New-York tribune., 1922-03-01

"A very effective indirect MD sub
stltute FOR discriminating duty which
shall luurc 70 the benefit Of the Amer
lcan shipper. will be found IA the pro-
posed deductions on incomes amounting
TO per cent of the freight paid
on cargocs carried in American bot
toms The benefits can have no geo
graphical restrictions and it. offers is
advantages 10 American exporters as
well as those who engage in import
trade.
Our existing ships should be sold
nj prices prevailing IN the world mar
het. am not unmiudful Of the hesi-
fancy to sHcrlico the values to current
price leVols. We constructed ut the
| top cost of war when necessity I'M
pcllcCN when the building resources of
many iatlons were drawn upon to the
Rmit 20 meet great emergency. II
there had como no denrcssion a re
turn to approximate normal cost would
have been inevitable. But the grdat
SLUMP in shipping has sent tonnage
prices tc the other extreme, not for
America alone, but throughout the
world
Of VIC held our ships to await the
recovery we should only make more
dlfhcult or response TO reckoning op-
BARRIERS TO general cadiustmcnt is
the tendency to await more favorable
price condiuons In the widest view
the nntion viii Ultimately profit by
selling now. We may end our losses in
an enterprise for which we are not
equipped and which no other govern
mont has successfully undertaken. ana
the low prices at which we must soil
to-day viii make a lower actual in
yestmcnt with which we deal in pro
noting permanent service.
Wants Tonnage Sold
"lf I were not deeply concerned with
the upbuilding OF our merchant ma
rtne should nevertheless stronglp
urge Congress to facilitate the dis
posal of the vast tonnage acquired or
constructed in tho great war cmer-
gency Iho experiment We have raade
mas been yery costly Much has been
earned, 10 bo sure, but the outstqnd-
ing lesson Is that the government can
not protltably manage our merchant
shipping. Tie most fortunate chances
III tho personnel Of management would
stlll leave US struggling with policy
.undamcntally wrong and practically
impossible
Having failed at such enormous
cost bring YOU the proposal which
contcmplates the return 10 individual
initiative and private enterprise. aided
10 conservative success, wherein We
are safeeuardcd against the promotion
or private greed. and do not Discourage
the nope of profitable investment.
Which undcrlies al! successful en-
dcavor.
We have voiced our concern for
me good fortunes Of agriculture. and
1T is right that We should. We have
ione proclaimed cur interest i'm manu-
1actuTng, which is thoroughly sound.
and hclpod to make US what we are.
IN the evolution or railway trausporta-
uon We have revealed the vital rcls-
tionlshlp OF our rail transportation to
h".h agriculture and commerce. We
have been eNDendinG for many years
large sums for deepened channels and
better harhors and improved inland
waterways, and much Of il has found
abundant return in enlarged commerce.
But we have IGNORED our merchant ma
Flne. The World War revealed our
weakness, our unprcp' dncss for dc
ieNse III war' our unrea.N1css for self
reliance in peace.
III would seem as though transplring
events were combining to admonish rs
aot Ia tall NOW 10 rcassert ourselves.
In the romantic days Of wooden hulls
and Whitcned sails, and the sturdiest
mcn Of the sea, we outsailed the world
and carried our own cargocs -rcvcaled
our flag to the marts Of the world
Up to the World War wo were a
debtor nation. Our obligations we're
neld largely by the maritime powers.
Apart from the advantages i'm carving
our commerce, they sought our ship
mepts for the balances due to them.
There is different condition now.
Ihey are concerned with shipments 10
Us, but not so Interested in our shin
ments TO them. 1t is our high purpose
TO continue our exchanges, both buy
/ ing and selling, but we shall be surer
Of our selling, notably our foodstuTs,
II we maintain facilities for thcir
nsportaton.
Must Adjust Vision
"Contemporaneous with the awaken
ing We have the proposal to carry oui.
ocean going facilities to the great 'ln-
salted seas which shall place the
farms Of the upper Mississippi Valley
on market way to the marts of the
Old World. We should fail to adjust
I = alted in making for American emf
nencc on the ocean highways now
awaiting our return.
I'VE have recently joined the great
naval powers in program which not
only puts an end to costly competition
in naval armament and reduces the
naval forces OF the world. but adds to
the confidence IL maintained peace.
The relatively Of strength among the
powers would be wholly one Of disap-
pointing theory Il ours is to be a mer-
chant marine inadequate for the flu
ture do not care to stress it "a q
means Of defense. The war and our
enforced outlay have already stressed
that point
II he merchant marine IS univcrsallv
recognized as the second line of naval
defense. 1t is indispensable in the time
OF great national emergency. It is
commendable to upbuld and maintain.
because II is the highest agency o.
peace and amlty, and bears no threat
and lncltes no suspiciop And vet it is
r supreme assurance, without which VIC
should be unmindful OF our safety and
unhecding Of our need to continued
growth and maintained influence.
J am thinking Of the merchant ma
rine Of peace. Commerce is insnn-
arabic from progress and attainment.
commerce and its handmaidens have
wrought the greater intimacy among
nations, which calls for UNDERSTANDINGS
and guarantees Of peace. However we
WORK 1t out, whatever our adjustments
are to promote international trade. il
IS inevitable that the hundred millions
mere outstanding in genius and un-