The Detroit times. [volume] (Detroit, Mich.) 1903-1920, 1910-03-18
We ARE IN ACE Of
MONEY DEL|RIUM
JAMES }. HILL
Empire Builder of Northwest, Speak
ing at Conservation Meeting, Urges
Moderation in Expenses.
JAMES }. HILL.

ST PAUL, MINI. March H.
James j. Hill delivered an address in
the conservation meeting here today.
Referring to the conservation OF ma
tional capital which he places next
In importance to the conservation Of
land he said:
Il would suggest that the friends
of conservation take steps everywhere
TO give to this Indispensable posses
sion the same protection from the
spoiler that We are trying to give 10
the soil. the forest. the water power
and deposits of mineral wealth.
We are living III an age OF world.
wide financial delirium. Most OF the
nations have thrown away modera-
ton in the spending Of money.
The people OF the United States in.
herited from its founders a wholesome
tradition against debt, which is only
now disappearing from the conduct
OF national affairs. This, together
with the enormous resources at our
command and the consequent ability
OF our people 10 pay increasing taxes
without distress, has kept our national
debt a, a moderate figure. Until the
time OF the Spanish war and the Pan
anna canal il decreased. II now
tends to rise, concealed under the pO
lite fiction of certificates OF Indebted
ness to cover treasury deficits. II
the advocates of large bond issues for
all manner of internal improvements
should carry their point, ii that
source Is not definitely restricted TO
the emergency of war. we will be in
the condition of Europe. who're the
motto of every chancellor now seems
TO be After us the deluge.
After quoting statistics showing the
national debts of the countries OF
Europe, which show the annual inter
est charge to be now over 81 0.000,-
900 Hill said
The new budget threatens to shake
the political foundations of England
with its revolutionary proposals for
raising more money where borrowing
had become impossible without utter
turmoil and another drop In the price
of Conspls. ." Now how about our
selves2
"Leaving out the debts of counties,
municipalities and school districts,
the aggregate debt OF all the states
and territories, less sinking fund as
sets. was S274,745.772 in 1880; in 1890
IT was 11,2l0.4S7, and in 1902 1t
was 1924. 07.s73. The decrease for
tie first decade was 23l per cent and
the increase for the twelve-year per
iod 10 1902 was 11.2 per cent The
figures down to 1910. outside OF and
in addition to the national debt. would
probably show an increase OF billion
and a quarter to a billion and a half
dollars for the last twenty years and
n grand total of over two and quar-
ter HILTON dollars-about double what
1t was in 1890.
The phenomenal increase OF pub
lie expenditure has already produced
a plentiful crop OF public ills. IL is
one of the causes OF the increase In
prIces now disturbing the people.
He ascribed the tariff as one OF the
contributing causes of existing con-
Gitions. and con- nued:
Combinations which are actually IN
restraint OF trade. which have moncp-
ol!zed their field AMI are either con
trolled by common secret manage.
ment or 4 secret agreement 10 main
tain exorbltant charges are partly ~
sponsible. II the operations OF these
had been followed with the same In
lerest by the pubic and checked with
tn, same rigor Ey state and nation
that are now displayed by agitation
against railroads the codn.
trv would not be so Supplied as it is
today by great partnership or SO Le-
,yjldered about the remedy"