Amarillo daily news. [volume] (Amarillo, Tex.) 19??-current, 1922-08-27

prehcnsive report submitted To the
Senate today 10y Chairman Norris OF the
senate Agricultural Committee Henry
Ford's offer FOR tho purchase and lease
OF The governments war.initiated pro.
jects nj Muscle Shoals. Alabama. Is
condemned In unusually strong Ian
guage. while the Nebraska's Senator'S
bill proposing development Of tn,
properties under government owned
and controlled corporation. IL desired
M the most wonderful plan" that IN.
over been proposed in the history OF
tho country.
on the question Of the Ford bid. the
report says Senator Page. McNary
kcyes, GoOdinE. Norbeck. Harreld, and
Mckinley Republicans and Kendrlck.
Democrat concur with the Chairman
With reference 10 the government own
ership proposal the report gives the
names 81 five Senators. Norris. Nc
Nary, Goodlng, Norbeck. and McKin
ley. who favor It's passage lN the Sen
ate for the solution of the Muscle
Shoals problem
tee men. the report IL characterized ne
minority opinion insofar as il cx.
presses approval Of the goyernment ow.
nership bill hut. Is presented as ma.
iority opinion issofar AS il deals with
the rejection by the committee Of an
proposals for Muscle Shoals develop
ment
The Ford offer IL dealt with In un.
sparing terms. Its adoption. the report
says. would put the government OF
the United States into business with 4
vengeance" adding that those who
ask Congress TO accept the Ford offer
AJAX US. In effect. 10 lease this property
10 the Corporation without any real
consideration. and then In addition
thereto guarantee 20 repair and keep
and maintain II in good condition for a
period of one hundred years
1T IL difficult to harmonic our idea
OF Mr. Ford's fairness" ~ report
continues with his silence ln the
subject. when his name Is so often used
In oxaggerattion and misrepTesenta.
ton as to adjust what he does Offer
10 do. The country has been given To
understand that MIR. Ford has guaran.
teed to reduce the cost OF fertilizer by
one half lie has done nothing ~ the
kind He has made no guarantee of any
kind in the way Of reduction OF the
cost Of fertilizer The country has been
given 10 understand that he pays the
COVE nment four per cent interest on
It's investment In the two dams He does
nothing ~ the kind tie has not made
any such offer and no such proposition
IL included IN his bid. Giving his corpor.
alton credit foi every dollar that II paws
hr will h. paying to the tax payers less
than three per cent on the money which
he uses out OF the Treasury % the Unit.
I'd States. and when we consider that
this loan runs for one hundred years. IL
requires even the stretch Of the imagi
nation To understand the enormous
profit that this corporation secures In
this one item alone
Assuming that q fair interest rate In
the commercial world is six per cent in.
tcrest this would give his corporation
during a hundred year period total
rift OF cold cash Of 236. $50 600 and Il
this money were compounded as Mr.
Ford asks the government TO compound
what he pays the profit of the corpor.
alton at the end Of the one hundred
year period would De- So 500. 000 0OO
This Is more than half our total cost
OF the world war
The country has been given To un.
derstand that the Ford offer prov ides
for the repayment 10 the government
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 10.
tai payments included In the offer Of
both interest and amortization.
amount 10 less than three per cent on
the investment and he never paws one
dollar Of the principal The people Of
the country have been led 10 believe
tina, the Ford offer means reduced
price for electricity 10 the consumer. 4,
means nothing ~ the kind Tie has
not agreed 10 furnish single lilowati
Ia any homo or To any manufacturers
concern except his own The mighty
rover AZ Muscle Shoals will be- devoted
entirely and exclusively % the use Of
the great corporation which Mr.. Ford
will organize
when We bring together the RESULT.
that must follow from these two divi
sions ~ the Ford offer. the mind II
dazed NJ the unreasonablencss Of tho
proposition at the cnormiiy ~ the gift
With the expenditure OF no money
there IL TO be- turned over 10 q CORPORA
ton property ~ the value 81 more
than ilO0 OOO. OO0 and the right and
privilege 90 oNtort unjust profits from
the citizens OF this country without linn
A.
There IL nothing In the history Of
The world With which this can D., com.
prred Civilization is without urcsl
dent n the Ford offer accented then
the fght iu. conscryai an that has been
wagod by public spirited and patriotic
men and uDmen an over tho yluntr,
- not only lost and given away hut
ihosc Who ar unWilhngly compelled go
make tho gift are 70 hc taxed one hun.
drrd vr'rs tU make the n mDro prof
table % is the ErCit,st Git ever be-.
STOW Il upon mortal man snce salvation
was made Tree to tho human race.
Other features az ne Ford propo al
ere q vigorously attacked That propos .ng
the on" hundred wear lraS. ~ the water
power prol'tt the report assert. would
make the Fedora Dover Act in effect
"a scrap OF napor'
There !s very little. u any differ
enec the document declares. % tween
faving the deed outright ,o this property
and giving lease fOr enc hundred
years In tho event the one hund I'd
year tense should b. given NJ Ford the
o. port says. q Is practically certain
that cvcty cooperation that has made
ioitc under tn Ws'cr.rotcr ~ v,ll