The daily banner. (Cambridge, Md.) 1897-2008, 1922-07-21
FLAYS FORD ON
MUSCLE SHOALS
Norris Says Big Advantages Fvr
Public Are Not in Bid.
s14,5OO,OOO,00O IN PROFIT
Nebraska Senator Declares 1t Would
Be the Greatest Gift Ever Bestowed
Upon Mortal Man.

. Washington, July 2l.-ln compre.
henSivt report submitted To the SEN
ate by Senator Norris. chairman of
The senate agricultural commitIee,
Henry, Ford'S offer for the purchase
and lease of the governments war lnl-
Iiatetl projects ut Muscle Shoals. Ata.
is condemned in unusually strong Ian
%uagr.
The Nebraska senator's bill, propoS-
Ing development of the properties I'M
der a government owned and voittrci!-
r,l CORPORATION. is described Us THE
most Wonderful plan thai has ever
l., rn prnpnstd III the history of he
country.
The. Ford offer. if adopted, the re-
.,,rI. SAYS. would put the government
20 has hess with Il VENGEANCE, atIti-
TX Iilal ''thuSe who ask congress 10
;.r>+.I,, he t'rod offer ask us. in effect,
. "a lease his prr i'elty To his corpora,
ZION without IN! real consideration
;n;l then. in addition Tier .. guIr..l!.
Ice to repair and keep and mainta'n
it in good condition for Il period OF
che hi:nHftu years.
1T is difficult To harmonic our idea
Of Mr.. Eurd> fairness" the report
continues, with his silence on this
Sabiect. when his name is 81 often
used in eXaggeratiOn and miSrepreStn-
tation as To just what he does offer Il
do. The country ha. been given tF
understand that Mr. Ford has guaran
teed To reduce the cost of fertilizer by
one-half. He has done nothing of The
Lind He has made no guarantee OF
any kind in the way of reduction o.
the cost of fertilizer. The country has
been given to understand that he pays
the government + per cent interest or
lis investment in the TWO dams. Ht
does nothing of the kind. He has MOI
made any such offer and no such prep
uSitiOn is Included in his bid. Giving
his corporation credit for every dollar
that il pays. he will he paying to The
taxpayers less than 3 per cent on ttt
money which lie uses out of the treas
ury of the United States, and when w
consider that this loan runs for one
hundred years, il requires even The
stretch of the imagination to under
stand the enormous profit that this
corporation secures in this one item
alone.
"AsSumng that a fair interest rate
in the commercial would is 6 per CEN
interest. this would give his corpora.
ton during hundred year period !
total gift of cold cash of S236, 250.0 900
and if this money We're cOmpOr 1ded
rs Mr.. Ford asks the government Il
compound what he pays, the profit Il
the corporation at the end of the one
hundred year period would be S14, 800.
100000, This is more than half oul
total cost of the world war.
The country has been given to I'm
derstand that the Ford offer provide:
for the repayment 10 the government
within the one hundred year period
the entire investment that the govern
ment has made His offer does moth
ing of the kind. On the other hand
the total payments included in the
offer Of both interest and amortization
amount 10 less than 3 per cent on tn.
Investment and he never pays one dol
lar of the principle. The people of tho
country have been led TO believe tina
the Ford offer means L reduced price
for electricity 10 the consumer. I
means nothing of the kind. He ha:
not agreed To furnish Il single kilOwat
to any home or To any manufacturing
concern except his own. The might
power at Muscle Shoals will be devot
ed entirely and exclusively to the us.
of the great corporation which Nj
Ford will organize.
There is nothing in the history o
the world with which this can be com
pared. Civilization is without a prece
dent. If the Ford offer is accepted
then the fight for conservation tina
has been waged by public-Splrte' an,
patriotic men and women all over tn,
country is not only lost and giyel
away, but those who are, unwillingl,
compelled to make the gift are To h.
taxed one hundred years to make til,
gift more profitable. 1t is the creates
gift ever bestowed upon mortal MAI
since salvation was made free to thu
human race
Regarding Senator Norris bill pro
posing government development ant
operation for the Muscle Shoals pro
jectS. the report contains reference
TO the attitude of senators who, I'll
says, are seemingly determined tel
turn this property over to Mr.. For(
or absolutely prevent its development
by anyone"