The Lamar register., 1914-12-23
HILL HITS THE AGITAToRS
Too Much Hostile Legislation and
Regulation by the Administra-
tion

At a dinner given in Rochester,
New York, to James ]. Hill by the
Chamber of Commerce of that city
recently Mr.. Hill said:
"The business interests of the coun-
try as a whole" said Mr.. Hill, "have
been under fire for more than ten
years. That attack has steadiuy in
creased in violence and decreased in
discrimination. The ingenuity of rcst-
less minds has taxed itself to invent
new restrictions, new regulations, new
punishments for guilty and innocent
alike.
"When hostile regulation goes to
this extent, without promise Of a linz
it to either its objects or its orders,
business would come to a halt though
tariff rates were raised to the skies
and peace prevailed all over the world.
For new plants will not be built, raw
material will not be bought, wages
cannot be paid unless capital is ready
in sufficient quantities to perform
the functions that are possible to it
alone.
Here there is uncertainty. Capital,
until it is invested, is free The capi-
talists will not put his money where
it brings him lower rate of return
or is subject to more risks than in an
other occupation OF another place. The
world will presently be bidding for his
available surplus. If under the cir
cumstances existing just before the
outbreak of the war business was Lam
guid in the United States and indus
try was descending the slope of de-
preston toward the slough of bad
times, because legislation continuously
attacked both the profits and the Sc
curity of capital, what is likely TO
happen now?
The main outlines, then, of the pres
ent situation are clear. This country
may enter, if it will, certainly after
the close of the European war, and
probably much sooner, upon period
of remarkable prosperity. To it will
be given the task of providing for
time for the maintenance of con-
siderable portion of the worlds popu-
lation and industry.
This great and continued demand
on US should be the guarantee of a
prosperity. 1t would
be so if no artificial conditions inter-
vened. But, to realize this, both cap
ital and business initiative must have
reasonable freedom. The enormous
destruction of wealth, the continuous
borrowing of sums hitherto unknown
even to the world of finance, the con-
sequent raising of the interest rate,
all foretell new and difficult condi-
tions for American enterprise. 1t is
less free to take advantage of them
than ever before. 1t must operate
within the circumscription assigned to
it by laws which the courts probably
will take twenty years to interpret.
AT every promising opening it sees
a signboard, erected by publis author
ity, bearing the words, No Thorough
fare If the next five years are to re-
peat the history of the last ten, then
there can be no great business i'm
provement and no general prosperity
in the United States.
Rest from agitation. intelligent
economy, efficiency, harmonious CO.
operation for business institutions as
well as for political divisions. These
are not abstruse ideas. They do not
provoke eloquence or attract the self
seeking. They are things as long ia
miliar and as little reverenced by the
mass of men, as the contents of the