New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1890-11-19

on RECIPROCITY.

Mr.. Depew's other remarks ran as follows:
In It's long and honorable career the Chamber OF
has never se e1 upGa repessnts tonight
more than 1t has done during any one H Hi s reyo
The events fu Of the and a acton q the world
1hey have demonstrated that the real power ~ ,ne
e merchants 81 aa the bankers
thought of The world and become the leaders OF rs
gsS es action p Ss born g
ing little knowledge BY training or pnpries ~ En-
Sss snd is SO S S1 ns II az saan so
competitions OF business together WIN ios orlam.
have ,n sny ds 'ne the and
financial circles of q country whose people arc ""o"'
II has always been the habit in times Of great mer
camille or financial distress 70 rely upon ee oDs s
England upon the Continent the Imperial treasures
ss Spepoo Of w Treasury to rush and
speculate In Government bonds But Crisis Oh ms
s eS csese%nsnces sverted without asking the aid
Of Cabinets secretaries, without the sspesiom vi
statesmanshp Of New York and London. Applause9
The event startling In It's revelations mas a,so ac
Camille conservatism and wisdom has been for gen
erstions the English banker while ghtheadedness aa
Frenchman. But when tie British market Is threat
encd with total collapse the bank OF Engano di he
Chaanei screnciy solvent and IL the interest Of
international commerce and good finance VIII rem %
nsRaSns Of italy, Germany Russia respond
This is International reciprocity Of the broadest and
most benehcent character. ApPausel 1t open. ~, a
peoples nnequalled by any single event of our time.
il demonstrates that the power OF peace and war Is
Politician to the bankers and merchants of Europe;
Steam and electricity have connected by IndssoiDld
trade have nterlnkcd and lntetwned the Interests OF
all European nations under the government OF ile mcr
ton Of order and the pageany II courts can be ei 70
public officials, but these new mesters Of the situation
viii nsis, Ss , the Of de hey Win pr n
insist upon the disbandin ss6f expensive and use
less asSaments they will create the possibilities ior ,ne
illumlne the earth with its refulgen rays giving 10
mankind an era OF prosperity ana happiness 'Np'
plause)
SAVED BY NETWORK BANKS.
We in America we're brought face to face with an
emergency and a Liquidation involving amounts ana
consequences which make insignificant the figures WHICH
caused the catastrophes Of 1857 and 1915. Inc
credit and the business Of the country nave Deeh
saved from disaster by the GOODNESS, the courage Inc
wisdom and the foresight Of the banks of New YORK
(ApplaIGe) They banded together upon plncipie Oh
patriotic reciprocity They created condilohs Will VIII
the man irm or corporation whose credit was eX-
panded and which reversed the axiom tnat ,nG c
strength Of the strongest along the whole line tap
plaIse.) - ,.a,, n,
the principles OF reciprocity and their application TO
other fields. It, even has suggestion oil so'e, ,h
calamity or triumph as We may severn iVJ ; te
it, is such that we can all good naiurey Vtw .e
present 81 ua.iOn As business men IL Is our p.Nicse
and we can demonstrate it to be our power TO direct
the tremendous momentum of this tfiumph,l ear,
peril suspected but never felt We sell 10 Europe
hundreds of millions of dollars worth OF bieadstuns
peoples abroad and the money pays The expenses OF
farming, opens new fields to the plough gives US
tional wealth. We sell other hundred millions Of
dollars worth Of cotton which goes into garments Which
back to- still ill further add to our prosperity and rich
We sell other hundreds OF millions o. railroad ns
ssS sna aH and n mo- be
again into cash. Suddenly hnsnGal cyclone Sise
F%nSon rypans cannot be- Sold Then their
and investors pour upon us an avalanche OF 0nr
and return MS our money" We find we made
call loan and must take up the coia'ets Mi' mn 'o
purchase 81 ali our bonds and stocks which Europe
desired TO SELL 1t was fearful test but 1t has sl
on {he somnSness Of our credit and the permanence
OF our prosperity. Applause3
AMEyACE TO THE COUNTRY.
The eight thousand millions Of dollars which are the
capitalization Of the railways OF the United States fur
nish the securities which the basis OF our business
and credit. But the breaking OF the dam OF THIS
European reservoir which have been filing may
values from IS to so per cent such contraction 3
would at certain times suspend the business o. the
country and bring about baPkruptcy and ruin: These
rich enough absorb our own securities ana loan our
money for our own Development, Bnt TO nerea
markets for surplus products. applause
The solution of our dangerous problems and the sol,
Of commercial reciprocity among the nations Of AL
%s ss n from miles For ali n"s I'm
purposes OF trade tariff and taxation, Canada is indie
pendent Of Great Britain she has an area larger than
caculable resources which under fayorng
e Of Ss a sSs needs P dmr
modities and we needs hers in about equal measure
they could be &c s Who seeye
tariffs should be levied upon the principle, OF Pro
should be exacted only for the Free Trader
who thinks that they, should not be imposed at az
al the that T Ss %
the Canadian Parliament and become applicable alike
along all the coasts Of s Republic and Canada d.. a
selves there should be the largest reciprocity anC
closest commercial relations The unifying proceSse
%onId ii lead In few years political federation whci
woud carry the American flag from the Falls of Niagar'
to the North Pole.
THE SPANISH AMERICAS.
South Of us lie the Republics Of the ohe
America and Of the Ishmus. They have popua
ton of 100000 of people and territories which car
| comfortably support / 900 100000 Emigration Il
| pouring in there at the rate of 100000 people
| year. They require in constantly increasing
| quantities the breadstu1s the provisions, the pc
| troleum, the agricultural machinery, most o
| which we can furnish cheaper and better and all Q
which cheap any nation in the world. The con
! dtOns Of trade with South America are stlgm
| upon us Is q commercial nation. We buy from Sout
America $l12 600 900 worth Of goods yea
| more than sell to tbem. This Is paid in cas
through London and the English banker collects iron
million dollars In commissions for the trans
action of the business.
1t is easy to Imagine the incalculable advantages
| which farmers, merchants, manufacturers ant
railroads would derive from reciprocal purchases from
us II only TO the extent OF this S112 OO00 900 year
Imports to the value Of 1888 100000 were sold int
two of the South American Republics In 1883. Gu
farms and factories could have supplied every articl
which entered those ports but Of this vast sum, tn
| United States only received S13,O00,OO0. The res
| went to England, Germany and France. OF tn
S742 600 worth OF exports from the United state
| in 1888, only 800 100000 went to the whole o
spanish America.
| In the dark ages Of American politics, when tn
whole country west OF the Missouri River calet
| the great American Wilderness. I'm this countr,
| knew little or nothing Of Mexico or the South Amer
lean Republics. The Monroe Doctrine became al
article oil the creed OF all parties 1t has meant TO