Shakespeare's famous statement that a rose by any other name would smell as sweet has exceptions. In the psychology of the American mind the word subsidy is fatal to any measure. After the most careful investigation, while I was in the Senate, I verified this statement, that a mail subsidy of four millions a year would give to the United States a mercantile marine which would open new trade routes for our commerce. This contribution would enable the ship-owners to meet the losses which made it impossible for them to compete with the ships of other countries, some having subsidies and all under cheaper expenses of operation. It would not all be a contribution because part of it was a legitimate charge for carrying the mails. The word subsidy, however, could be relied upon to start a flood of fiery oratory, charging that the people of the United States were to be taxed to pour money into the pockets of speculators in New York and financial crooks in Wall Street. We have now created a mercantile marine through the Shipping Board which is the wonder and amazement of the world. It has cost about five hundred millions. Part of it is junk already, and a part available is run at immense loss, owing to discriminatory laws. Recently a bill was presented to Congress for something like sixty millions of dollars to make up the losses in the operations of our mercantile marine for the year. While a subsidy of four millions under private management would have been a success but was vetoed as a crime, the sixty millions are hailed as a patriotic contribution to public necessity. A river and harbor bill of from thirty to fifty millions of dollars was eagerly anticipated and enthusiastically supported. It was known to be a give and take, a swap and exchange, where a few indispensable improvements had to carry a large number of dredgings of streams, creeks, and bayous, which never could be made navigable. Many millions a year were thrown away in these river and harbor bills, but four millions a year to restore the American mercantile marine aroused a flood of indignant eloquence, fierce protest, and wild denunciation of capitalists, who would build and own ships, and it was always fatal to the mercantile marine. Happily the war has, among its benefits, demonstrated to the interior and mountain States that a merchant marine is as necessary to the United States as its navy, and that we cannot hope to expand and retain our trade unless we have the ships.