Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1921-08-29

from the manufacture and sale of fer
tilizer products to eight per cent.
Third. the offer as written suggests
producing, but contains no direct pro-
posal to produce, fertilizer for the
benefit of American farmers. That
could, of course. he corrected in the
| final contract, for I have no doubt that
Mr. Ford desires to make fertilizer at
total net profit of eight per cent
| Nitrate Plant Number . however, is
not adapted to making fertilizer, but
| only cyanimid. one of several mate
rails used for the production of fer
tiizer, and not one of the best at
| that
| The fact is that the Ford offer is
not mainly a fertilizer proposition. 1t
is seven parts water power to one part
fertilizer, even if the fertilizer part
should work out. For. If Nitrate
Plant Number were to be pcrma-
nently employed in the manufacture
of fertilizer it would consume but
100000 horsepower out of the $4,000
installation. This is the heart of the
whole matter
AS water power proposition. the
Ford offer is in every important point
directly contrary to the Roosevelt
water power policy. which after Is
years of struggle was finally enacted
into law last year
The Roosevelt policy provides that
all water power leases shall be lin
tied to SO years. The Ford offer asks
for 100 years with indefinite renewals.
The Roosevelt policy provides for
return of the Government works at
the end of so years. The Ford offer
provides for indefinite private pos
session of the Government works
The Roosevelt policy provides for
regulation of the price to the power
consumer. The Ford offer, so far as
the United States is concerned. pro-
vides no check on what the power
consumer must pay.
The Roosevelt policy provides that
public water power taken for profit
shall make 2 return to the public.
The Ford offer asks for many hundred
thousand horse power for nothing.
The amount of power Mr.. Ford
could develop. under his offer. is
greater by half than all that is now
being developed at Niagara Falls. IF
Mr.. Ford were to pay for it at the
rates charged by the Government to
other companies that build their own
works. as Mr.. Ford would not. it would
cost him about s15O,O0O a year.
Beyond question Nitrate Plant
Number 2 ought to be maintained in
condition for producing explosives in
case of war. Most certainly it ought
to be used for making fertilizer for
American farmers. The wisdom Of
developing the water power on the
Tennessee and its tributaries is be-
yond question. But all these things
can be done with fairness to the pub
lic
l do not believe that Mr.. Ford's Of
fer should be summarily rejected. I
do believe that it should be changed !:
First. to make it fit the Roosevelt
water power conservation policy, now
the law Of the land
Second, to make it pay for the prop
erty of the people something ap-
preaching what that property is really
worth, and
| Third. to make what it offers to the
farmers clear beyond doubt.
| It Is said that certain Wall street
magnates who hate Mr.. Ford are anx-
ious that his offer should be rejected.
What these men think about Mr.. Ford
and his offer is surely no reason for
giving him public property of enor-
nous value for a considerable wholly
inadequate and on terms utterly I'M
fair to the public.
! | should be glad to see Mr. Ford
make money. and plenty Of money out
Of taking over the property of the peo-
pie as he proposed to do. but not such
perpetual and gigantic profits as his
offer would assure. 1t is fair TO con-
slider the public also. and to remem-
Der that all the annual payments Mr..
Ford offers to make would amount to
only one-third of the yearly taxation
necessary to meet the interest charge
lat the Liberty Loan rate of ~ per
cent? on the Governments net invest
ment in the property he proposed TO
take over. and that he would get the
water power for nothing.
Sincerely yours
| CLIFFORD pINCIJoT