Ottumwa tri-weekly courier. [volume] (Ottumwa, Iowa) 1903-1916, 1911-10-12
BANKERS HEAR
talk BY HILL
GREAT NORTHERN HEAD DIS
cUssEs BANKS, TRUSTS AND
FARMS At SPRINGFIELD.
CAUTION
Declares AldrIch Banking Plan Is Un'
sound and Should be Studied
With Care; Pays Respects to
"Political Nostrums."

!, HOLD FOR RELEASE
II Springfield, ILL., Oct. 11.-Character
, izing as "uneconon1ic and therefore
/ unsound" the business relations pc
tween the Central Reserve association
and the United States government
proposed by former Senator Nelson A
. Aldrich in his plan for currency re
form submitted to the federal none
tary commission, James j. Hill, chair
man of the board Of directors of the
Great Northern railroad, addressing
the Illinois Bankers association mere
today, urged the bankers of the coun
try to perfect plan that would be
under their own control.
Mr.. Hill, admitting at the outset
that the United States has the most
inelastic currency system in the civ
ilized world declared that Mr.. Aid
rich and his associates had done q
memorable work that should be re-
ceived with great respect" but that
also should "be studied with great
care"
That political connection Is inherent
in the constitution Of the proposed Re
serve association was Mr.. Hills chief
criticism of the Aldrich plan. In this
connection Mr.. Hill asserted that II
currency reform was not carried
through under leadership Of bankers
of the country, it would "be taken up
by congress and suffer the same fate
that has befallen every other great
economic issue after it became the
| football of party politics.
Plea for Farming Reform.
Mr.. Hill also made plea for agri.
cultural reform. declaring that unless
this is done 'the farm will fail and the
foundation of all our prosperity be
undermined"
"Unless we adopt improved methods
Of farming we will soon be unable eth
er to feed ourselves or to furnish the
boasted home market for the other in.
| dustries that we are building on con.
/! stantly narrowing base.
"These methods are simple and
, we'll known. The essentials are rota.
ton of crops, more intensive farming
a more frequent and thorough cultiva.
ton of the soil, careful seed selec.
ton and the judicious use of fertiliz-
ing material. Seed selected alone Is
of great Importance. It has added
from $8,000,0O0 upward to the value OF
states crops.
Refers to Trust Agitation.
Mr.. Hill told the bankers that the
subject Of his address was the bank.
ers' relation to wealth production, ex.
change and distribution, and, discuss
ing the distribution of wealth, he
commented upon the unsatisfactory
business condition Of the country, and
declared that great business, particu.
larly the railroad operations, were at
standstill because so many import
ant business interests are either "un-
der fire or apprehensive Of assault"
Nearly all the outcry and activity
against corporate wealth he asserted
us for political effect rather than
moral reform"
''The proof of this" he said, lis the
simplicity and effectiveness of the
real remedy, which is not applied. 1t
would be an easy matter to put an
end to the abuses of both monopolies
and trusts. Enforce the laws against
those who break them, and the former
will disappear. The trusts will vanish
as soon as they are compelled to show
that every dollar of their capital stock
has been paid for in cash or property
and labor at fair valuation. Oblige
every corporation to do this, under
penalty of an assessment on stockhold-
ers to make good any deficiency in cap
ital or surplus, or else scaling down
of capitalization to actual values, and
the trusts would not long bother any
body. Many are less interested in re-
straining trade than in selling stocks
and bonds not representing actual
value received or used in their bust,
ness. Present conditions will require
some review and reform of transac-
lions already accomplished, which
should not exist in the face of facts
that are being brought to light.
Hits Political f!ostrums.
Examine the political nostrums
now most talked of as saviors of So
ciety, humane in intent though many
OF them be-, and it will be found that
they all involve the continued ex-
pediture of large sums of money, to be
collected by taxation. The men who
pay these taxes are the holders OF
property. The men who vote these
expenditures are the taxpayers plus
that considerably more numerous body
of electors who either pay no taxes or
q share so inconsiderable that its in
crease or decrease is not felt. Hence
constantly increasing disposition in
the nation and the states to change
the distribution of wealth by legisla-
ton; taking it by enormous appro-
priations from those who have accum-
ulated it and scattering it among those
who did not. The end Of such a sys-
tenn may be delayed, but it is not
doubtful. Capital is exhausted and is
not renewed. The motive vanishes.
The public is educated to refuse work.
to spend lavishly, to look to the state
as the COW that can keep everybody
supplied with all the milk he may want
indefinitely. Labor suffers in the end,
exactly as it does when its three meals
per day are reduced to two or one.
Activity slows down. The total amount
of wealth in the country diminishes,
beth by removal to other communities
where its security and its reward are
greater and by the steady encroach-
m ent Of consumption on production.
national Indulgence approaches.
"But perhaps the worst effect Of all
is seen in the deterioration OF national