The Butte inter mountain. [volume] (Butte, Mont.) 1901-1912, 1901-10-17
FINAL DAY OF ANNUAL ;y;SION
AT MILWAUKEE,.
FUTURE OF THE PACIFIC COAST
Mr.. p. G. Kaufman of Tacoma Reads
Able Paper Concerning Pacific
Coast Relations to Twentieth
Century Commerce.

DAYS session of the American Bankers
association convention was devoted to a
continuation of the discussion of practi-
cal banking questions.
Mr.. P. c. Kaufman of Tacoma, WASH,
read paper on The Financial and
Commercial Future of the Pacif:
Coast" He said in part:
1T is admitted by all who give the
subject the slightest investigation, that
| in the struggle for commercial supfe-
macy the United States, by reason or
her great resources, the fertility or her
soil and the vast amount of her terri
tory, is destined to take eminent
place.
Greatest Commercial Power.
"The twentieth century opens for the
United States with it's industrial ma
| chnery adjusted to the production or
| wealth on a scale of unprecedented mag
ntude. The nations of Europe and the
| world at large are constantly becoming
! more and more dependent upon us, not
| only for raw materials, but also Tor
manufactured products: and it may be
| confidently asserted that because OF our
central position between the Atlantlc
and Pacific seaboards, because of our
excellent transportation facilities. our
| varied and ineXhaustlble resources ana
! the steadily increasing dependence of
| the world upon us for the necessities
and even many of the luXuries OF life,
the United States is destined to be the
! greatest commercial power of the COM
mercial age. the twentieth century. Our
great trans continental railroads are
! fully awake to the situation and are en-
larging their facilities TO handle the
great commerce of the future in the con-
struction of immense warehouses and
docks and the establishment of great
steamship lines, operated in close con-
nection and under their direct super
| vision.
Hawaii the Key.
"To obtain this pre-eminence. the
| United States must enter this field or
| commercial activity through her Pacific
, coast.
with Hawaii the key to the commerce
of the Pacific and the Philippines the
gateway to the Orient. both in our
hands, fate or kind Providence has
given us two most important and valu-
| able aids for the attainment of this
glorious goal.
1.-The question of the wisdom of the
policy of expansion has been settled
! forever. 1t is no longer even debata-
BILE one Our flag has been raised in the
Philippines, and. thank God, 1t is there
to stay.
1T takes no prophet to state that If
the people of the United States will but
F., awaken to full realization of the
grandeur of their destiny and the great
ness of their opportunities. they VIII
settle down to a development of the
commerce of the Orient that will ere
many years re-establish our merchant
marine, cover the Pacific with our white
winged birds of commerce. establish on
the Pacific coast commercial emporiums
that will rival any in the world, and
| pour into our treasures the riches of
! Goconda.
Necessary Legislation.
"It seems to me that the most import
ant step that should be taken by con-
gress to enable the United States to at
! tain all the advantages arising out of
constantly expanding commerce. is to
enact the necessary legislation authoriz-
ing the establishment of international
| banks with headquarters in New York
and branches in all the leading COM
| mercial cities of the globe.
"That there is room for abundant
| profit Is evidenced by the fact that fully
| 80 per cent. of the total banking business
| between the United States and the
Orient and South American countries
is done through London bankers and
the average commission of this is three
quarters of one per cent, which is made
by these London houses with scarcely
penny of expenditure. Even the govern
ment of the United States now does it's
| in .cSinn tn 1,a
Orient through the great English insti-
tutions, the Hong Kong and Shanghai
banks and the chartered bank Of India.
Australia and China.
Foreign Banks Discriminate.
| "The foreign banks of South America
and the Orient do not encourage Ameri-
can trade. but, either from patriotic mo-
tives or for other reasons. favor Euro
| pean nations to the disadvantage Of the
United States, and the results are
seriously felt in our higher mercantile
circles.
at is enough to say that our foreign
export trade is increasing regardless of
poor banking facilities. 1t is a more ex-
act statement of existing conditions to
say that the full measure of their
| growth is greatly retarded by reason
| thereof. In order 10 mos; advantage
| ously compete in the worlds markets.
| the United States must be prepared to
give the same facilities To encourage
trade by the same liberal system Of
international exchanges that other coun-
tries offer. otherwise our trade will be
hampered to just that extent.
Our Golden Opportunity.
'If then the people of the United
| States have the wisdom to seize the
golden opportunity that is now present
ed to them by legislation Favorable 10
our banking sEecessittes ana to the de-
velopment ofsour merchantemarine long
| ere the 2Oth century CLOSES .thaN Min