New Britain herald., 1922-07-20
Wants Govt. to Develop Muscle Shoals for Benefit of Public at Large.

senate today by Chairman Norris O the senate agricultural committee Henry Fords offer for the purchase and lease Of the governments war initiated projects at Muscle Shoals Alabama. is condemned in unusual, strong language, while the Nebraska senator's bill proposing developmen of the properties under government owned and controlled corporation, il described as the most wonderful plan" that has ever been proposed ir the history of the country.
 On the question of the Ford bid the report says, Senators Page, Me. Nary, Keys, Gooding, Sorheck liar. reid and Mckinley, republicans. and kendrick, democrat, concur with the charmen With reference to the bow ernment ownership proposal, the re- bort gives the names of five senators Norris McNary Gooding Norheek and Mckinley, who favor its passage by the senate for the solution of the Muscle Shoals problem,
 Minority and Majority
 ! Because of this lineup of the com mitteemen, the report is characterized as a minority opinion insofar as 1t expresses approval of the government ownership bill but. Is presented as a majority opinion insofar as it deals with the rejection by the committee of all proposals for Muscle Shoals de- lvelopment
 The Ford offer Is dealt with in un- sporing terms. It's adoption. the re- port says, would put the government of the United States into business with q vengeance" adding that those who ask congress to accept the Ford offer ask us, in effect, to lease this property to this corporation without any real consideration. and then in addition thereto, guarantee to repair and keep and maintain it in good condition for period of one hundred years"
 Criticises Ford's Offer
 Tt is difficult to harmonize our idea of Mir. Fords fairness" the re- port continues. with his silence on this subject. when his name is so often used in exaggeration and mis- representation as to just what he does offer to do. The country has been given to understand that Mir Ford has guaranteed to reduce the cost of fertilizer by one-half. He has done nothing of the kind. He has made no guarantee of any kind in the way of the reduction of the cost of fertilizer. The country has been given to understand that he pays the government four per cent interest on its investment in the two dams. He does nothing of the kind He has not made any such offer and no such proposition is included in his bid Giving his corporation credit for every dollar that it pays, he will be paying to the taxpayers less than three per cent on the money which he uses out of the treasury of the United States, and when we consider that this loan runs for one hundred years. it re- cuires even the stretch of the im- agination to understand the enormous profit that this corporation secures in this one item alone.
 Asks High Return.
 Assuming that fair interest rate In the mmercial world is six per cent interest this would give his corporation during a hundred year period, a total gift of cold cash of $23e,25o,o 900 and if this money were compounded as MT. Ford asks the government to compound what he pays, the profit to the corporation at the end of the one hundred year pc rod would be s14,5o0, ooQ, 900. This Is more than half our total cost of the world war
 ''The country has been given to understand that the Ford offer pro- vides for the repayment to the gov ernment within the one hundred year period, the entire investment that the government has made. His offer does nothing of the kind. On the other hand, the total payments included in the offer of both interest and amortt- zation, amount to less than three per cent on the investment and he never pays one dollar of the principal The people of the country have been led to believe that the Ford offer means a reduced price for electricity to the consumer It means nothing of the kind. He has not agreed to furnish a single kilovatt to any home or to any
  own. The mighty power at Muscle Shoals will be devoted entirely and exclusively to the use of the great corporation which MT. Ford will or ganize.
 Calls offer Unreasonable. When we bring together the re- suits that must follow from these two divisions of the Ford offer. the mind Is dazed at the unreasona bleness of , the proposition, at the enornlity of the gift. With the expenditure of no money there is to be turned over to a corporation property of the value of more than s100.0o0.ooo and the right and privilege to extort unjust profits from the citizens of this country without limit.
 There is nothing in the history of the world with which this can be compared Civilization is without precedent. If the Ford offer is ao cepted then the fight for conservation , that has been waged by public-spirit- cd and patriotic men and women all over the country is not only lost and !, given away, but those who are unwil- | linely compelled to make the gift are to be taxed one hundred years to | make the gift more profitable. It is . the greatest gift ever bestowed upon . mortal man since salvation was made free to the human race.'
 Attacks Other Proposals.
 n+bnr foatr1ree of Ford