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THE ATLANTIAN
November, 192
A. L. CURTIS
DRUGS
35 W. MITCHELL STREET
Atlanta, Georgia
37 Years in Business
27 Years at My Present Stand
He Serves Best Who Serves Most
My Motto Has Always Been
“THE BEST”
A. L. CURTIS
DRUGS
35 W. Mitchell Street Atlanta, Georgia
$500,000,000 for their operation by
their new owners.
Borrowers of the $125,000,000 plac
ed at the disposal of the Shipping
Trust by President Harding’s “pet
measure” would be enabled to obtain
loans at an interest rate of 2 per cent
and for terms as long as fifteen years.
The only collateral pledged for the re
payment of these loans would be the
ships upon which the money was bor
rowed, while the amount lent by the
government in any given case might be
the equivalent of two-thirds of the
market value of the vessel upon which
it was advanced.
The Democratic members call atten
tion to the fact that while this bill
gives powerful corporations the priv
ilege of borrowing the government’s
funds at a rate of 2 per cent a year for
a term of fifteen years and up to two-
thirds of the market value of the ships
upon which loans are made, farmers
who obtain money from the Federal
Farm Land Banks can get accommo
dations only by paying interest at
the rate of 6 per cent a year for limit
ed periods and in sums not exceeding
50 per cent of the market value of
farms they mortgage as security.
Over and above these direct bonuses
from the Federal Treasury, the bene
ficiaries of the president’s “pet meas
ure” would received indirect subsidies.
They would be exempt from all Feder
al taxes provided the amount which
would be otherwise payable as taxes
is invested or merely set aside for in
vestment in new ships. No such gen
erosity is suggested in respect to th
farmers or small business men c
wage workers of the country. Only th.
rich are to have new riches. Verilj
“unto every one that hath shall l
given, and he shall have abundance.”
There is nothing in the bill thai
promises cheaper ocean freight rate
or that provides for regulation of th.
charges or business of these receivers
of public funds. There is, however,
every reason to believe that the bill
intends the repeal of certain section,
of the Federal anti-trust acts in order
that railroads may operate ships and
the shipping interests may combine to
enlarge and consolidate their present
monopoly.
Finally, the bill gives the Shipping
Board autocratic powers the nature
and extent of which are typified by
the provisions freeing it from the ob
ligation to make reports of its acts or
expenditures to any officer or branch
of the government or to seek annual
appropriations or authorizations from
congress as other departments and bu
reaus are compelled to do.
LET “PAT DO IT”
510 Courtland St.
A SINGLE-TRACK MIND.
North—I can get you six per cent.
West—Great! Man, I can taste it
already!
“No, I mean for your money.”
“Well, I expect to pay for it, of
course.”
President Harding Calls
Congress in Extra Session
Republican Control in the House Gradually
Slipping to Democrats
By GRATTAN KERANS,
(Special Correspondent.
Washington, Nov. —A It h o u g h
President Harding’s call for a special
session of Congress declares it is ne
cessitated by “the public interests,"
this phrase may well be interpreted
“private interests,” seeing that the
particular purpose of the extra ses
sion is to pass the ship subsidy bill.
Since President Harding insists up
on legislating the people’s money into
the pockets of the “privateers” behind
the present ship bonus bill, it is per
tinent to study the price that will
have to be paid in taxes to provide
these special interests with all the
largesses that are proposed for them.
The salient facts in this connection
have been furnished by the Democrat
ic members of the House Committee
on Merchant Marine in a minority re
port submitted last June.
This report shows that the Govern
ment’s fleet built during the war and
now in the keeping of the U. S. Ship
ping Board cost the people $3,000,000,-
000. The Shipping Board would be au
thorized by the passage of the pending
bill to sell these vessels for $200,000,-
000—a loss to the taxpayers of $2,-
800,000,000.
Having purchased the ships, the new
owners would have the opportunity
and the disposition, in the opinion of
these Democratic members, to capital
ize them for something like their true
value and base their freight rates on
this higher valuation, so that the peo
ple would suffer first from the Ship
ping Board’s ruinous deflation of $2,-
800,000 and afterwards by the Ship
ping Trust’s reckless inflation of more
billions. This would be/i'ri additional
loss and burden for the taxpayers to
bear for the aggrandizement of special
interests.
The bill contemplates the granting
of bonuses aggregating $750,000,000
to the private concerns which buy and
operate the ships and the lending of
$125,000,000 to these corporations and
individuals to pay for the building of
new and the reconditioning of old ves
sels. That procedure, the Democratic
representatives point out, would be
tantamount to giving the ships away
and then bestowing rewards totalling
Rector 9 s Cafe
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