Crittenden record-press. [volume] (Marion, Ky.) 1909-191?, 1915-02-18

gested business condition. Is this not
a pitsble, and viewed solely from a
practical standpoint, a futile effort?
Any emergency which may now exist
will have passed long before this bill
could possibly become effective, and
the vessels provided either by pur.
chase or construction.
Economically unsound.
As business proposition this meas.
ure can not be defended. It must be
conceded-in fact. il is conceded-thst
as such II is failure, and would be
doomed to bankruptcy but for the
backing OF the Federal Treasury. So
apparent Is this that II Is freely ad.
mitted that private capital can not be
induced 10 take the ~ per cent of the
stock. or, in fact, any part, for which
il Is permitted " subscribe, and the
Government will be compelled to 60 II
alone, take all the stock, furnish all
The money.
II the Government corporation un-
dertakes 10 purchase the vessels re
quired BY II at this time, when, owing
&c the war, freight rates have sd.
ysnced so rapidly, the price paid must
be correspondingly higher. and doubt.
less from so TO 100 per cent In excess
OF what they could be purchased for
under normal conditions. unless II 10
proposed 10 tempt fate and throw dis
erection TO the winds and purchase In.
termed ships owned by the warning ma
tions. This Govern cor.
porstion would then begin business by
investing It's capital on a rising mar.
ket in vessels al enhanced prices and
be compelled TO sell on q declining
market Having purchased these yes.
selsl q sxhorbitant prices. when the
var 10 over and the law OF supply and
demand bring freight rates down TO
the ordinary level, then. n Il be con.
templated for this corporation 10 re.
tire from business and turn its vessels
over 10 private concerns. as the spoa.
sors Of this bill aver is the sIpects.
ton. are We not sure TO have a rope
tition In the disparity Of the purchase
price and selling price as was expert
enced with the vessels purchased by
the Government during the Spanish
War, with which we are all familiar
when many OF such vessels sold for
less than per een Of the purchase
price. and this dehcit which this Gov
ernment-owned corporation will sus
tain. and from which the shipper and
exporter alone will beneht, will have
to be supplied by the taxation OF the
whole people, This difference be
tween the pSchase and selling price
which the Government will supply. Ia
II anything more than a subsidy In dis
guise7
Am |, as a representative OF the PEG
pie Of Kentucky, authorized TO vote
TO tax my people to raise these mil
lions which will only benefit the Ell
porters' Nearly every bushel Of Erall
and pound OF cotton or farm produos
10 now out Of the hands OF the pro
Queer and In the hands OF the en-
porter. or will be shortly. The freight
Is paid by the purchaser on the otheI
side. not by the farmer,
Il Ia we'll known-and a practica
demonstration OF the fact is brought
to our notice every day-that Govern
ment management and operation |;
vastly more expensive than privat,
management No sensible person vii
for moment contend that a corpora
ton managed by Cabinet officers, will
no especial adaptation or technica
skill or knowledge in shipping, cal
conduct It's business in competition
with a company or corporation man
aged by men who have given life
time study TO It's mastery and ar,
familiar with every detail OF the bus
ness. Besides, Government OWNERSHIP
always will have more or less polite
and favoritism injected which Of itsel
will largely detract from. II not praC
tically destroy, its efficiency.
II, then. the expense OF conductin
| this Governmentowned corporation
exceeds the expense under privat
ownership. one Of two conditions mus
necessarily result; Either the treigh
rates must be higher than privat,
owned and managed vessels, thus d,
teating the object OF the bill or tn