The daily morning journal and courier., 1904-11-16

(Continued from Third Page) because of the war has been over $fo,- 0OO0OO.
 The seed sown by the statesmen and business men of these great countries during the last six years have germina- ted rapidly, and will, within the first third of the twentieth century, bring peace to all nations of the earth, estab- fishing sound, permanent commercial relations between them, and will purge the earth of the foul stains of battle; and, following the example of sherman, Ellsworth and their associates when they established the great National Ar hitration Tribunal of this country, we shall have a supreme court for all the civilized nations of the earth.
 PROFESSOR REEDS ADDRESS.
 Professor Edward B. Reed responded to the toast "YaIe University Pro- lessor Reed spoke briefly and told of the friendly relationship and the feel ing of cooperation which now exists between .the Town and Gown. In closing the speaker referred to the great benefit Woolsey hall wos not only to the university, but to the people of this city.
 Rev. Dr. Phillips Address.
 Rev, Dr. watson L. Phillips respon- ded to the toast fThe Country's Growth and Prospects, His address was as follows:
 THE COUNTRY'S GROWTH AND
 PROSPECTS.
 am not to discuss expansion or inn perialism in the meaning of those words which has so terrified some of the Boston patriots, but to speak of that phenomenal, almost miraculous growth which makes our history read like chapter from the Arabian Nights. No, not like that! That story is meager and meaningless beside the record we have made, there is nothing in history or fiction with which to com pare the American story.
 Recently 1t has been said that three supremely great events have occurred in the history of the United States. These are: l. The foundation of the republic g. The Louisiana Purchase. g. The revolution which abolished slavery. The Louisiana purchase dou- bled our then existing domain, gave the country control of the Mississippi from its source to the gulf, and started that western march which now reaches from Maine to the Golden Gate of the Pacific.
 Nothing could sc impressively illus trate the advance made since the sec- ond event as the manner in which it Is now being celebrated at an expense of fifty million dollars, sum that would have been prohibitive at the time the purchase was made. Stand in the midst of that great exposition and be- hold the aggregation of the products of mill and mine and field, the advance in methods, the results of discovery and invention; try to compute the wealth in money and manhood which it repre- sents; stand at night and catch the glow of 650000 electric globes, remem- boring that the use of electricity is yet in it's beginnings, and you will arrive at some faint conception of the land you live in and the people you live among. And when you think of that fifty million dollars remember that we had just fought the Spanish war, had poured $275,0O0000 into the administra- ton of affairs in the Philippines, and paid $50,0o0,000 for the Panama canal; and these vast expenditures have not caused ripple in the financial world, however much they may have troubled certain editors and politicians.
 Our wealth is simply enormous I shall not discuss the methods or the ethical principles involved in the exis- tencei of the trusts which have come to such prominence and power, but as an evidence of our wealth call your at tention to their immense capitalization and volume of business. It seems a small thing for New York city to ding