The Washington times., 1909-09-26
AN EMPIRE-BUILDER ON AN
EMPIRES NEEDS.

James j. Hill, which is printed in an
other place in this paper, deserves the
widest circulation and the most
thoughtful consideration. Who better
than the transportation and financial
genius of the great Northwest is
equipped to advise the nation
about its material Problems Forty
years ago he saw clearly through four
decades, to today; and the eve of his
imagination showed him not only that,
but also the road to Today; the road
of Growth, of Fortune, of Stste-build
ing. He has been the greatest Ameri-
can expansionist since Jefferson. Shall
we not, then, knowing how good is his
vision of affairs, give ear to what he
suggests of the next generation, its
problems. and its demands
Mr.. Hill has developed a certain
tendency to pessimistie views in later
years. The development. it must be
noted. was approximately coincident
with the shaping of the public's de-
msnd for regulation of the great car
riers. His vast personal interests in
transportation instrumentalities may
be~suspected of somewhat blasting his
impressions in this field We may in
dulge some doubts about the finslity of
his conclusions on railway finance, in
view Of experiences in older countries
than this, where. under another sys-
TEN. railway capitalization is being
progressively reduced, instead of con.
stsntly increased. Mr.. Hill believes
there is possibility of general increase
of railrosdfrates. in order to earn re-
turns on the vast investments which
must be put into increased facilities
We must side rather with that increas-
ing section of opinion that believes
proper restriction of capitalization
with its guarantees OF security to the
investor, will make it possible TO raise
the necessary capital without increase
of charges. The vast SURPRISES, the
vsster investments out of surplus
which Mr.. Hills own roads have mad,
in extensions and betterments, seem tC
point the road to financial security il
future.
But what could be more vigorous o.
logical than the proposal of Mr.. Hill
that the public credit must be con
served, and that it were better to PAY
az We go, in the matter, for example
of waterway betterments, than 70 issu,
a vast draft on the future in the shap,
Of bonds? Mr.. Hill does not favor sell
ing billion dollars worth Of bonds anC
then spending the money on waterways
So huge a transaction would invit,
vastefulness, he declares; and, anyhow
the annual interest on the billion would
be forty millions. Why not give tel
millions more direct from the Treasury
each year, and spend s50.OOO,OO9 pc
annum for twenty years doing tina
work, and avoid having any debt whel
the work is doney The fifty million
is all Mr.. Hill thinks can be ef
fectively spent, and probably he is RICH
about il.
Mr.. Hill evidently has no more con
fdence in the administrative ability o
Congress than most other people have
He would take the waterways ava.
from Congress and give them to a gres
commission to be improved. Then j
might be done in pursuance OF a great
vide-seeing plan, as the Government
irrigation works have been built.
And especially is there food 10
thought in Mr.. HIPS analysis Of In
future of railroad systems. He doc
not believe there will he much NOR
consolidation. Systems are now as bi
as men can manage. Geographical an
trade conditions define them; they ar
developed to the needs Of their terri
tories Nothing would be gained b.
expanding them. and the sdministra
tive burden would be so great tina
efficient management could not b
secured.
In this Mr. Hill IS entirely right
He and his great rival, Hartman, nj
tsrly disagreed at this point. Il soul