Comparison of ideas is always educational and, as such, instructs the brain and hand of man. Friendly rivalry follows, which is the spur to industrial improvement, the inspiration to useful invention and to high. endeavor in all departments of human activity. It exacts a study of the wants, comforts, and even the whims of the people, and recognizes the efficacy of high quality and low prices to win their favor. The quest for trade is an incentive to men of business to devise, invent, improve and economize in the cost of production. Business life, whether among ourselves, or with other peoples, is ever a sharp struggle for success. It will be none the less in the future.

Without competition we would be clinging to the clumsy and antiquated process of farming and manufacture and the methods of business of long ago, and the twentieth would be no further advanced than the eighteenth century. But though commercial competitors we are, commercial enemies we must not be. The Pan-American Exposition has done its work thoroughly, presenting in its exhibits evidences of the highest skill and illustrating the progress of the human family in the Western Hemisphere. This portion of the earth has no cause for humiliation for the part it has performed in the march of civilization. It has not accomplished everything; far from it. It has simply done its best, and without vanity or boastfulness, and recognizing the manifold achievements of others it invites the friendly rivalry of all the powers in the peaceful pursuits of trade and commerce, and will co-operate with all in advancing the highest and

best interests of humanity, The wisdom and energy of all the nations are none too great for the world work. The success of art, science, industry and invention is an international asset and a common glory.

After all, how near one to the other is every part of the world. Modern inventions have brought into close relation widely separated peoples and have made them better acquainted. Geographic and political divisions will continue to exist, but distances have been effaced. Swift ships and fast trains are becoming cosmopolitan. They invade fields which a few years ago were impenetrable. The world's products are exchanged as never before and with increasing transportation facilities come increasing knowledge and large trade. Prices are fixed with mathematical precision by supply and demand. The world's selling prices are regulated by market and crop reports. We travel greater distances in a shorter space of time and with more ease than was ever dreamed of by the fathers. Isolation is no longer possible or desirable. The same important news is read, though in different languages, the same day in all Christendom.

The telegraph keeps us advised of what is occurring everywhere, and the press foreshadows, with more or less accuracy, the plans and purposes of the nations. Market prices of products and of securities are hourly known in every commercial mart, and the investments of the people extend beyond their own national boundaries into the remotest parts of the earth. Vast transactions are conducted and international exchanges are made by the tick of the cable. Every

event of interest is immediately bulletined. The quick gathering and transmission of news, like rapid transit, are of recent origin, and are only made possible by the genius of the inventor and the courage of the investor. It took a special messenger of the government, with every facility known at the time for rapid travel, nineteen days to go from the City of Washington to New Orleans with a message to General Jackson that the war with England had ceased and a treaty of peace had been signed. How different now! We reached General Miles, in Porto Rico, and he was able through the military telegraph to stop his army on the firing line with the message that the United States and Spain had signed a protocol suspending hostilities. We knew almost instantly of the first shots fired at Santiago, and the subsequent surrender of the Spanish forces was known at Washington within less than an hour of its consummation. The first ship of Cervera's fleet had hardly emerged from that historic harbor when the fact was flashed to our Capitol, and the swift destruction that followed was announced immediately through the wonderful medium of telegraphy.

So accustomed are we to safe and easy communication with distant lands that its temporary interruption, even in ordinary times, results in loss and inconvenience. We shall never forget the days of anxious waiting and suspense when no information was permitted to be sent from Pekin, and the diplomatic representatives of the nations in China, cut off from all communication, inside and outside of the walled capitol, were surrounded by an angry misguided mob

that threatened their lives; nor the joy that thrilled the world when a single message from the government of the United States brought through our minister the first news of the safety of the besieged diplomats. At the beginning of the nineteenth century there was not a mile of steam railroad on the globe; now there are enough miles to make its circuit many times. Then there was not a line of electric telegraph; now we have a vast mileage traversing all lands and seas. God and man have linked the nations together. nation can longer be indifferent to any other. as we are brought more and more in touch with each other, the less occasion is there for misunderstandings, and the stronger the disposition, when we have differences, to adjust them in the court of arbitration, which is the noblest forum for the settlement of international disputes.

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My fellow citizens, trade statistics indicate that this country is in a state of unexampled prosperity. The figures are almost appalling. They show that we are utilizing our fields and forests and mines, and that we are furnishing profitable employment to the millions of workingmen throughout the United States, bringing comfort and happiness to their homes, and making it possible to lay by savings for old age and disability. That all the people are participating in this great prosperity is seen in every American community and shown by the enormous and unprecedented deposits in our savings banks. Our duty in the care and security of these deposits and their safe investment demands the highest integrity and the best business

capacity of those in charge of these depositors of the people's earnings.

We have a vast and intricate business, built up through years of toil and struggle in which every part of the country has its stake, which will not permit of either neglect or of undue selfishness. No narrow, sordid policy will subserve it. The greatest skill and wisdom on the part of manufacturers and producers will be required to hold and increase it. Our industrial enterprises, which have grown to such great proportions, affect the homes and occupations of the people and the welfare of the country. Our capacity to produce has developed so enormously and our products have so multiplied that the problem of more markets requires our urgent and immediate attention. Only a broad and enlightened policy will keep what we have. No other policy will get more. In these times of marvelous business energy and gain we ought to be looking to the future, strengthening the weak places in our industrial and commercial systems, that we may be ready for any storm or strain.

By sensible trade arrangements which will not interrupt our home production we shall extend the outlets for our increasing surplus. A system which provides a mutual exchange of commodities is manifestly essential to the continued and healthful growth of our export trade. We must not repose in the fancied security that we can for ever sell everything and buy little or nothing. If such a thing were possible it would not be best for us or for those with whom we deal. We should take from our customers such of