Show EXTRAVAGANCE OUR GREATEST NA NATIONAL ILL Conservation of Credit Second Second Sec Sec- ond Only Obly to That of Soil FINANCIAL DELIRIUM STRONGLY DENOUNCED Jam James s J. J Hills Hill's Ringing Pl Plea a for a New and Better Conservation T. T ST. ST PAUL March 17 The The address of ot James Tames J. J Hill chairman of the board of directors director of or the Great Northern North North- ern em- railway on Conservation of ot Capital was the feature of the forenoon forenoon fore tore noon session of the state conservation congress today Howard Elliot president president president dent of the Northern Pacific railway presided The general Jeneral subject of the session was agricultural development in iu Min Mm- newts The other oilier speakers were Prof E. E V. V Robinson of the University of ota who spoke poke on The Farm Farm Wealth of Minnesota finne ota ant and Prof A. A E. E Chamberlain superintendent of the th farmers farmers' institute of Soult Dakota whose bose subject t was Agriculture A Science and a Competitive Business Mr Ir 11 Hill nm urged time tho conservation of f capital condemned extravagance gave the time causes of the increase in prices and Dd told how bow the time situation described by him might be remedies Mr r. r Hill Hill said in ill part The immense increase of wealth all allover over the world has greatly augmented th the supply of capital The mobility of of this capital the ease by which which through through I international exchange i n be De made to o satisfy a need now in one country and nd no now in str th n l. l impression that m I it i l al lE The a addition of I uncounted d tu I time the wealth of f the world has hall U the Ike spirit of of ma iu Its It av lies has as ll lulled d to to si le a- a ana aidi Use tie 1 alarm alln of iJ 1 me anity iii in th V p t s 's hf ff It t P i in increase rease of app appam i resources s br by an sit J easy resort to borrowing thE ing of a pat patrimony not miot our own owe to ob ob- ob b. b tain material for nt extravagance the diversion of wealth stealth from productive to uses uses' uses all all t these h have gono further th than n most people realize Inherited Tradition Against Debt The Time people of the tho United St States tes inherited from it its founders a 1 whole sonic some tradition a against debt which n is l' l only now disappearing front from the eon eon- duct durt of national nation affairs If the the advocates cates c-ates of lar large e toed bond issues for all manntI manner man nian- ncr ner of internal improvements should carry their point if it that resource ia is not definitely ted restricted to lh tho the emer emer- gooey goncy nv of or wa nar is-ar r. r we ice will be in in the condition condi condi- tion of Europe whore here th the motto of cn every o ry now seems scents to be 4 ner I. us mis time the d delucc u I fn In our cities modern extravagance finds find its il most lamest untrammeled expression The total debt leht of the states including all nil minor c civil i divisions increase increased ed or 1 per cent between isso and 1890 net CHII l 1590 OO and 1902 it it- increased 3 or Gt 64 per fer cent Nearly three three i quarters of a nillion illion in twelve year years an Si pr a average a o of of f 1 a year veal in in the amount borrowed borrowed bor bor- rowed by bv the people ought h to tomake make any auy country stop Slop and smith think Debt Debt figures however do ilo not begin bEin be bs gin in to tell ten th time the story of our national extra a estra Je a Only a sma small part of i our expenditure in is by b debt tables table The re rest 1 is M raised rAise bj hr increased taxation 1 Know of ot nathi nothing bearing bearing- more mote b- b bor or forcibly upon the sub sub- j lt of national onal waste and time the conservation con con- ser of n lI resources thin than the time profligacy al' al disclosed by ty our public expense p lp Although I time HIP Ii great business e ex expansion ex- ex of tins this country began right after the civil war th time the expenses for foi Isito 1800 ere were lust hut greater then those of twenty years cars before Since Sines 1890 the these have e grown by each pach nine nin years on time Mile average or a year antil until un an- til now they are 1214 per imer cent more mora than they toe ere ms eighteen i n years cars ago 1 ed ld in terms tims of per capita outgo outgo out out- go these theM charges which are only part of tho th cost ost of maintaining the federal government on rose roe from irons 47 in in to 1539 in 1900 1100 and amid to 10 76 in us 1903 1908 I Outruns Growth It is aye abs when the it truth ruth is told toM and a demand for economy econ economy onn omy is is made that the development of th time the country and it its increase of wealth have ha been blen so grout great as hot both h to JA and justify enlarged outlay The apology is neither neithel relevant nor nor true trite It is IS not Jot nce Sty ar that expense increase increase in iu crease in the am ratio rat as growth But time the growth of expenditure has bas so till far outrun time thE Troth tim of the the- country that l the hp actual figures figures are almost in- in mn i I The Time