The entire well being of our country is dependent upon transportation by
sea and land. Our Government during the war acquired a large merchant fleet
which should be transferred, as soon as possible, to private ownership and
operation under conditions which would secure two results: First, and of
prime importance, adequate means for national defense; second, adequate
service to American commerce. Until shipping conditions are such that our
fleet can be disposed of advantageously under these conditions, it will be
operated as economically as possible under such plans as may be devised
from time to time by the Shipping Board. We must have a merchant marine
which meets these requirements, and we shall have to pay the cost of its
service.