The Pensacola journal. (Pensacola, Fla.) 1898-1985, 1910-03-18
Railroad Magnate Addresses
Minnesota Conservation
: Convention.
"WE ARE LIVING IN AGE OF
WORLD WIDE FINANCIAL DE-
LlRlUM," HE SAID-TOUCHES
ON NATIONAL EXTRAVAGANCE
=
WHICH is WORSE IN CITIES.
Nv Associated Prass.

ny ASSOCIATED Pfc&&.
st. Paul, March Thames ]. Hill
delivered an address at the Minnesota
Conservation Convention today, in
which he urged the conservation of
capital, condemned extravaganza, gave
the causes Of the increase in prices,
and told how the situation described
by him might be remedied.
Great interest was taken in the
speech of Mr.. Hill, who declared that
1--WE are living in an age of worldwide
financial delirium;" that next after
the conservation of the land, it's area,
use and fertility, must come the con-
servation of national capital In the
shape of cash and credit"
Mr.. Hill said in part: "The i'm
mense increase of wealth all over the
world has greatly augmented the sup
ply of capital. The mobility of this
capital, the ease by which through in
ternational exchange it can be made to
satisfy need now in one country and
now in another, strengthes the i'm
preston that it is inexhaustible. The
addition of uncounted billions to the
aggregate wealth of the world has
stimulated the spirit of mankind. It's
availability has lulled to sleep natural
prudence and quieted the alarm of
life. The increase of apparent re-
sources by an easy resort to borrow
Ing, the mortgaging of patrimony not
our own to obtain material for present
extravaganza, the diversion of wealth
from productive to unproductive uses
all these have gone further than
most people realize.
THE people of the United States in
herited from its founders a whole
some tradition against debt, which is
only now disappearing from the con-
duct of national affairs" Mr.. Hill
said the nation debt now tends to rise,
concealed under the polite fiction of
certificate sof Indebtedness to cover
treasury deficits. "If," he continued,
"the advocates of large bond issues for
all manner of internal Improvements
should carry their point, if that re-
source is mot definitely restricted to
the emergency of war, We will be in
the condition of Europe, where the
motto of every chancellory now seems
to be After US the deluge.'
Extravaganza in Cities.
'In our cities modern extravaganza
finds it's most untrammeled expression.
The total debt of the states, including
all minor civil divisions increased $13,-
e21, ,443, or 1.25 per cent, between 1880
and 1890. Between 1890 and 1902 it
increased $727,77S,393, or GA per cent.
Nearly three-quarters of a billion in
twelve years. an average of $50 900 900
a year in the amount borrowed by the
people, ought to make any country
stop and think. Most of the actual
material development is privately
financed, and carries it's own bonded
Indebtedness, which the public finances
cannot take into account. The figures
down to 1910, outside of and in addi-
tion to the national debt, would proba-
bly, show an increase of a billion and
R quarter OF a billion and a half dol
lars for the last twenty years, and a
grand total of over two and quarter
billion dollars; about double what it
was in 1890.
Debt figures, however, do not be-
gin to tell the story of our national
extravaganza. Only small part of
our expenditure is represented by
debt tables. The rest is raised by in
creased taxation. | know of nothing
bearing more directly or forcibly upon
the subject of national waste and the
conservation of national resources
than the profligacy disclosed by our
public expense ledgers.
Although the great business eXpan-
sion of this country began right after
the civil war, the expenses for 1890
were but four million dollars greater
than those of twenty years before.
Since 1890 these expenditures have
grown by $1S0,000,000 each nine years
on the average. or 100000, 900 a year,
until now they are 1914 per cent more
than they were eighteen years ago.
Expressed in terms of per capita outgo.
these charges. which are only part of
the cost of maintaining the federal
government, rose from s4.75 in 1890
to $6.39 in 1900 and to $756 in 1905
1T is always asserted, when the
truth is told and demand for economy
Is made, that the development of the
country and its increase of wealth
have been so great as both to require
and justify enlarged outlay. The
answer to the charge of billion doll
lar session of congress is that this has
(COnfinnad