Meanwhile, in 1922 Henry Ford tried to buy the nitrate works and the unfinished dam. The Michigan car manufacturer and industrialist proposed leasing the uncompleted hydro-electric dam at Muscle Shoals on the Tennessee River in Alabama. The US War Department had begun the project during World War I, and engineers estimated a cost of $40 million to complete. At this time, public projects were financed either through raising taxes—which, Congress was unwilling to do at the time- or by issuing bonds. For the Muscle Shoals project, the proposal was for 30-year bonds at 4% interest.