The watchman and southron. [volume] (Sumter, S.C.) 1881-1930, 1922-02-04
appurtcnanccs, all for the price Of

3pputlcllG HEcS. hit lti t''' ~ ~ "
1900, ,0D4.
"Al my suggestion, Mr. Ford
placed in ono instrument his OF
fer as modified. which was signed
BY him on Janu:ar:: %. 1922. ami
delivered 10 me on January -. and
which haze the honor to trans
nit herewith for such action as
congress may deem appropriate.
IN brief Mr.. Ford offers tc un-
dertake the completion Of Dam
No. . and the construction of Dam
No. >. according 10 tn" govern
mcnt's plan, for which we shall
be reimbursed The actual cost. and
TO lcaS,. the dams and power
plants at ;;n annual rental c4ui-
valcnt 10 / per cent of the cost TO
the government Of completing Dam
No. and constructing Dam No.
8 (exclusivc of tho cost Of ncquir-
ing lands and tlowagc rights nee
essary for Dam No. 81. The rcn-
tails of 4 per cent arc TO commence,
respectively, in six years after Dam
No. has been completed to the
point where equipment Tor 100000
horsepower is installed and ready
| for service. and three years after
the equipment to develop 10000
| horsepower is installed and ready
for service at Dam No. 8. In the
meantime. during the SiX-ycar and
| thrcc-ycar periods. respectively, he
offers to pay. upon Dam No. . an
annual rental Of 100000 and on
Dam No. 5. 100000. His offer
places upon tho United States the
responsibility for repair and main
tcnancc of the two dams other
than the power houses. which pow
erhouscs and electrical equipment
he agrees to maintain at his own
expense in efficient operating con-
dition. AS compensation TO the
United States for the repair and
upkeep of Dam No. > and locks.
he offers to pay the sum OF $50. 600
annually. and Of Dam No. anG
lock the sum Of $4,000 annually.
| He also agrees TO furnish electric
| ity for operating tho locks at each
of these dams without charge to
| tho government and in addition
| he agrees to pay tho sum Of $23,-
375 scmi-annualiy for the purpose
! of building up a sinking fund TO
return to the United States at the
end Of the lease period, :: sum Of
| money which he estimates if in
vested at 4 per cent Will be APP
proximatcly $40 100000 AS Il con-
dition of this offer he asks that the
United States sell to him Nitrate
Plants Nos. l and ,. the Waco
quarry. and the GorgasWarrior
steam plant, with all appurtcnances
for the sum Of $5.o00,000, payable
$1,000.000 down and the balance
in annual installments Of $1,000
900 each with five per cent interest
on deferred payments. AS q furth-
er consideration to the government
he agrees to operate Nitrate Plant
No. at the approximate present
annual capacity Of its machinery
and equipment in the production
Of nitrogen and other fcrtilizc,
compounds throughout the lcaS,
period, and to maintain it in Its
present state Of readiness. or its
equivalent. for immediate opera
ton in the manufacture OF mater
ialS necessary in time of war ful
the production OF explosives. Hs
further agrees that the fertilizer
produced ut Nitrate Plant No !.
cess of per cent Of the actual an
nual cost Of production thereof and
TO turn over to the United States
Nitrate Plant No. > whcncvc, il
shall be required for the nationa
defense He likewise asks for 3
preference in opportunity to- pur-
chase or lease the property at the
end Of the lease period and for tho
right for a period not stated. 20 b,
supplied with electric power al
reasonable rates in an amount
equal to his average consumption
during the previous ten years. il
case the plant is operated and his
company does not purchase or lease
it. Tic also states that his pro
poSal must he accepted Us :, whole
and not in part.
There are Il number Of advan-
taSes to the government in tho
present proposal that were not ap-
parent in the first offer. Mr.. Ford:
original proposal Of July s. 1872
contained two paragraphs dealins
with the matter Of amortization Ot
The cost Of construction Of the
two dams. IN tho present proposal
the subject of amortization is coy
cred in one paragraph. No. 10
which reads as follows:
For the purpose OF enabling th'
government to create and provide
:. sinking fund TO retire he cost at
Dam No. 3 at the end Of ono
hundred G00) years. tho company
Hill. ut the beginning Of the fourth
+! (4thD year of the lease period. ard
ecmi-annually thereafter for tic
remaining term of thc lease. paI
to the United States government
the sum Of three thousand five
hundred and five dollars $500
and for the purpose Of enabling th"
government to create and provide a
sinking fund TO retire the cost OF
Dam No. at the end Of one hum
drcd (10O Years. tho company will