Yorkville enquirer. [volume] (Yorkville, S.C.) 1855-2006, 1922-07-25
GRAFT IN THE FORD BID.
Muscle Shoals Offer Bitterly Assaulted
BY Senate Committee.

BY Senate Committee.
Washington, Thmsday.-In COM
prchensive report submitted to the
senate today by Chairman Norris OF
the senate agricultural committee,
Henry Ford's offer for the purchase
ind lease of the governments war ini-
tiated projects at Muscle Shoals. Ala
IS condemned in unusually strong Ian
guage, while the Nebraska senator's
)ill proposing development of the
properties under a government owned
corporation is described as "the most
wonderful plan" that has ever been
proposed in the history of the country.
The Ford offer is dealt with in un-
sparing terms It's adoption, the report
says, would put "the government OF
he United States into business with
,engeance," adding that chose who ask
congress to accept the Ford offer ask
us In effect TO lease this property to
this corporation without any real con-
sideration and then in addition thereto
guarantee to repair and keep and
maintain it in good condition for q pc
.'iod of one hundred years.
ut is difficult to harmonic our idea
Of Mr.. Ford's fairness" the report con-
tinues, with his silence on this sub,
iect when his name is SO often used in
.xaggeration and Misrepresentation as
| to lust what he does offer to do. The
country has been given to understand
that Mr. Ford has guaranteed to re-
| duce the cost of fertilizers by one-halt
He has done nothing OF the kind. He
has made no guarantee of any kind in
| the way of the reduction of the cost
| Of fertilizers.
"The country has been given to un-
derstand that he pays the government
| four per cent interest on its invest
| ment in the two dams. He does moth
| ing of the kind. He has not made any
such offer and no such proposition is
| included in his bid. Giving his corpor-
! alton credit for every dollar that it
pays, he will be paying to the taXpay-
| ers less than three per cert on the
money which he uses out Of the treas
ury of the United States, and when we
| consider that this loan runs for one
hundred years it requires even the
stretch of the imagination 10 under
stand the enormous profit that this
corporation secures in this one item
| alone.
Assuming that fair interest rate
in the commercial world is six per cent
interest, this would give this corpora
| ton during a hundred year period a
total gift of cold cash of $236,250,OOO,
and if this money were compounded,
as Mr.. Ford asks the government 10
compound what he pays, the profit TO
the corporation at the end of the 100
year period would be $14,5O0, 600 900.
This is more than half our total cost
Of the World war.
"The country has been given TO un-
derstand that the Ford Offer provides
for the repayment to the government
within the one hundred year period Of
the entire investment that the govern
nent has made. His offer does moth
| ing of the kind. on the other hand,
the total payments including the offer
Of both interest and amortization
amount to less than three per cent on
the investment and he never pays one
dollar of the principal. The people of
the country have been led to believe
| that the Ford offer means reduced
price for electricity to the consumer.
1t means nothing of the kind. He has
not agreed to furnish a single kilowatt
10 any home or to any manufacturing
concern except his own. The mighty
frower at Muscle Shoals will he devot-
ed entirely and exclusively to the use
of the great corporation which Mr..
Ford will organize.
when we bring together the results
that must follow from these two di-
visions of the Ford offer the mind is
daZed at the unrcasonablencsS Of the
proposition, at the enormity Of the
gift. With the expenditure Of no mon