SUBSIDY MEETING
In Cleveland Attended BY Persons In
tcrestcd From Far and Near
Senator Foraker Makes En-
thusiastic Speech.

y NiNftihHN, oHlo, bGp. g. OHllts
States senators, congressman higl
] government officials and representa-
j tives of many business interests me
/, here today in the interest of the shil
subsidy. Harvey d. Goulder press
dent of the Merchants Marine League
expressed the opinion that the meet
ling would not only have good results
but the attendance and enthusiasm
shown indicated that the genera
public was taking a greater interest in
the subject of the merchant marine
and subsidy for sea going craft. 1t Is
estimated that the government will
have to- donate about $700,00O00 to
place the merchant marine In posi-
tion successfully to compete with the
merchant marine of other nations,
where a subsidy exists.
1t was asserted by advocates of the
subsidy that the measure was not only
of interest to vessel owners, but Of
direct benefit to every citizen of the
United States, and that ships were en-
titled to this assistance as much as
rivers. harbors and railways.
The days conference was concluded
with banquet this evening which
was general love feast over the
success of the league in It's work SO
far. The star attraction at the ban
quet were Senators Foraker, Of Ohio,
end Gallinger, of New Hampshire.
The conference proper closed by
the address of J. T. McCleary, assist
ant postmaster general, who spoke in
favor of Subsidized mail carrying
steamers upon the high seas.
sAtrt the>-shapallet tnplEht EQrakEIs
made a strong argument In favor u
up the American Merchant
Marine AS bearing upon his subject
he took occasion to discuss present
financial conditions, which he declar-
ed We're inevitable because of many
among which was the pass
age of the rate bill by the last con-
gress In making revenues of 100000
miles of railroad dependent upon "a
commission of seven men
sitting in Washington.
I'VE are passing through strange
declared Foraker ''The
)lainest common sense propositions
With respect to the great business
are whistled down the
Wind If they do not happen to suit
he excited fancy of a lot of self-con.
tituted representatives of an alleged
moral regeneration of the business of
he world All this is unnatural, un.
and injurious. and we are
low paying the penalty. The most |
tupendous prosperity the world has |
ver witnessed has been checked and |
hilled.
1T will be months, probably longer,
efore we recover and we never will |
ecoyer unless we regain confidence
\ the integrity of each other, once /
lore regard success in business as
onorable and content ourselves with
ne, sane regulations that will punish
'rong doors without bringing whole
ale disaster to the innocent. To re.
tore confidence and recover the
round we have been losing, we must
nderstand and remedy the cause of
nr troubles. II is not due to the sca..
ty of currency, for we have more
oney and better money today than
yer before. II is not due to over spec.
Iation nor to inflated prices, for there
as not been anything unreasonably
in either respect II is
ot due to a conspiracy of the rich
zen to bankrupt themselves and the
hole country for political purposes
any things have contributed. but It
as Inevitable that sooner or later we
lould have some such experience as
Q are no whaving when we provided
: laws that revenues of over 200 900
lies of railroads. representing more
a1 fourteen billions of securities.
lould be turned over to a rate-mak.
3 commission of seven men sitting
Washington. The work assigned {
EN- was an impossibility OF such =
agnitude as to make the prospcsi- 5
IN an absurdity."