phenomenal increase of pub hub lie lic expenditure has lisa already produced is r plentiful crop prop of public ills ilk It t is one OUA of time the cau 1 causes ps of the increase ase in In prices now liner disturbing the people This increase io in- I crease O follows follow in a suggestive esthe WR the time inflation of national and local bUd budgets ets I The Time average cost of tho the supplies that thai must be bO 1 bought ht for foa practically eyer everlu household has increased about 50 l pei pe r cent between 1895 1595 and 1900 During the past year vear there lias beena been bee a merited marled lifting of the price level las Foodstuffs Foodstuffs Foodstuffs Food Food- stuffs cost from 10 to o per ent rent more than ten years vears ago of thi timia I is 10 due to enormous i Inflation The total oust per pei capita in jn tho d UPS St-UPS In III 1 9 was WaR 2141 2145 and ann andin III in it was lal l Although population lion tion had lieu Krown IO bv ii balmy millions in m hess p thirteen 11 years time amount bunt of mone money r ot of i f had bad Increased by 1360 01 0 inure moi than titan 60 per cent The TIme increase inthe in to time the total gold production of the time world orld which rose from front in 1890 t to tf on Ill rusts rust's 21 EXTRAVAGANCE Continued from page 1 over ver in 1908 has been made the he basis for one form torm and another of ot credit Issues aggregating a vast sum Tariff Contributing Cause The tariff Is ls another contributing I cause ause It Is true that It can furnish but a partial explanation For to only a limIted lim- lim ted extent can the rise in food tood prices can an be affected or be traced to the tar- tar Iff If Combinations which are actually in restraint of trade which have monopolized monopolized their field and are either controlled b by y a common secret management or a secret ecret agreement to maintain exorbitant charges narges are partly responsible Still more of the rise of ot prices is due to o the decline of ot agricultural products as s compared with the increase of ot lation Decrease In the number of ot cattle and swine is also given as aJ a reason When due allowance has been made for or the effect of these forces that make malee for or dearer living there still remains a large arge unexplained balance said Mr Hill This must be credited to the lavish expenditure ex expenditure ex- ex which has now grown to be a national trait Waste Idleness and rising wages all related Inter to one another now as cause and now as effect are text lext to an over- over Issue of irredeemable paper the three most powerful forces In the world to raise prices Perhaps the greatest factor of ot all in the ne price problem Is the wage rates Everybody knows that labor cost Is the principal item in all forms of ot Industry The wage rate has been rising steadily In n this country To resist it is difficult and may be dangerous The effect of ot national waste of capital capitals Is s felt immediately In the tho added weight of taxation The taxes collected annually from rom the railroads of the country have in increased increased in- in creased by and by more than per mile of track between 1900 and 1908 Modern Modem Vf vs Medieval Theory The modern theory that you can safely safely safey safe- safe ly y tax the wealthy Is Just lust as obnoxious as is the medieval theory that you can safely safely safey safe- safe ly y oppress or kill the poor It Is obnoxious not because wealth deserves special consideration consideration consideration con con- but because capital is the mainspring of ot all industry and material development The saving feature of our situation is that it is not complex and that the remedy remedy reme reme- dy Is not obscure The Ideal of ot Intelligent intelligent intelligent intelli Intelli- gent economy must be restored Let the rule be that every dollar unprofitably spent marks a crime against posterity just as much as does the dissipation of ot material resources Expenditure must be cut down all along the line Credit r I everywhere v e should be conserved b by y a sharp scrutiny n of new o bond issues The nation should reserve them for the crisis of war No state need ever borrow again J if it is wisely and honestly gov gov- Stop grafting the offspring of public extravagance and the parent of ot civic de de- de- de cay Individual and public economy a ajust ajust aust just distinction between a high standard of comfort on one side and vulgar ostentation ostentation osten- osten tation or criminal waste on the other a check on income wasting debt creation and credit Inflation these Inflation these are the essentials essentials essen- essen of ot the new and better conservation The reform is so great so indispensable so linked to our moral as well as our ma- ma I erial progress that It would seem to appeal appeal appeal ap ap- ap- ap peal to the heart and mind of every American and win his enthusiastic devotion devotion devo- devo tion lon until its battle shall have been won and self-Interest self strike hands here lere for tor the protection of ot our home and happiness from those most dangerous of ot all enemies the foes toes within our own bor bor- borI I ders |