St. Johnsbury Caledonian. [volume] (St. Johnsbury, Vt.) 1867-1919, 1910-03-30
Things to Ponder Over.

lanes 7. Hill has had a life that should
not in any way make him a pessimist
and we do not believe it has. The state
ments made by him in an address before
the Minnesota conversation convention
recently should have a very SOLDERING
effect upon the thinking American and if
given proper heed would go far toward
reducing modern financial life to a basis
of sanity. Here are some of the facts he
brought OUT
"The increase of apparent resources by
an easy resort to borrowing, the
mortgaging of a patrimony not our own
to obtain material for present extra
vagance, the diversion of wealth from
productive to reproductive uses, all
these have gone further than most people
realize"
The total debts of the States including
all minor civil divisions down to 1910,
outside of and in addition to the nation
al debt, would probably show an in
crease of billion and a quarter to
billion and a half dollars for the last
twenty years, and grand total of over
two and quarter billion dollars; about
double what it was in 1890.
The expenses of the national govern
ment since 1890, have grown by $685.
100000 each nine years on the average,
or $2O,OOO,OOO a year, until now they
are 1914 per cent. more than they were
18 years ago. In 1906 they were $4.75
per capita and in 1908, $3.50.
He holds the enormous currency inha-
ton, the tariff and increased wage vote
responsible for this reckless extra
vagance. They have resulted in immense
increases in the burdens of taxation, the
taxes on railroads having increased over
200 per cent since 1889. He then utter
ed this warning;-
THE modern theory that you can safe
ly tax the wealthy is just as obnoxious
as the medieval theory that you can safe
ly Cypress or kill the poor. 1t is obnox-
ious not because wealth deserves special
consideration, but because capital is the
handspring of all industry and material
development; and, after you have devo-
ted so much of it to the unproductive
purposes that the State represents
when it transcends its primary function
as keeper of the peace and administrator
ofjustice, there will be just so much less
left to pay out in wages and devote to the
creation of other wealth"
That Mr.. Hill is not pessimistic is
shown by the following statements as to
remedies
1.-The saving feature of our situation is
that it is not complex, and that the
remedy is not obscure. The ideal of in
telligent economy must be restored. Let
the rule be that every dollar unproftably
spent marks crime against posterity
Just as much as does the dissipation Of
material resources. Expenditures must
be cut down all along the line.
Credit everywhere should be conserv
ed by sharp scrutiny of new bond is
sues The nation should reserve then
for the crisis of war; no State need eve1
borrow again if it is wisely and honestly
governed.
stop grating, the offspring of public
extravaganza ana the parent OF CIVIC
decay. Individual and public economy
just distinction between high stand
ard of comfort on one side and vulgar
ostentation or criminal waste on TIT
other; a check on income wasting, deb
creation and credit imitation, these ar
the essentials of the new and bette
conservation. The reform is so great, 81
Indispensable, so linked to our moral a
well as our material progress that i
would seem to appeal to the heart ant
mind of every American and win hi
enthusiastic devotion until its last battl
shall have been won. Patriotism ant
selfinterest strike hands here for tn
protection of our homes and happiness
from those most dangerous of al
enemies. the foes within our OWL
borders
In these few sentences, Mr.. Hill, one O
the greatest financial authorities of thi,
country, has preached to the American
people one of the most WHOLESOME
sermons pronounced from any source il
this age of wit and wisdom.
IL