, 1910-12-31

fingers TO lips and between occasional puffs
explained the reasons for his prophecy, am
plifying the views he recently gave 10 The
New York Times, and later repeated 70 Pres
ident Taft, who was astoni8hed by them.
Mr.. Hill declared that the Ainerican
people were too complacent. They spent
too freely, and we're greatly inclined to take
a rosy view of things entirely unwarrafted
by circumstances -
Extravaganza has been Our great fault, .
he said. I'VE have been wasting entirely
too much in non-productiye undertakings.
As u rule we have been given too much to
a~dornments. We have become obsessed with
the city beautiful in municipal affairs. We
have followed like policies in the State aud
National Governments.
"Battleships NOT only in this country but
also abroad are Illustrations OF thu eXtraya-
gance in which the world has been plunged
for the last two decades. The money for
the construction of these has been Withdrawn
from commercial circles, and almost as good
as squanderea in 50 far as there can be any
tangible returns observed.
1--WE have gone to considerable expense
to dig the Panama Canal. | presume now
we will have to fortjfy it. It's all very we'll
to make appropriations for such purposes
it's easy to contract debts, but the reqI diff
Guilty arises when we come to get the money
with which to make payments.
"In four years, from 1892 to 1896, our
Federal expenditures were $l,8OO, 900, 700.
For u similar period from 1904 to 1903 we
spent about So, 100000, 600. Yet we pay
our taxes and harp upon the high cost Of
living, and even in doing this we liuger upon
the brilliant prospects which we think the
future holds in store for us.
IF a man buys a farm and cu!tivates it
he contributes to the material wealth Of so
ciety. If he permits the land to lie idle he
has subtracted from the general wealth by
withdrawing his money from and
investing in a non-profitablo enterprise. The
latter Illustration serves best to Indicate our
trend in all departments Of our Govern
ment.
Disclaiming any intention of posing as o
calamity prophet, Mr.. Hill insisted, however,
that it was not a guess which he hazarded,
but q statement of an absolute certainty
what awaits the country tomorrow or the
next year when business activities become
dormant. He pointed out that at present
ther9 is very little projected, which means
d suspension Of activities.
"Do you hear of any generally systematic
plans for improvements during the next
year?" he asked. 'Ihere are none. tactO-
ries and such other enterprises which are
productive in their nature, and which con-
tribute to wealth, are not contemplated by
those who have the money to invest. This
means that those who have nothing to sell
but their time will be without employment.
There will have to be q shutting down Of the
mines because iron and coal and other min
erals that go into the production of CONNER
cial articles will not be in demand. The
same might be said about the lumber bust
ness and other forms of activity. As a result
of all this there will be many thousands Of
people without employmeut."
'In preparing our Great Northern order
for next year we find that we are going to
need very few supplies. This is because we
are making no extensions. Last year we
ordered 245, 600 tons Of rails and no surplus,
For the next year we will need only about
10000 tons.
II might repeat such illustrations in our
business. Last year we had to have LEGO
new freight cars this year we shall need
but 5000. Last year we were compelled to
equip Il large number Of passenger coaches
this year we shall need none. We ordered