The President had just called a special session of Congress to consider the passage of a ship subsidy bill. We were informed that our merchant marine was losing $50.000.000 a year and that a bill would be presented to us under the provisions of which the cost to the Government would be only about $30.000.000. that we had built a fleet during the war at a cost of $3.400.000.000. and that in that year of 1922 it was worth not over $400.000.000 and was eating its head off at the rate of �$1.000.000 per day. That was a direct subsidy bill. and we went so far in our. anxiety to correct the situation that we passed legislation containing a clause requiring that half of our immigrants should be brought here in United States vessels. despite the fact that was in direct conflict with 32 existing treaties with foreign nations. Under that act we were willing to give $15.000.000 direct compensating aid for losses. We were willing -to grant $7.000.000 in tax exemptions.
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