The river press. [volume] (Fort Benton, Mont.) 1880-current, 1906-03-07
The American
Habit of
ExtraVagance
BY STUYvESANT FISH. President Illinois
Central Railroad

N the household no one will question that our people are spend,
thrhts, earning money freely and wasting it to such an extent
as to make it proverbial that what is thrown out Of our khch-
~ ms would support FRUGAL PEOPLE in almost any coun.
try in Europe. While we have in recent years become in no
small measure manufacturers, W are still essentially an agricultural
people, producing from the soil more than we consume and exporting
the surplus; hence, any sum, however small, which on the average is
saved by each citizen rebounds to the benefit Of all by increasing our
ACCUMULATED capital.
Turning to our general or public economy, no one can examine ap-
preparations made by congress, by the state legislatures and by our
municipal governments without approaching that there is in each a
conspicuous N GROWING lack of economy. There are not onlv
waste and extravaganza in administration and what is now commonly
called graft, which is a combination of bribery and larceny, but what
is economically worse, the laws r so framed as not to get the best use
out of the taxes paid by the people.
WHAT WE HAVE TO FEAR IS NOT so MUCH The NAOMI.
tube OF THE APPROPRIATIONS As THAT OUR LAWS REQUIRE
THAT uNEcoNoMncAL AND, THEREFORE,, BAD USE Be MADE OF
THEM.
| need not repeat that the country is prosperous and likely to so
continue. While fully approaching these facts, we cannot shut our
eyes to the trouble that has been going on in the CENTER of our
financial system. Much has been said in the press, not only at the west,
but even in conservative Boston, which reminds rs of the old fable of
the quarrel which the various members of the human body had with
the stomach, for, after al, W must admit that it is in Wall street that
securities are DIGESTED.
With most of what has been said in violent pronunciation of any
thing and everything in Wall street I can have no sympathy, although,
on the other hand, we must admit that MUCH is WRONG there.
The situation may be illustrated by a rather unpleasant smile.
Throughout all time men have had trouble with their digestive proc
esses until in our day much from which our fathers had ignorantly suf-
tered as pain or inflammation in these parts has been distinctly dag
nosed as coming from the vermiform appendix, and modern surgery
has in thousands of cases succeeded in SAFELY REMOVING that
fudimentary and useless organ, to the great relief Of the race. Having
looked into the matter myself somewhat carefully Of late, 1 say in all
seriousness that not only in the insurance companies, but in many other
corporations, there is need of the advice and probably of THE KNIFE
Of the TRAINED surgeon.
"rfTT 1mi ljI f!n. ssR
There is wrong in the management Of many corporations, and it
should be removed, cost what it may, for the benefit alike of the pa
tient and Of the community. Without pretending to any superior
knowledge on the subject, but having given to it thought not only of
late, but for years past, with respect to corporations generally, 1 think
that THE ROOT OF THE EVIL lies in too few men having un-
dertaken to manage TOO MANY corporations; that in s. doing
they have perverted the powers granted under corporate charters in
their hurry to do a vast business.
While the evil applies to corporations generally throughout the
whole country, my meaning can perhaps be best. illustrated by taking
the case of the three great life insurance companies in New York-the
Mutual, the New York Life and the Equitable. A year ago these three
companies had, as shown in the Directory Of Directors published by
the Audit Company of New York, ninetytwo trustees o r directors
WHO LIVED IN NEW YORK. Of them one was a member Of
seventythrec boards, another of fftyeght, another of 6ftyfour, an.
other of ffythree, another of forty mine, another of fortyseven, an.
other of fortythrce and another of fortyone.
AND TO SUM UP, THOSE NlNETYrwo GENTLEMEN HELD
FOURTEEN HUNDRED AND THlRrv.N,Ne o,RecroRsHiPs IN
CORPORATIONS WHICH WERE SUFFICIENTLY WELL KNOWN TO
The Wonderful Qualities