The farmer and mechanic. [volume] (Raleigh, N.C.) 18??-19??, 1910-03-22
lRy the Associated Press

L 4 C~dlp II = AA~&
J. Hill delivered an address at the
minnesota Conservation Convention
today, in which he urged the cOnSer-
Eation OF capital, condemned e~xtrava-
gance, gave h causes of the Increase
III prices. and told how the situation
described by him might be Temedied.
Great interest was taken in the
speech Of Mr.. Hill, who declared that
we are living in an & OF world
wide financial delirium"; that next
after the conservation of the land, its
area, use and fertility, must come the
conservation of national capital III
the shape OF a and credit"
supply OF Capital Augmented
Mr.. Hill said in part: The immense
increase of wealth all over the world
mas greatly augmented the supply of
capitai. The mobility OF this capital,
The ease by which through interna-
tiOnal exchanged it can be made to
satisfy Il need now III one country
II 90 in another, strengthens the
impression that it is ~ineEhaustible.
The addition OF amounted billions to
The aggregate wealth of the world
has stimulated the spirit Of mankind.
It's availability has lulled to sleep
natural prudence and Quoted the
alarm OF moments Of sanity in the
s~pend-thrift's life.
The increase OF apparent re-
2oUrses hy an easy resort to borrow
AiSt Az 41t'it S@-tlIS VI 1t pau iIIIpIiN
not our own 10 obtain material for
present extravaganza, the diversion Of
wealth from productive TO u~npr0duc-
1--WE uses-alI these nave gone further
than most people realize.
The people OF the United States
Inherited from its founders q whole
some tradition against debt. which IS
only 40" disappearing from the CON
duct of national affairs" Mr.. Hill
said the national deb now ENDS to
Use. concealed under the polite fic-
ton OF certificates Of Indebtedness to
cover treasury deficits. If" he CON
tinued, the advocates of large bond
issues for ali manner Of internal i'm
proVef1tntS should carry their point,
II that r~esOurc is not definitely re
Strtcted To- the emergency Of W q we
viii De in the. condition Of Europe,
where the motto Of every chancelIory
ROW seems to be. After US the de-
ltge"'
U~ntra'nmeled Extravaganza.
I'm Il cities, modern extravaganza
finds its most untraInmeled express
sion. The total debt of the States,
including ell minor civil divisions in
creased $13,921.443, or 1.z5 per cent
between 1880 and 1890. Between
1890 and 1902 it increased s~T27,T7&,-
1913, or So. per cent. Nearly three
quarters OF q billion in twelve years.
an average OF $50, 900, goo q year in
the amount borrowed by the people,
ought to make any country stop and
think. Most of the actual material
development is privately financed,
and carries its own bonded indebted
ness, which the public finance can
not take into %count The figures
down TO 1910. outside of and in addi-
tion 80 the national debt, you'd prob
ably show an incrfiease of q billion
and a quarter to a billion and a half
dollars Tor the last twenty years, and
y grand total Of over two and q
quarter billion dollars; about double
what it was in 1890.
Debt figures. however, do not be
gin to tell the story of our national
Extravaganza. Only a small part of
'ous' expenditure is represented by
debt tables. The rest is raised by
Increased taxation. know Of moth
ing bearing more directly or forcibly
upon the subject OF national waste
and the conservation Of national re-
sources than the profligacy disclosed
i'E our public expense ledgers.
B~usincSs Expansion.
Although the great business expan-
sion OF this country began right after
the Cly3i War, the expenses for 1890
were but tour million dollars greater
than those or twenty years before.
Since 1890, these expenditures have
crown ny S180,000,0 600 each nine