Bismarck daily tribune. [volume] (Bismarck, Dakota [N.D.]) 1881-1916, 1910-08-25
INDIVIDUAL AND COMMUNITY
ExTRAvACANCE


IN times III nigh pr7ces grpd crDus
and pIen,itude vi labor. the tendency
is 10 i've high The individual and
the community have alike the zen
deDry W spend :asjIy what cD,Hes
easily. The sum Of individual sx-
trayaxance makes national extraya
xance. National extravaganza gOes
along for II period III years and then
enforced liquidation makes hard times
There are aOinc far seeing men In
this country who have called attention
from time to time TO this general
tendency and the necessity OF chOk
Ing II. One Of them liz James J. iii.
Fortunately for Mr.. IiilI he IL "A bust
ness man and not Il politician. and
he can tell the people Of the country
some unpalatablc truths without fear
OF their retaliation at the polls. IL
is 10 be regretted that we have not
more political leaders with the same
capacity for telling the truth that Mr..
Hin has. II would do us more good
than windy buncombe about our
wealth and possibilities. and noisy
nonnl greatness.
The New York Journal OF Com.
merce. In commenting on II recent
speech OF Mr.. Hill. says:
When Mr.. I'M has anything to say
about conditions or prospects 1t Is dit
hcult not to pay attention to IL. What
he says IL apt TO provoke comment Of
one kind or another Mr.. Hill comes
back from the west without having
lost any OF bis optimism. He thinks
that banking affairs In the chief ives.
tern cities are In careful hands," and
that LEADERS In finance in the west
have been pursuing conservative
course this summer" so that section IL
"well prepared to handle the crop
moving" and there need be no apprc-
hsnsi0n In the east on that score.
There Is no boon In the west and
he seems to be glad OF It. Caution IL
necessary" he says. in business IN
dertakings at this time and is being
observed" He laughs at the idea of
panic and depression and says there
~ not present a single element neces-
sary for bringing on panic" He
even finds comfort in the unsatisfac
tory crop Yield" as a "benefit TO the
farmer" It Is teaching him lessons.
"In places where the ground was care
fully cultivated and everything wasn't
left TO nature "A surprisingly good yield
was secured. and this In spite OF bad
weather And the men on adjoining
property who tried to let nature do 1t
all saw bis neighbor getting good
average per acre" A lesson like that
Mr.. Hill thinks lis not soon forgot
ten"
But always OF late he has his note OF
warning. He fnds the greatest men
ace to this country is extravaganza.
He speaks OF the increase OF 200 per
cent In the running expenses OF thirty
leading states In the last twenty years
and the enormous amount OF money"
that has gone into the Panama canal
and other undertakings" without any
return up to this time. Much OF this
expenditure may have been neces-
sary but one must remember that this
money has not gone into the construc'
ton of railroads and factories or into
productive channels" and I'VE must
no a little more carefully In our ex-
penditures."
Mr., Hill IL not quoted as laying
much stress upon private extrava'
gance this time. but he has done 30
before. This II really most import
ant factor in the present situation.
Governments, national, state and num-
ieipal, absorb vast amount Of capital
yearly and put II TO uses that are not
directly productive. though that IeEiti.
-.ta,s nvcnuNnN contributes IN the