Bad Times in the United States.

Horowhenua Chronicle, 15 December 1911, Page 4

Bad Times in the United States.

MR HILL'S FORECAST,

"National indigence approaches." exclaimed -lames J. Hill, in a series of jeremiads 011 the depressing political and industrial outlook in the United States.

Emphasising the prediction that there will be more idle men during the coming winter in tho United States than over before, the mining magnate said to the Illinois Bankers' Association: "Big business, especially in railway operations, is at a standstill, because so many important interests are either under fire or apprehensive of assault. Mr Hill proceeded to "examine the political nostrums now almost talked about," and found they would -all involve the continued expenditure of vast sums of money to be • collected by taxation. 'Men who pay these taxes are holders of property." The men who vote these expenditure are almost taxpayers, lint in addition there is a more numerous body of electors, who either pay no taxes or share so inconsiderably that its increase |s not felt. Hence the constantly increasing disposition on the part of the nation to change the distribution of wealth by legislation, taking it by enormous appropriation from those who have accumulated and scattering it among those who have not. The end of such' a system might be delayed but could not be in don'bt. as capital exhausted is not renewed. The public is educated to refu.se to work find to spend lavishly. Tt looks to tho State as a cow that can keep everybody supplied with all the milk that mav be required for an indefinite period. Labour, however, suffers in the end, exactly <as it does when its three meals are reduced to two.

Mr Hill said that the remedy for Trusts was really simple. "Trusts would vanish as soon as they were compelled to show that every dollar of capital stock had been paid for in cash or -propertv and labour at a fair valuation. Oblige every corporation to do this under a penalty of assessment on the stockholders to make good anv deficiency in capital and trusts will not long bother anybody. Many of them are less interested in selling stocks and bonds not representing actual values received or used."

a stri'lnnrr address delivered the lother .*> strikino- address d«livorod yesterdnv hv Mr Row W. Bahson. an eminent statistician and business exnert. whn. after denlnriiiT that it wns impossible to legislate the peonle of the TTnitcd States into n condition of oxnres.sed his conviction that the ennntrv was .nnnreachino- a nericd nf nnnic and de-ni-r.=:cJnri of 'i n-nnl-T lm_ lin in levers" r."+io +.r> its; severity.