Albuquerque morning journal. [volume] (Albuquerque, N.M.) 1903-1926, 1905-10-12
SHAW WANTS
MERCHANT
MARINE
Secretary Points Out Amer.
iCa'S Chief Weakness.
STRONG SPEECH BtFORE BIG
MEETING OF BANKERS
Thirty. Three Hundred Fiuanciers
Cheer Treasurl's Guardian as
He Paints Glowing Picture
Of Prosperity.

Washington. oct. 11.-There pre-
IVaied in the important speeches be-
fore the American Bankers associa-
ton convention here today the senU-
ment that financial legislation is nec-
! essary.
Thirty-three hundred bankers ap-
lplauded Secretary Shaw to the echo
when he concluded lengthy address,
! the burden OF which was "A panorama
of the prosperity OF the country con-
| trasted with a monetary system which
! is uhexible and liable thereby to bring
disaster at any crucial time Frank o..
Vanderbilt of the City National bank
of New York, former assistant secre-
| tary of the treasury saw the same
prosperity and he also saw dangers
lahead. Secretary Shaw suggested
Iremedy--a heavily taxed national
bank note currency which would be
drawn forth at times of unusual de-
Imand for money and by reason of the
tax be retired on changed conditions.
| Mr.. Vanderlp had no advice TO offer.
| AIr Rdgeley. comptroller Of tho
lcurreucy,' pointed out the necessity of
Ichanged methods in some respects in
the governments supervision of ma
tional banks, President swimmer, OF
the association, reviewed its growth
land development for the year Presi-
dent Roosevelt was app-auded and
thanked for his successful efforts in
Imakiug peace between Russia and Ja-
| lpun The president received the bank
ers and the ladies accompanying them
Itt the White House, There was music
land horal decorations but no speeches.
1.-The president shook the hand OF every
one OF the visitors ana extended his
| Uarmest greetings
Secretary ShnN's Address
Secretary Shaw besides touching on
1.-The currency aud monetary situation
GENERALLY made a strong appeal for an
adequate American merchant marine.
! He said in part
( Tpe nations OF earth sell to each
Tother $4,000. 600 600 worth of mer-
chaudise per Rnnum, one-eighth OF
which originates in the United states,
land one-ninth of this grand aggregate
finds It's way to our ports for ult-
mate consumption. Within the last
lhalf century the United states has
not only assumed Importance among
commercial countries. but In the last
decade she has become the greatest
commercial nation of the world. Not
only do her exports exceed those OF
Iany other country but her domestic
commerce IS two and One-half> times
AS barge as the aggregate international
commerce Of The round world. Whilc
Eighty and more commercial coun-
tries are selling, the one to the other,
merchandise worth $4,000, 600, 600.
the American ueople sell to each 9TH
ar merchandise worth practically
S25 600. 100000. These stupendous
and incomurehensihle figures make
some Of us proud some arrogant
They should make us all thoughtful.
laud prevent amy Of us from becoming
irecklessly critical
VIII Need New Markets.
Tho time Is coming. gentlemen
with our increasing population, more
urban Than ever with factories null
tiplying moro rapidly than farms.
with limitless manufacturing resour-
res. and matchless aptitude for pro-
ductlon- when the United States win
need new and important markets,
The world may come TO us i'm its own
ships FOR the products Of our farms
and the raw products Of our mines
hut II viii not come in its own ships
for the finished products Of our fac-
tories The time Is coming when We
viii need international bankers and
international merchants and an inter-
lationnl mercantile marine.
ann well aware that there are
'ome, and they are not confined 10
my one party or locality--they are
prominent IN both parties and arr
found on the shores of New England
ana on the prairies west Of the Mis-
| 'issipp- who urge that we need to
do nothing more than gracefully SUR
render a portion OF our $4,000. 000..
600 Of domestic commerce. and ther.
~ a logic which ] do not understand.
| we Will get so much larger share Of
! ~
lradc as TO fully compensate ourselves
nd that IN addition we viii make the
| world happy. hut | viii moi discuss
hat question. | desire ~to coniine
| NY remarks to the importance of
| merchant marine
over hundred wears ago congress
'qssed an act giving to the American
| shlpbuilder md the American ship
| owner a monopoly of our coastwise
trade.
Largest Coastwise Trade.
since then political parties have
passed into forgetfulness and others
have come and gone. Admnistra-
tions have changed again and again.
lbut that old law remains intact u
has often been assaIled hut no party
has dared to repeal If. II, therefore.
has the stamp OF non-partizan ap-
proval. As a result we have the
argest and cheapest coastwise trade
IN the world. The Detroit river floats
more tons OF American freight than
pll tho foreign commerce that enters
London, Liverpool aud New York city
lcomhlned, and under every ton Is an
American ship. built OF American ma
lterials by American workmen. owned
by American capital and operated by
American enterprise and over every
pound floats the stars and stripes.
The government is now enlarglng
luot only the scope but also the amount
Of the bounty II hns paid fifty
millions for the right to dig 4 ditch
IN aid Of international commerce, and
proposes 70 pay two hundred millions
more or i've hundred millions more.
II necessary IN the construction of
that international ditch other millions
lln lts maintenance. and no end OF
millions IL necessary. III its defense.