The Calumet news. [volume] (Calumet, Mich.) 1907-1938, 1910-03-17
JAMES J. HILL
URCESECONOMY
In Address at st. Paul He Con-
demns Extravaganza and
Great Waste.
CAUSES OF The HIGH PRICES
Says We Are Living in an Age Of
World Wide "Financal Delirium,"
and Declares That Economy
Must be Restored.


Must be Restored.
ST. Paul, Mimi, March 17.-Howard
Elliott, president of the Northern
Pacific railway, presided over the ses-
sions of this, the second day of the
Minnesota Conservation and Agricul-
tural congress. Numerous speakers of
note were heard and a wide range of
topics was discussed during the day.
Included among the speakers and
their topics were the following: Min
nesotas Agricultural Opportunities.'
James ]. Hill; "The Farm Wealth of
Minnesota" Prof. Il. V. Robinson of
the University of Minnesota; The
Soil, Mother of Wealth." DR.. w. j. Nc
Ghee, chief of the bureau of soils of
the Department of Agricultural; MO
dern Agriculture a Business" Prof. A.
f. Chamberlain of Brookings, S. ID.
During the afternoon special session
was held for the discussion of the live
stock and dairy interests of Mime
sofa.
Hill Scores Extravaganza.
James ]. Hill in his address today
urged the conservation of capital. con-
demned extravaganza. gave the causes
of the increase in prices, and told how
the situation described by him might
be remedied.
Great interest was taken i'm the
speech of Mr.. Hill, who declared that
1--WE are living in an age of world
financial delirium; that next after the
conservation of the land, its area, use
and fertility. must come the conserva-
tion of national capital i'm the shape of
cash and credit.
Mr.. Hill said in part: "The immense
increase of wealth all over the world
has greatly augmented the supply Of
capitals The mobility of this capital,
he ease by which through interna-
tional exchanges it can be made to sat-
isfy need now in one country and
tnowsin another. strengthens athe i'm
preston that it is inexhaustlble. The
addition of uncounted billions to the
aggregate wealth of the world has
stimulated the spirit of mankind. It's
availability has lulled TO sleep natural
prudence and quieted the alarm of
moments of sanity i'm the spendthrifts
life. The increase of apparent resour-
ces by an easy resort to borrowing,
the mortgaging of a patrimony not
our own to obtain material for present
extravaganza, the diversion of wealth
from productive to unproductive uses
all these have gone farther than
most people realize.
"The people of the United States in
herited from its founders a wholesome
traditions against debt, which is only
now disappearing from the conduct of
national affairs" Mr.. Hill said the
national debt now tends TO rise, con-
cealed under the polite fiction Of GER
tihcates of Indebtedness to cover treas
ury deficits. "If," he continued, "the
advocates of large bond issues for all
manner of internal improvements
should carry their point, If that re-
source is not definitely restricted to
the emergency of war, we will be in the
condition of Europe. where the motto
of every chancellory now seems to be,
After us the deluge.'
Big Crop of Public Ills.
"The phenomenal increase of public
expenditure has already produced a
plentiful crop of public ills. 1t is one
of the causes of the increase in prices
now disturbing the people. This in
crease follows in suggestive way the
imitation of national and local budgets.
The average cost of the supplies that
must be bought for practically every
household has increased about so per
cent between 1896 and 1900. During
the past year, there has been a marked
lifting of the price level Foodstuffs
cost from 10 to 20 per cent more than
ten years ago.
Something is due to enormous cur
rency imitation. The total per capita
i'm the United States i'm 1896 was $21.41.
and In 1909. il was S35.01. Although
population had grown, by many mill
lions i'm these 13 years, the amount
Of money to each individual had in
creased by 1880, or more than 60 per
cent
THE tariff Is anther contributing
cause. II is true that it can furnish
but partial explanation. For to only
limited extent can the rise I'm food
prices be affected by or traced TO the
tariff. As to commodities that we ex-
port the tariff is imperative. 1t gem
orally affects prices directly as we be-
come importers. Nevertheless, the tar
im must bear its share of responsibility
for rising prices.
combinations which are actually In
restraint of trade. which have monop-
olized their field and are either con-
trolled by a common secret manage
ment or n secret agreement to main
tain exorbitant charges are partly re-
sponsible.
"Stin more OF the rise OF prices IS
due to the decline Of agricultural prod
ucts as compared with the increase OF
population" Decrease i'm the number
of cattle and swine was also given as a
/ reason
4 s.xxrL.,, d,o olfouanoo has haoo N, n 10