What IS the Ship Subsidy Bill?
Why, it is a proposition that the Government shall, in effect, take money out of the National Treasury TO MAKE GOOD TO THE SEA MERCHANT THE DIFFERENCE BETWEEN THE FOREIGN AND HOME PRICE OF THE SHIP.
That’s the GIST of it, my son.
At your expense, the government has created the Trust which makes it impossible for an American to build a ship that can compete for ocean-going freight.
At your expense, that impossibility is to be abolished. The difference in price between the cheap foreign-built ship and the dear home-built ship IS TO BE MADE UP OUT OF YOUR MONEY.
At your expense, the Trust will therefore be ABLE TO COMPETE for the ocean business.
At your expense, the Trusts themselves will scoop the Carriers’ profit upon the transportation of the Trust-made goods which ARE SOLD ABROAD CHEAPER THAN THEY ARE SOLD AT HOME.
You catch it all around, don’t you, son?
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Yes, the fat man was right.