The Pensacola journal., 1920-03-29
No. 5tCOntinued From
Page One

initiative and enterprise We have been
told. and the country has been told,
that if we reduce the price OF our
ships. shipping men will spring up
everywhere to buy them ana that
without further ado we will have ere
ated a permanent. privately owned
merchant marine.
No argument could be more erron-
eous. A moments thought VIII dem-
onstrate that it is put forward, IL not
with wholly selfish ends in view. at
least with no thought of the interests
of the government
We have in the United States at
present only a few successful shipping
companies If we yielded to their de-
sire and sold our ships at 40 per cent
less than the cost of construction, they
could absorb not more than 300 or our
best hand-picked ships Thus the SOW
ernment would be left with 1900 ships
of all sorts on its hands. which IL
would be compelled to operate in conf
netition with the better ships of pri-
vate owners. The 400 or 800 ships of
the private companies would not give
us merchant marine adequat to meet
the country's needs but no buyers
would remain for the others. Clearly
this is not the way to establish per-
manent merchant marine.
1t is essential that we learn to think
in terms of ships. Certainly we are not
doing that-today. Who loans money on
ships? Who buys ship mortgages?
How many of us are planning to send
our bows to sea? Yet these things we
must do before we get great mari
time nation prepared to buy over 1000
ships.
Some progress in the right direction
is being made. Even now we have 100
firms or companies operating shipping
board ships-operating them at as
much profit as unsettled conditions
permit, but nevertheless at a proflt.
These operators employ nearly 6oOoo
men. We are maintaining recruiting
service and schools to teach Officers,
engineers and seamen how TO do the
work. and fit them for the Ia. They
will be an important part of our foun-
dation for 4 permanent merchant ma
rine.
America. /. invo~'ors are being urged
to give m4Ee 4, s,.-ention to foreign Sc
curities, thus assisting in the indus
trial rehabilitation of Europe and IN
suring larger markets for American
goods. Their attention should be called
also to the necessity of investing freely
In ship securities and thus help with
the work of building up merchant
fleet to carry our goods. Congress
should pass ship mortgage bill to
guarantee such investors lien for the
purchase price of ships which will. in
financial circles. have as much value
as a railroad mortgage, and will insure
freer investment in these securities.
Congress can assist in another way
by the enactment of legislation for en-
couraging the establishment of new
American marine insurance companies.
American insurance is essential. The
future merchant marine should not be
dependent for ship insurance upon for
eign companies.
However, it should be understood
that the establishment Of a permanent
American merchant marine Is a task
that cannot be accomplished by any
one rany number of government
agencies working alone. 1t can be done
only If all Americans Of all classes pull
together. l repeat here what l have
said before: The tales Of the sea must
become the gossip OF the nursury and
the fireside When this comes to pass
Americans position as a great maritime
nation Will be secure.