The Morning Tulsa daily world. [volume] (Tulsa, Okla.) 1919-1927, 1922-02-26
.Coxey, of Army Fame,
Has Plan to Purchase
!, Some of Ships of u. S.

Insist on the three above specified
conditions is essential to the trans
fer OF the vessels. As a result OF
considerable study, the following
conclusions are offered, as justified
by the facts:
"All government owned vessels
should be withdrawn from operators
who are not vessel owners.
"All government owned vessels
should be sold to American citizens
who are not parties to or subject
to contracts or agreements with for
eign ship owners, subject to sub
sequent transfer and replacement
restrictions.
Would Create Credit.
with guarantee as to condition.
at unit price so low relative to SINH
lar vessels under foreign registry
that n substantial form of credit
would he created which could not be
offset by any foreign country, and
on credit terms liberal enough to
enable entrance on any trade route
in the world.
I'm the event OF inability to sell
these vessels In any trade route in
competition with privately and for
eign owned vessels for the benefit
of American producers"
Mr.. Wells then finally concludes
that the circumstances make It nee
essary that the shipping board offer
mono OF the steam cargo vessels
which are fitted with stern propel-
ling machinery: select such ships as
through lack of size and steaming
radius, have proved undesirable, re-
condition them in every part, equip
them with internal combustion De
sci principle propelling engine and
eight double staterooms for first
class passengers at the approximate
cost of conversion on terms of lib
eral credit.
Messrs. Coxey and Wells, there
fore, have offered to buy from the
shipping board 112 vessels OF 5,375
tons dead weight each, COZ, 900 total
tonnage. and pay $40 per ton, or
for each ship s375.250-$42. 140. 900
In all-that being the price prevail
ing for new English motor ships OF
that type at the present time.
They show that the cost to the
board for reconditioning in the man
ner described would be $50 per ton,
or s332,5o0 per ship, $36.12S.000 in
all, $6,010,000 less than the total
purchase price. They ask that the
reconditioning be done under the
supervision OF Mr.. Wells, as a naval
architect, and complete plans and
blueprints have been prepared in
dlcating exactly how the recondi-
-tioning is to be done.
They ask that the congress ap-
propriate s36,l20, 900 of legal tender
treasury notes to be turned over TO
the shipping board for the recondi-
tioning OF the 112 ships.
On those terms, Messrs, Coxey and
Wells. agree to pay annually 4 per
cent oC the purchase price each
year for five years, and s per cent
for each OF the 10 years succeeding.
thus completing the payment In
Is years.
They agree to create a replace
ment fund OF 4 per cent. per an
mum. s1,6S5.600. out of the earnings
of the ships, to make good damage
and loss, and to set aside also per
cent, as a depreciation and upkeep
fund, $2,107.000 per annum.
A feature of the plan Is to pro-
ceed at once by the use OF these
funds TO build additional ships OF
the type, so that when ships are lost
at sea the fleet may be always
naintainedsat 112 ships.
Messrs. Coxey and Wells undertake
to form a corporation with working
capital of from S5O,0O0,00 to $780,
600, 900 to pay the percentages men
toned and operating expenses be-
fore any money Is devoted to sur
plus and dividends.
In order 10 make the project legal
and remove all elements of uncer-
tainty and render the financial cred
1t OF the enterprise absolute, 1t IL
proposed that the congress enact a
law under Glass 5, section s, article
/, OF tho federal constitution, which
provides that "the congress shall
have power TO coin money, regulate
the value thereof, and of foreign
coins"
How else" Mr.. CoXey asks, may
we get these ships into use? They
are now equipped with machinery
which is uneconomic. and must at
tempt to operate against different
ship under the seaman's act OF Sl1,-
500 for English ships of that type,
$4,000 for Norwegian ships and
s20.500 for Japanese ships.
"But this plan will get the ships
into use, maintain the living and
wage standards of the seaman's act
overcome all factors of differential
m favor of foreign-owned ships.
cost the taxpayers no subsidy. and
fully pay the government for the
property, while amply protecting Il
during the IS years the patrial pay
ments are being made, with abund-
ant provision for damage, upkeep