Albuquerque morning journal. [volume] (Albuquerque, N.M.) 1903-1926, 1907-12-22
CRISIS CAUSED
BY RAILROAD
RATE BILL
FORAKER'S VIEWS ON
FINANCIAL SITUATION
Ohio Senator StartIeS Ship
Subsidy Convention With
Unique Theory to Account
For Late Money Famine.
m, MORNING journal Special Leased wire.J

nv Morning journal Special Leased Wire.l
Cleveland, Dec. 21.-United States
senator's, congressman, high govern
ment officials and representatives or
mann business interests gathered here
i'm the interest of a ship subsidy. The
attendance and enthusiasm shown by
the delegates from various parts of
the country indicated that the public
has taken a great interest in the SUBJ
iect of merchant marine and a sub
sidy of sea-going craft.
The convention was the beginning
of a campaign of education, but the
greatest efforts of the meeting will be
directed against congress this winter
in the interest of the United Stae~
mail subsidy for ocean steamers. This.
the supporters of the subsidy believe,
will result in a subsidy for generai
shipping interests and build up an
American feet of sailing vessels. 1t is
estimated hat the government will
have to appropriate about 500, 000,-
900 to place the merchant marine IN
q position to successfully compete
with the merchant marine of other
nations where subsidy exists.
The days session was concluded
with a banquet this afternoon which
was a general love feast over the suc-
cess of the league in It's work so far.
Inc Hldi dtll dtAiblS At bht bahHhti
were Senator Foraker. of Ohio, and
Senator Gallinger, of New Hampshire.
The whole meeting was not devoid OF
political phases and this was marked
by the interest hat clustered about
Senator Foraker, who was warmly
greeted by his political friends here.
The conference proper was closed
by the address of J. T. McCleary, as
sistant postmaster general, who spoke
L., g,x.nr 90 c~,,Jcf1f1aA n,afI 40 fNrfpn
steamers upon the high seas.
AT the banquet Senator FOraker's
address was a strong argument in ia
vOr of building up an American mer-
chant marine. As bearing upon his
subject he took occasion to discuss
the present financial situation, which,
he said, was inevitable because or
many influences, among which was
the passage of the rate bill, by the
last congress, making the revenues or
zoe, 900 miles of railway dependent
on a rate making commission of seven
men sitting in Washington. He con-
tinued:
ITO restore confidence and recover
the ground we have been losing, we
must understand and remedy the
cause of trouble. 1t is not due To
a scarcity of currency fer we have
more money and better money today
AllaA tNtA ptltAAa - - u ~ ~
speculation or inflated prices, for
there has not been any extravaganza
in either respect. it is not due to a
conspiracy of rich men to bankrupt
the masses and the whole country for
political pos Many things have
contributed. but it was inevitable that
sooner or later we should have some
such experience as we are now having
we provided by law that the
revenues of over 200. 900 miles of rail-
roads, representing more than four
teen billions of securities. should be
turned over to a rate making commits
sion of sever men sitting in Washing
ton"
Senator Foraker paid a strong COM
pliment to the late Senator Hanna.
and in closing, said:
Il continue to believe that the sur
and best way to restore u mer-
chant marine is by a return to dis
eliminating duties and | continue to
that we shall. have done this
flag soon will be flying over all the
oceans.
II. b. Goulder was elected president
Of the association.
Senator Gallinger, of New Hamp-
also spoke. He said in part:
I'VE must have more ships. These
will not only be profitable in a com
mercial sense. but will be messengers
If neace and amity. wherever they GO.
"As a nation we have Numbered in
our legislation regarding shipping
until now and We are the laughing
of the maritime countries of the
Nnrld