New-York tribune., 1909-09-15
HILL WARNS BANKERS
MUST LOOK TO THE FARM.
President Reynolds FaUOrs Central
Bank-Murray and Cannon Speak.

Chicago. Sept I4-warniny that the United States
may soon cease 20 be exporter of foodstuhs was
given 20 the American Bankers Association to-day
by James J. HILL chairman Of the board OF the
Great Northern Railway. At the close OF the hrst
days session Of the thrty-ffth annual convention
OF the organization here Mr.. Hill made an address,
In which he said:
The idea that we feed the world d. is being pa GG5
can and 1hr p Sn w t9e spon s1persede
the question OF a market abroad
This possible condition. he said. due TO the
increased tendency OF the rural population to leave
agricultural pursuits and seek city life In cor
roboration OF this he cited the decrease in the
value of farm lands In the Eastern States, and
contrasted the conditions in European countries
with those in the United States. All through the
address Mr Hin sought 10 impress on the bankers
that future prosperity is TO come in the develop
of agriculture rather than in an extension OF
foreign markets for manufactured goods. He spoke
in part, as follows
We have almost reached a point where. owing TO
increased population without increased production
@ @ acre & our aoe .bi a9.S S1s & ears ears possblV less
We likely TO become wheat importing nation
culture and the wheat product per acre are both
falling; al the same time the cost OF living Is
raised everywhere by this relative scarcity OF
bread by artificial increase in the price Of all
Fanoe Which has enlarged the view Of both rich
ana poor & 81 what are TO be consosred ] ne isegs
arouse not only the economic student but The men
VINO are most intimately related ke the NeSilA OA
the nation and most concerned thai il shan not
suner loss or decreases.
Mr.. Hill asserted that the majority Of people fai!
70 realize practically the declining status Of asri-
culture in the country. He added:
They misled by The statistics or farm values
and products, mounting annually by great leaps.
antO thinking that this absolute increase implies a
relative advance OF this industry - compared with
others Exactly the opposite is the case i refer
pot merely TO the quality and results OF tillage.
the cultivated held and toward the factory gate o.
the city slun. This is something whose conse-
quences for evil are as certain as If the agSresat
deposits in all the banks Of this country de.
while their loans were increasing by another per
centage just as stable You would know what
II means the same thing, In kind and conse-
producers and depositors in the great national
treasury Of wealth, is declining year BY year while
drafts upon the land and cannot live year after
Yef nor a5v IS sSc cisis anpSoacbins hP II T.
being FASTENED by legislative stimulation in favor
You deal with wealth in its most condensed and
universal form. That wealth is the slow accretion
Of many centuries. IL changes its form and occu-
patton with wonderful facility, but so slightly at
al times is the margin between the worlds pro-
ductiOn and its consumption that It's savings have
been acquired almost as slowly and painfully as
lie between universal cessation OF production and
the destruction of the human race by starvation.
me nlaINeIlols olNerslty OF modern industry and
1is products blinds 20 the bare simplicity OF the
in supplying 10 industry the means 10 carry ii of
who open up the main and lateral channels through
which the fertiliZing stream Of capital may be
turned upon the otherwise barren field OF Ia bor
should be always mindful Of the first great source
and storehOuse OF national wealth. and the most
sensitive whenever il is depleted or endangered.
The speech OF Mr. TIill received with close
attention by the delegates. II followed an address
by Lawrence o. Murray. Controller OF the Cur
rency. Mr.. Murray emphasized the necessity OF
cooperation between the Controller and the ma
fional bank examiners, and pointed out that ex-
Rminations have been raised from a perfunctory
review TO a systematic investigation by trained
officers Referring TO the guarantee OF bank de-
posts. Mr.. Murray said:
believe in just one kind OF guarantee OF de-
posits. believe in the guarantee which comes
from the Controller Of the Currency doing his ..uty
under the law from the bank examiners doing
their duty; from the executive officers and direc-
tors of the bank doing their fun duty, IN accord
ance with the oaths Of Office which they take That
kind or guarantee is practicable, and does
the banks an extra dollar nor permit deposltors to
lose dollar.