The St. Joseph observer., 1922-12-09


ing to the presidents statement Now
they are worth only $500, 900, or
Z per cent OF their cost, according TO
Mr. Edmonds tRep) of the commit
tee Con Merchant Marinc).
May Take 20 or 80 Years
at may take 20 or 80 years to dis
pose Of these ships under the Lasker
administration; no one knows. The
hearings show that Standard Oil and
steel have the greatest fleets Of ships
now afloat They will reap the largest
benefits from the bill l understand
These two companies are now divid-
ing about Sl,5OO.O0O. 600 i'm stock dlvi-
ucnd melons between them, made up
OK extra profits that have been eN-
torted from the American public, and
Standard oil has oxactcd about 77ia
per cont net profits from the people
annually during the past ten years,
which includes profits on its great
fleet Of ships"
Representative Freor then quoted
/ testimony given before the House
! Committee on Merchant Marine to the
effect that 'hc standard OH Company,
| the United States steel Corporation,
and the United states Fruit Company
arc tho principal owners Of tho 3,1OO.-
! 600 tons Of cargo shipping now in
/ foreign trade under the Amcricau flag.
/ The international Ncrcanti Marine
| is the largest owner Of the 100000
I tons OF passenger vessels now op,p-,t-
, ing under the American flag, accord
/ ing TO this testimony.
/ "Thie great Standard oil Company
/ viii get enormous benefits under this
bin. Let me tell YOU what II VIII get.
Standard Oil and steel are to buy
more ships under this bill at 2 per
/ cent interest rates--or less than the
! government pays for the money II bor-
rows to loan these great companies.
/ The farmers OF the country generally
pay from Z TO 10 per cent interest on
| their loans, and the farmers Of my
state are selling potatoes at 23 cents
and wheat around 81 buahel, while
the average income OF 100000
farmers last year was far below $500,
borrow at 2 Per Cent
standard OIL under this bill can
borrow from the government at 2 per
cent for IL years, while the govern
| ment pays moro than double that rate
for the same money and the farmer
often pays four times that rate.
Under this bill Standard Oil gets
many millions annually for It's ships
that carry its own oil, that is there
after sold at II z per cent net profit.
| Our farmers are paying higher freight
rates than ever before and selling their
products often below cost.
president Harding vetoed the
soldiers bonus bill because it did not
have a sales tax, and we now face a
| $670,000,OOO treasury deficiency due
to the repeal Of tho excess profits tax.
This subsidy bill will take many mil
/ lions moro from the treasury in tax
refunds that are already estimated to
reach upward OF $500. 900, 600. How
much more will he lost to the treasury
under this bill nobody knows"
Representative Frear declared that
In direct and indirect subsidies the
bill Will cost the taxpayers $4,000, 600
a year. None OF the proponents Of
the bill or the Republican leaders
challenged Mr.. Frcar's statement Of
fact.
Following Mr.. Froar's speech. Rep
resentative Tincher CRep. Kans) at
tackled the measure and called on his
Republican colleagues IN charge of the
bin to rofute. II they could, the ale
CATION that the Standard OH Com
pany, the L. S. Steel Corporation, and
the United States Fruit Company
would be the chief beneflciarles OF
the subsidies.
"lf that statement Is true and can
not be successfully denied, then the
Democratic party viii be the principal
beneficiary by the enactment OF any
sus! legislation as this" declared
Representative Tinchsr.
His statement was applauded by
Republicans as well as Democrats in
the chamber.
Farmer "Prosperous" But "E,xtraya-
giant"
Farmers who imagine they are ex-
pertenclng hard times will receive an
glad tidings the statement of Repre-
sentative Snyder (Republloan) Of New
York that their condition in l9e2, un-
der this Republican administration, is
much better than it was in 1909 under
a previous Republican administration,
This IL not much consolation, but It
may pass for information. aByhew,
I'VE must all admit that conditions
on the farm have changed since then
l0oO, and changed for the better,
and these improVed condttlops uanst