328 BANQUET. 



this coast, in the great ports, where the Government spent millions, without number almost, 

 in preparing for a war of indefinite length. 



The problem of commerce is tied up with the problem of shipping just at this time in a 

 rather unfortunate way for us. For instance, American shipbuilders have been abroad to 

 sell ships, and they might have sold ships — and I dare say they did sell a few — had it not 

 been that the rates of exchange makes a ship cost the foreign purchaser about 25 per cent 

 extra, for which he gets nothing. That is a problem of trade which affects our business 

 at this time very deeply. 



Many years ago I became convinced, personally, that the shipbuilding problem and the 

 shipowning problem were largely political, that a great many of us were working to build 

 ships and were going to Washington at times with a feeble plea that absolutely had no ef- 

 fect. Up until the time that the Emergency Fleet Corporation was formed, when the Gov- 

 ernment was forced to go to enormous expense to build a fleet, there was not written into a 

 law, enacted at Washington, a single phrase or a word or a line asked by an American 

 shipbuilder or American shipowner within the last twenty years. Then all at once we be- 

 came frightened, and we were frightened too, and we sat up nights, and the people sat up 

 with us. Why? Because we found that a marine was absolutely necessary to us, and we 

 also found that the ability to build a marine was absolutely necessary, and I emphasize that 

 point, gentlemen, because frequently people say : — "Let us buy our ships where we can get 

 them the cheapest." During the war we could not buy them, and did not get them the cheap- 

 est; we had to have them, and before we are finished we will have spent nearly four billion 

 dollars to get a marine which might have been purchased for one-third of that price previous 

 to the war ; and so we broke in seamen, the ea men's law fell down, and the Navy manned 

 the ships, and of course we made mistakes — e<^ery one makes mistakes, in fact, they say that 

 is why they put rubbers on lead pencils. (Laughter.) 



But shall we make that kind of a mistake again ? 



We sent to Europe 3,000,000 splendid soldiers, and out of the 2,000,000 25 per cent 

 went in American-buih ships, 25 per cent went in German-built ships, and 50 per cent were 

 carried over by our Allies. Is that exactly the position that the people of the United States 

 desire to be put in? Is that what we ever want a recurrence of again? 



A man who is a shipbuilder or a shipowner is at some disadvantage, as Mr. Colby said, 

 in advocating his case, but I would like to say that some of us not only like shipbuilding as a 

 business, but expect to keep on building ships. The other day a gentleman said to me: — 

 "What will you do when the grass grows in, the yard as it did some twenty-five years ago?" 



I replied : "We will cut the grass" (laughter and applause) because we believe that not only 



are we in a business which, in itself, from an engineering standpoint is the finest business 

 there is, but we believe we are in a business which is absolutely vital to the safety and to the 

 independence of our country. (Applause.) 



As your president has told you, I have gotten into work in the Chamber of Commerce 

 of the United States. In doing the work connected with my office in the Chamber of Com- 



