The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1924-04-15

has been given to
NORRIS understand Mr..
Ford mas guaran-
| teed to reduce the cost of fertilizer by
one-half. He has done nothing of the
/ kind. He has made no guarantee of
any kind in the way of reduction of
the cost of fertilizer.
The country has been given to IN
| derstand he pays the Government
! per cent interest on it's investment
/ in the two dams. He does nothing of
the kind. He has not made any such
offer and no such proposition is In
| Guided in his bid.
Profit Is Enormous
Giving his corporation credit for
every dollar it pays. he will be pay
Ing to the taxpayers less than per
cent on the money which he uses out
/ of the Treasury Of the United States,
/ and when we consider that this loan
runs for 100 years it requires even
/ the stretch of the imagination to I'M
| derstand the enormous profit his cor
/ poration secures in this one item
alone.
| Assuming a fair interest rate in the
commercial world is per cent in
terest, this would give his corporation
| during a hundredyear period a total
gift Of cold cash Of S236,25O, 900. and
| if this money we're compounded. as
Mr.. Ford asks the Government ~
compound what he pays, the profit to
/ the corporation at the end of the
/ 100-year period would be SI4.500 000,-
600. This is more than half our total
cost of the World War.
Never Pays Principal
The country has been given to IN
derstand the Ford offer provides for
/ the repayment to the Government
within the 10G-year period the entire
investment that the Government has
made. His offer does nothing Of the
kind. On the other hand, the total
payments included in the offer OF
| both interest and amortization, amount
| to less than 3 per cent on the invest
ment and he never pays one dollar
Of the principal
The people OF the country have been
/ led to believe the Ford offer means
a reduced price for electricity TO the
Z
kind. He has not agreed to furnish
a single kilowatt to any home or to
any manufacturing concern except
his own. The great city that is to
spring up as If by magic viii prob
ably have its streets and its homes
lighted by electricity generated from
coal shipped in on the railroads. The
mighty power at Muscle Shoals Will
be devoted entirely and exclusively
TO the use of the great corporation
which Mr.. Ford will organize.
Gift Is Enormous
When We bring together the re-
suits that must follow from these TWO
divisions of the Ford offer. the mind
is dazed at the unreasonsableness OF
the proposition, at the enormity OF
the gift With the expenditure Of no
money, there Is turned over to a cor
poration property of the value of
more than 100000, GOO. and the right
and privilege to extort unjust profits
from the citizens OF this country with
cut limit. Money is furnished by the
unwilling taxpayers Of the country to
COAoLtuEL improvements VI IilHiOnS III
value and to finance operations on
the most gigantic scale in history. not
for the benefit of the people but en-
| lirely and exclusively for the benefit
of one corporation.
The inheritance Of our children and
our children's children is mortgaged,
and the resources of our country are
not only given away. but with the
gift is tied up cheap money, obtained
at the expense of the taxpayers, and
the right to use 1t with but little re-
compense for 100 years time.
Taxed for 100 Years
There is nothing in the history of
the world with which this can be com
! pared. Civilization is without a prec-
edent. If the Ford offer is accepted
then the fight for conservation that
has been waged by philosophical and
patriotic men and women all over the
country is not only lost and given
away, but those who are unwilling
compelled TO make the gift are to be
taxed 100 years to make the gift more
profitable 1t is the greatest gift ever
bestowed upon mortal man since
salvation was made free to the human
race.