Americus times-recorder. [volume] (Americus, Ga.) 1891-current, 1922-12-05
STANDARD OILS
THANKSGIVING TURKEY


tusEey for Standard OIL" Repre-
sentative ilear, a Wisconsin Re
publican, in the course of q speech
against the measure in the h0se,
pointed opt thai tne principal ben
cG iaries Of the loans, su1sidies
and tax exemptions provided would
bt the most powerful trusts in
the country.
One Of the concerns which
would benefit from the bestowal Of
public funds on private interests,
Frear alleged, was the Gulf, Tide
water & Sinclair Oil Company,
which, he SAID, was known as the
Mellon Or Company" He pro-
posed TO show by publication Of
correspondence he has had with
Secretary Of the Treasury Mellon,
Frear told The house, that Mr..
Mellon started the stock dividends
melon cutting with the Cuff Oil
.olyany for the Standard Oil and
,ther companies, which ia,er fol-
owed sui, with over billion and
q half dollars in the aggregate"
After finding that the bill takes
from the treasury $l2j, 100000
.of fand TO buiid more ships.
said Fleur, 1--WE learn: First, we
have 400 ships belonging to the
government which cost us $4,000
100000, according to the presi-
dents statement. Now they are
worth only S200,O0O,OO0, or 7 per
cent of their cost, according to
Representative Edmonds OF the
committee on merchant marine.
at may take 20 or 80 years to
dispose of these ships under ,nc
Lasker administration; no one
<nows The hearings show thaC
Standard Oil and Steel have the
greatest fleets of ships now afioat.
They will reap the largest benefits
rom the bill, | understand. These
Two companies are now dividing
about $1,000, 100000 in stock div
dend melons between them, made
ip of extra profits that have been
1xtorted from the American pub
'ic, and STANDARD Oil has exacted
about II ID per cent net profits
rom the people annually during
he past ten years, which includes
profits on its great fleet of ships
Representative Frear then quot
ed testimoney given before the
House committee on merchant ma
line to the effect that the Stand
ard Oil Company, the United
States Steel Corporations and the
United Fruit Company ard the
principal owners of the 100000
tons of cargo shipping now in for
eign trade under American
flag. The international Mercan-
tile Marine is the largest owner
Of the 100000 tons Of passenger
vessels now operating according
to this testimony.
This great Standard o.! Com
pany will get enormous benefits
under this bill Let me tell you
what it will get. Standard Oil
and Steel are to buy more ships
under this bill at 2 per cent inter-
est rates-or less than the gov
eminent pays for the money it Dor
rows to loan these great COM
panies The farmers of the coun-
try generally pay from 7 to 10 per
cent interest on their loans, and
the farmers of my state are selling
potatoes at % cents and wheat
around $500 a buShel, while the
average income Of 10000, 900
farmers last year was far below
$500. .... -..... ....
Standard Oil under this bill
can borrow from the government
at 2 per cent for Is years, while
the government pays more than
double that rate for the same
money.
Under this bill STANDARD Oil
gets many millions annually for
its ships that carry it's own oil,
that is thereafter sold at II 1-2
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 sales tax, and we now
face a $670,000,00O treasury def
cheney due to. the repeal OF the
excess profits tax. This subsidy
bill will take many millions more
from the treasury in tax refunds
that are already estimated to
reach upward of $500, 100000. How
much more will be lost to the
treasury under this bill nobody
knows"
Representative Frear dhelared
that in direct and indirect subsi-