Waterbury evening Democrat., 1907-11-20
TIME ID SOBER DOWN
]. J. Hill Says Attacks on Rail-
 roads Made Panic.
PUNISH EWLDOERS, HE SAYS
"Put an End to Wholesale Denuncia- ton and Prescription Destructive of Credit and Hostile to Every Busi- ness Interest" Masnate Suggests.

ton and Prescription Destructive of
 Credit and Hostile to Every Busi-
 ness Interest" Masnate Suggests.
 Kansas City, Nov. 20.-James J. Hill in an address at the banquet of the Commercial club here gave his views of the present financial crisis. He said:
 Perhaps the controlling factor of the situation in this country is the shock given to confidence in our invest ments all over the world and the con- sequent limitation of credit.
 Credit is the atmosphere which in Hates the lungs of business, and when it is greatly lessened business must be reduced in proportion or be quietly smothered.
 For this reason attacks not on indi- vidual transgressiOn. not on dishonest finance but upon existing business sys- tens, representing the fabric of society itself, may destroy by impairing credit what a generation could not rebuild
 Attacks on Railroads.
 ollllSul III lilohy CSeitCo have been made on the issue of gen eral assault on the integrity of rail road property and management.
 "There followed wild raid in which over ITO acts more or less contiscatory of railroad property were enacted by the legislatures of more than score of states.
 "The consequences to the transporta- ton system, to railroad construction and through these to the price of farm products and to the success of every form of business have already made themselves felt, and the country shiv- CTS under the blow.
 "If such continued to be the attitude of the public mind, there will presently be no power short of a pledge of the credit of the government itself able to secure the funds necessary to provide more tracks.
 Tt behooves every business man to consider in a purely business way this business problem, for it Is his problem. He individually will suffer if railroad construction does not keep pace with business growth. This is not a ques- ton of private opinion or of politics, but one that touches directly the wei fare of all the people.
 Pleads For Fair Laws.
 Before we again realize a favoring disposition to invest there must be a 6iffarnnt lo ,-;o,, oPI I,,e tice, q better appreciation of what the railroads of the United States have done and are doing as compared with those of the rest of the world and a settled policy of fair and reasonable liberal treatment and protection for the future. The duty of the state to- ward railroad property, which should have the rights common to other prop erty, must be considered as well as the duty of the railroad to the public
 Tt is necessary to this end that the operations of our railroads should be regulated properly by wholesome and fair laws and quite as necessary that they should not be regulated improp- erly. Regulative statutes are now in force of such scope and stringency that no one denies their efficacy.
 Tt would be easy so to multiply and add to their burdens that the confi- dence necessary to investment would be entirely destroyed and the develop ment of the country prevented.
 '"Whether this Is a time for new enactments or for a patient, fair and just enforcement of the laws as they stand may be judged from the records of the past.
 "Stop Wholesale Denunciation."
 "We have read of conflict between righteousness and business. There can | be no such conflict unless there is fraud at the business end or hypocrisy and cant at the righteousness end. If any man has done evil, if any corpora tion is shining against the laws, let him or it be punished under the law.
 But put an end to wholesale denun- citation and wholesale prescription. de- structive of all credit and repugnant to all sense of justice, as we'll as hos tile to every business interest in the land.
 Tt is time for the whole country to sober down and think out the prob- lens before it. They are serious enough to call for its best and most earnest effort. They are vital enough to engage the most generous patriot ism.
 "A hearty union of all interests. broad and genuine understanding and a more cautious, honest and tolerant attitude in all our public acts will most effectually promote success in in- dustry and sanity and permanence in the nation"
 2 Taft Starts For St. Petersburg.
 N+1uHEvnafos- NnE- pO Car-aFaFv Taft