This could destroy the usefulness of the preferred ship mortgage as a means of privately financing merchant ship construction--a method which Congress itself authorized and approved in the Ship Mortgage Act of 1920.
Veto of Bill Granting Masters of Vessels a Lien on Those Vessels for Their Wages and Certain Disbursements
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In Witness Whereof, I have hereunto set my hand this twentieth day of January in the year of our Lord nineteen hundred and sixty-nine and of the Independence of the United States of America the one hundred and ninety-third.
Now, Therefore, I, Lyndon B. Johnson, President of the United States, under the authority vested in me by section 2 of the act of June 8, 1906, supra, do proclaim that, subject to valid existing rights, the lands owned or controlled by the…
In that pursuit, Mr. President, United States support will be gladly given.
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