The Washington times. [volume] (Washington [D.C.]) 1902-1939, 1924-03-12
GRANTED
/. FORTUNE BY
j. 8, CLAIM
Senator Norris Figures Muscle
Shoals Bill Profits as
Stupendous.
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three times as great as the flow
that now goes over Niagara Falls.
1.-THE Government already has
spent some $17,O00,O0O dollars on
the making of one Of these dams.
This $17,O00,0O0 the United States
Government outrightly contributes
to Henry Ford. He Is to pay no in.
terest on 1t whatsoever.
Additionally, the Government is
to keep both dams In complete re.
pair throughout the 100 years Of
the contract on a payment by
Henry Ford of $4,000 annually.
"1f q flood takes the dams out.
the Government must rebuild them
at its own expense. II a cloud-burst
or any other casualty Injuries the
dams, the Government must repair
the injuries at its own expense, no
matter by how large a margin that
expense may exceed Mr.. Ford q
annual repair payments Of $685. 900.
Ford Payments Cited.
"Then Mr.. Ford, in return for
getting these two dams and In
return for paying $4,000 a year to
get these dams insured to him
in perfect condition by the United
States Government, will pay to the
United States Government certain
sums in the way Of interest and
in the way of Amortization
These sums will amount to two
and eighty-five one hundredths per
cent annually on the amount of
money which the Government will
have invested in the dams and
In the power-houses going with the
dams.
THE ordinary commercial rate of
interest in such propositions may
be taken as being six per cent.
Tho margin of favoritism thus
given to Henry Ford will amount
to cold cash gift of $236, $50, 900
and. II compounded as 1t year by
year comes in, will amount in 100
years to $14,500, 0OO. 900.
I'm return for this slight gratuity
Mr.. Ford undertakes simply to
manufacture some fertilizers When
he gets through manufacturing the
amount Of fertilizers which he guar.
antees to manufacture, he still will
have at least 100000 horsepower of
electrical energy at his free dis.
posal.
Energy To Be Sold.
IF he sells any of this energy.
he is permitted to sell it at any
price he pleases. II he chooses to
keep 1t for himself, he is permitted
to do so and he thereupon will have
Tor his own manufacturing enter
prlSes an enormously cheaper source
OF power than any other manufac.
ture competing with him.
These advantages his corporation
Will enjoy for one hundred years.
The Federal Water Power Act
limits every other corporation on
any navigable stream to a term of
fifty years. The Ford corporation
alone Is to have a term OF. one hun.
dred years.
Mr.. Ford is more than sixty
years old. His corporation is not
to begin to make any payments on
the dams in the Tennessee river
until they are totally completed.
They may not be completed for a
decade. Mr.. Ford may be dead be.
fore the payments from his corpora
ton to the United States are be-
gun. Then thereafter nevertheless
the Ford corporation Is to enjoy
all these advantages and perQuisites
and gratuities for a century.
Mr.. Ford Is said to be a good
man. Have we reached the point
at which we are going to permit
good men to capitalize their virtue
and to be paid a premium in bill
lions Of dollars for 1t out Of the
Treasury Of the United States?
I'm all the history Of civilization
there Is no precedent for this
proposition.
Copyright. Washington Press Service. J