Arizona republican., 1911-10-12
HILL TALKS SOUND SENSE
Continued from Page One)


 | them. Changes so made. not directed | by intelligence and experience but by | political considerations, may be as disastrous to the banking interest as | they woud be injurious to the coun- | try The present may be the last opportunity that the bankers will have to perform this signal public service and to direct and safeguard for the | future the occupation in which they are engaged"
 Mir. Hill told the bankers that the subject of his address was the bank
 CTS relation to wealth production. exchange and distribution and, dis
 cussing the distribution of weath, he commented upon the unsatisfactory
 business condition of the country, and declared that great business, partic-
 ularly the railroad operations, were at a standstill because so many i'm portant business interests are either under fire or apprehcnsivc of as- sault" Nearly all the outcry and activity against corporate wealth" he asserted. lis for political effect rather than moral reform.
 The proof of this" he said. "is the simplicity and effectiveness of the Ical remedy. which iS not applied IL would be an easy matter to put an end to the abuses of both monopolies ard trusts. Enforce the laws against those who break them. and the for mer will disappear. The trusts will vanish as soon as they are compelled tp show that every dollar of their capital stock has been paid for in cash or property and labor at al fair valuation. Oblige every corporation to do this. under penalty Of an assess mcnt on stockholders to make good any deficiency in capital or surplus. or else scaling down Of capitaliza- ton to actual values. and the trusts would not long bother anybody Many are less interested in restraining trade than in selling stocks and bonds not representing actual value received or used m their business. Present con ditions will require some review and reform of transactions already accom- plished. which should not exist in the face of facts that are being brought to light
 Examine the political nostrums now most talked of as saviors of SO cicty, humane in intent though many "i them be, and it will be found that they all involve the continued cx- renditurc 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 a share so inconsidcrablc that it- Increase or decrease iS not felt H,uc. constantly increasing disposition in the nation and the states Co change the distribution of wealth by Iegis- latior: taking it by enormous appro- lrlatpns from those who have ac- Cumulated il and scattering it among those who did not The end of such a system may be delayed. but it is not doubtful. Capital is exhausted and is no: renewed The motiys 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 it's three meals per day are reduced to two or one. Activity l slows down. The total amount of 1 wealth in the country diminishes. both | by removal to other communities where its security and it's reward are l greater and by the steady encroach- ment of consumption on production indulgence approaches.
 But perhaps the worst effect oc 'Il IS seen in the deterioration of national character. As a people come 70 believe that wealth may and should De distributed by state and oppor- unity of the individuals who create [, envy, greed. hatred. and every orm Of malice flourish, and may even pc the form O. vitrue. Materially nd morally this substitution of man made, arbitrary methods for tho ,orking of permanent natural forces working through well established connomic law, leads to national de ay."