The times. [volume] (Richmond, Va.) 1890-1903, 1900-10-05

countries as disturbing and retardns
factor in business progress, ana IL *
against such legislation that intel!!gen.
business policy should be directed. the
part which positive legislation has to play
in national economic progress is chiefly TO
afford the guarantees OF security and or
GER the execution Of contracts according
10 their honest terms, and the enforce
,nent by law of the highest principles of
business honor. Beyond these limits its
interference is usually harmful and often
hampers rather than advances u country
in lis progress towards industrial ana Il
naiiciai supremacy.
ARE INSEPARABLE.
l have spoken to some extent as though
the financial supremacy OF the United
States centered about ine development of
the city OF New York. But 1t is far from
being a local problem. The interests OF
New Yerk and Of the whole country are
bound up together 80 lightly that they
cannot be separated. Prosperity through
out .he whole country is vital to the ac-
cumulation OF that great fund OF capi-
tai which naturally flows TO the CONNER
clal centre to find investment and profit
Every factor which tends to broaden the
basis of American production, to increase
the market for American products of the
neid. the farm and the workshop. or to
improve the credit facilities of the inter-
ior and producing districts, tends to broad
Ell the pedestal OF wealth and national
prosperity, upon which New York must
nave her firm footing if she is not to slip
ana fan in the struggle for financial su-
pTemacy with her great rivals in the Old
World. New York cannot profit by a mar
row and selfish policy towards other parts
Of the country, ana least OF all can the
bankers OF New York or any of the great
c!iaes profit by a severe or jealous policy
towards their associates in the country.
Every step towards which NcT York
makes, on the other hand. in the strug-
gle for supremacy in the money markets
Of the world is step whicl lifts tip and
benefits the whole country. The ability OF
New York to find investments abroad FOR
American earnings or TO attract foreign
capital to American investments are ds-
tinct factors IN raising the rate Of profit
and tn" earnings OF all Americans. wheth-
er they tol under the burning sun of the
Southern cotton field. run the engines
which drag long trains of American pro-
duets from the prairie to the ocean. Or
clip coupons in a Newport villa. The ability
TO place capital abroad to find markets
for American products beyond own
shores, 10 extend credit on the lowest
terms to American manufacturers and
IiltiClidlitS-dll iiitSe powers. itNeiODSu 10
the finest shade OF superori;y over for
egn competitors, mean wider field Of
employment for labor, a larger fund of
American earnings TO divide between the
labOrer and his employer. larger profits
for American bankers. and more rapid
and satisfying progress for the whole
country as well as for New York as her
clief c'tr.
WORDS FROM JAPAN.
Following Mr.. Conant's speech President
Hill introduced Mr.. T. p Schencl. pres-
dent Of the First National Bank Of Toxic,
Japan. Mr. Schenck. who is a pure Jap
anese. was loudly applauded as he ap-
preached the stage. He made a short
speech in which he expressed his thanks
for the honor shown him by the associa-
ton ana the cordial greeting that he had
received al the hands OF the bankers.
Mr.. Schsnck expressed his qualification
because of the closeness of the
relations between the United
States and Japan. and urged the
American bankers 10 make an investiga-
tian of Japan's natural resources a1d
her abundant opportunities for invest
1nent
GENERAL BARNES ADDRESS
General Alfred c. Barnes Of New York
was the next speaker. His subict was
THE international Revenue Law but
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