The Fargo forum and daily republican. [volume] (Fargo, N.D.) 1894-1957, 1910-08-23
MENACE OF ExTRAvAoANcE.

The New York Journal of Commerce
has the following comment on j. ].
Hills views on extravaganza of the
people of this country:
When ]. j. Hill has anything to say
about conditions or prospects it is diff
cult not to pay attention to it. What
| he says is apt to provoke comment Of
one kind or another. Mr.. Hill comes
back from the west without having
lost any of his optimism. He thinks
| that banking affairs in the chief west
ern cities are in careful hands," and
that leaders in finance in the west
have been pursuing a conservative
course this summer" so that section
| Is well prepared to handle the crop
moving" and there need be no appre-
hension in the east on that score.
There is no boom" in the west and
he seems to be glad of it. Caution is
necessary" he says, lin business I'M
dertakings at this time and is being
! observed" He laughs at the idea of
panic or depression and says there is
not present single element necessary
| for bringing on panic" He even
crop yield as benefit 10 the farmer"
1t is teaching him lessons. In places
where the ground was carefully Guilt
waited and everywhere wasn't left to ma
ture surprisingly good yield was Sc
cured, and this in spite of bad weather.
And the men on adjoining property
who tried to let nature do ii all saw
his neighbor getting a good average
/ per acre." A lesson like that Mr.. Hill
thinks 'is not soon forgotten"
| But always Of late he has his note Of
warning. He finds the creates menace
to this country in extravaganza. He
speaks of the increase Of 200 per cent
in the running expenses of thirty lead
ing states in the last twenty years aud
the enormous amount of money" that
has gone into the Panama canal and
other undertakings" without any re-
turn up to this time. Much of this ex-
penditure may have been necessary,
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 go
a little more carefully in our expepdi-
lures"
| AIEs 11Al - not Quul6Q hS laying ulucl
stress upon private extravaganza this
time, but he has done so before. This
is really most important factor in the
present situation. Governments, ma
tional, state and municipal, absorb a
vast amount OF capital yearly and put
it to uses that are not directly produc-
tive, though that legitimately expended
contributes to the productive power OF
the nation, 1t Is only the real waste
that Is to be condemned. The people dc
not sufficiently realize that this is alb.
sorbed from their earnings by taxation
and is capital destroyed which might
be employed in production with all its
dement's. But private squandering is
still more destructive in the aggregate
There is waste In lack Of economy and
efficiency in the conduct of business
and more in the spendthrift habits OF
the people. This goes on while the
greatest need of the country for pro-
gress in the general welfare is saving
and accumulation of capital, instead OF
everlasting borrowing abroad and pay
ing interest and dividends on foreign
investments, and at the same time hay
ing enterprise held in check for lack
OF means