St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1890-11-19
A Commercial Reciprocity
Among the Nations Of ALI
America Needed.
Cleveland Says Reciprocity
Among Ourselves Might
Be Beneficial.
Tear Down the Walls Of Pro-
lection and Prosperity
Follows.

annual dinner, and during his address
President Smith used these words: II
have the profound conviction that rec
iprocity is the key which will
open wide the door Of commercial
intercourse and give to US
the general outlet for our
surplus products which we must have,
or our manufactures must for the pres
ent cease to increase. | believe that
the considerable judgment of the coun-
try will demand of the party i'll power
that reciprocity, which is only another
name for fair trade, shall be adopted as
true American economic policy in
connection with our foreign trade"
Chauncey M. Depew was the first
speaker. aud in his opening he declared
that 1.-The events OF the last few days
have revolutioniZed the thought and
act on of the world. They have DEM
onstraLed that the real power in the
government of Christendom is the
man of business. The merchants
and the bankers have directed
the thoughts of the world and
become the leaders of its public action.
Still referring to the recent stress in
Wall street, Mr.. Depew said: I'VE
the secretary of the treasury to rush
into Wall street. and speculate in
government bonds. But a crisis of
unequaled seriousness and magnitude
has been met and its consequences
averted without asking the aid of cab
inets OF secretaries, without the SuS-
pension of statutes or the violation OF
law, by the
Commercial Craftsmanship
of New York and London. Referring
to the quick aid of other nations to the
English bankers i'm their troubles the
speaker said: This international
reciprocity is of the broadcast and most
beneficial character. 1t opens a
hope for the nations and of prog
reSS for peoples unequaled by any
single event of our time. 1t demon
StrateS that the power OIL peace and war
is passing from the hereditary legislator
and the accidental politician to the
bankers and merchants of Europe. The
details of the preservation of order and
the pageantry of the courts can be left
to public officials, but these new mas
tiers of the situation will insist upon
the rule of commercial principles and
the laws of trade. Within the past few
weeks we have stood the strain OF the
repurchaSe of all our bonds and stocks
which Europe desired to sell. Lit was a
fearful test, but it has superbly demon
Strated the strength of our financial
situation, the SoundneSS OF our credit,
ard the permanency of our prosperity.
The breaking of the dam of this
European reservoir which we have been
filling may pour upon us stream OF
securities which will reduce values
from % to 80 per cent. Such con-
t.on tf<, tair md
the business of the country and bring
about bankruptcy and ruin. These ire
mendouS possibilities will be averted
as we grow rich enough to absorb our
own securities and loan our own money
for our own development. But to i'll
crease our available resources we must
enlarge the area of the markets for our
surplus products. The solution of our
dangerous problems and the solvent of
our future prosperity lies largely in the
direction of commercial reciprocity
among the
Nations of All America.
"Between themselves there should be
the largest reciprocity and closest COM
merciaI relations. The unifying proc
esseS of mutual prosperity produced by
commercial union with Canada will lead,
i'll few years, to political federation.
which would carry the American
flag from the falls of Niagara to the
North pole. South of us lie the
republics of the other Americas and of
the isthmus. The conditions of our
trade with South America are stigma
upon us::as commercial nation. We buy
from South America S1l2.000.000 worth
of goods year more than we sell
to them. This is paid in cash
bo I'm !,
collects from US over 81 100000 in COM
missions for the transactions of bust
ness" MI. Depew thought that by an
international line constructed under the
most liberal and intelligent govern
ment aid the railway system of North
America should be connected with
that of the South American
states. He said, after referring to
the Monroe doctrine. that in
q new country like ours, constantly fac
ing novel conditions and meeting with
extraordinary opportunities. Most of
the principles of political economy
which have heretofore guided the
world had better be relocated.
the republic" Carl Schurz, during
a brief address, said: There is
at present a feeling among the people
that something ais them. for which the
extension of our foreign commerce
would afford at least partial remedy
He SAID q duty on raw material so en-
HANGED the cost of the American manu-
features as to cripple home production
and thus our export trade. Then he
added: 1.-THE remedy naturally suggests
Itself. 1t consists i'll such a revision of
the tariff as will deliver our manufact-
uring industries of those
Artificial Burdens
which increase the cost OF the things
they have to use in production. thus
permitting them TO Obtain those things
as cheaply and advantageously as their
foreign competitors obtain them, and in
that way giving them fair cnance
for the export trade" Referring
to our merchant marine, Mr..
Schurz< said: I'VE have navigation
laws reading like relics of barbar-
Gus age, which forbid us to buy ships
where we might buy them as cheapIy as
other nations buy them, and we have
tariff laws under which we cannot build
ships as cheapiy as other nations build
them" President Eliot, of Harvard,
also spoke. and letters were received
from President Harrison. supreme court
Justice Field and William Walter
Phelps. Grover Cleveland was vocifer-
ously called to speak, though no toast
had been assigned HIM. MIR. Depew had
mentioned that Congressman Springer
had, at Thurman's banquet, nomi-
mated MIR. Cleveland for the next
president. Mr.. Depew then said
he hoped. that his party
would nominate the champion of reel
procity, James e. Blaine. MIR. Cleve-
land said: 1.-The volunteer business |
did not calculate upon. and [ don't be-
lieve it devolves upon me to thank you
for your courtesy. ] don't believe that
when people are surrounded by sweet
music boy should shoot off a blum
derbuss. shall go home tonight with
confused ideas in my head [cheersl. We
have heard great deal tonight about
literature in commerce and reciprocity;
of reciprocity with Spanish-speaking
people. Now, think If reciprocity is
good for the Spanish-speaking people.