The people's voice. [volume] (Helena, Mont.) 1939-1969, 1962-01-26

| The January LIST issue of u. S. News
& World Report which in times of
| recession has earned the nickname of
| the Magazine of New York's "Wailing
WALL Street has some information on
| page SIS which should be of special
| interest to the opponents of farm sub
sides" and in fact to the taxpayers
| in general.
According to this magazine the u. S.
will loan the African nation of Ghana
1873 million dollars. This particular
loan is of course in line with the
foreign aid program, but wait-that
isn't ALL The loan is for the building
of % dam on Ghana's Volta River
AND-A consortium of aluminium pro-
ducers through their jointly owned
Volta Aluminium Co. agrees to put up
80 million dollars of their own money
and the u. S. GOVERNMENT agrees
to loan the Volta Aluminium Co., known
as "Valco", SO million dollars and
GUARANTEES the Valco Co. against
loss by appropriation to the extent
of 81 million dollars.
Now just what does that mean.
Simply that the u. s. is substituting
u. s. aluminium producers to build
an aluminium smelter the Volta
River. The u. S. aluminium producers
put up 81 million, II. s. government
loans them SO million and guaran-
tees them against loss to the extent
or 54 million.
1t looks like Uncle" is going into
the aluminium refining business on a |
pretty sizeable scale but we hear no |
objection from the Aluminium Co. of |
America.
And what about the Anaconda alum
mum plant ait Columbia Falls? When |
advocates of the government construc-
ton of Paradise Dam present their
the Anaconda spokesman /
are Mortified at the proposal for the L
government to go into business. And Il
The same spokesman held up their
hands in holy horror ait proposals for
he government to loan to rural REAs
And what of this government guar
tntee against appropriation? If the
people of Ghana revolt and establish
! different government, as happened
n Mexico several years ago, and take
'ver the aluminium smelter Uncle Sam
guarantees the u. S. investors against
oss to the extent of 54 million dollars
when these investors advanced only
million of their own money. Well Il
aid investors would certainly claim |
he "a million, which would constitute Il
clear profit of 22 million dollars
Which isn't hay in any mans language.
How would the guarantee operate?
'ither of two ways. Uncle could step
4 with armed force and put down the
government, whit h
'ould cause other nations to object,
ossibly war. Or, simply pay the u. S.
lvestors "a million dollars from tax
lnds. Nice prospect for the u S. in
estors isn't it?
We hear bowls of horror from our
conservative investors regarding
farm subsidies. But on this subject
ley maintain profound silence.
luminum products are at present a
rug on the world market, so what
In we term this but a gigantic pro-
otion scheme? And at the expense l
the ordinary taxpayer.
Possibly If Uncle would lend the
private power companies the money
o build the Paradise Dam and guar
lntee that 1T always remain private
property our private power officials
night not object to Uncle engaging
n that kind of business.
Government "of the power compa-
es, by the power companies, and III
DR. the power companies" Happy /
ought, isn't it?-LEVERNE HAMIL-
IN, Missoula.