The Washington herald., 1910-04-17
PRESIDENT TALKS
TO FlNANCIERS
Continued FROM Page One.

the people Of the nation to prepare to
meet the situation and devise means TO
restore the balance Of trade"
Mr.. Nagel then spoke Of the organized
effort put forth by such nations as Eng
land. Germany. France. and Italy TO Sc
cure and build up their trade with foreign
countries. lie said that ole Of these ma
lions had more paid employees ana ennis
saries in one city Of this country than
the sovernmcnt allowed him in his whole
department
Mr. Nagel declared that America must
80 out after foreign trade IL # was ever
secured, and must meet the conditions
imposed in the battle for that trade
The Secretary declared that numerous
problems would grow out OF the expan-
SION Of trade one Of which was a larger
control of what might be called inter-
state commerce in this country and en-
tire Federal control of the foreign COM
merce Of the nation. Mr.. Nagel declared
that no one could 80 further than he i'm
adherence TO the State rights doctrine.
but he showed that corporation organ
lied in one State and doing business in
another could not be put under the right
kind OF supervision by the States, and as
the country had grown the necessity for
the exercise of Federal control had be-
come more and more necessary. and
would continue to do so. This led the
Secretary TO the question Of the organi-
cation OF corporations under a Federal
corporations act, which he strongly ad-
vocatcd.
Urges n Merchant Marine.
Mr.. Nagcl spoke Of the need % a mer-
chant marine for the extension Of the
countrys trade. describing the merchant
marine on the Great Lakes and I'm the
coastwise commerce. and said this must
be extended to reach 60 every port IN the
civilized world. II subsidy should be
needed. then subsidy must be granted, or
If il could be attained by other means
then by the exercise of that means. At
all events foreign trade must be had
and he would not admit for q mo-
ment that America could not do all and
more than other nations have accom-
plished.
Franklin MacVeagh. Secretary OF the
Al tdSAAgr spoke OF tIlt hduhS organized
under the national banking act as the
most perfect illustration Of the corpora
ton under Federal control. and ne point
ed out that banking had succeeded bet
ter than any other kind Of corporate en-
terprise, and he argued that the same
principle ought 10 be extended 10 other
corporations.
Wants Ideal Government.
Mr. MacVeagh supplemented the re-
marks Of the President on the growth
OF the city Of Washington by affirming
that il ought 10 be made the ideal city
of the United States in the form and
excellence Of its municipal government.
Representative Nreclaad spoke al some
length IN defense Of the currency act Of
the last Congress and the need for -he
establishment OF central bank 20 serve
as the depositaTy OF the reserves and as
central agency for the Issue of cur
renCy. He said that the law of two years
ago was "A temporary measure. hut one
that would be found 10 work well I'm time
OF stress. lie said the central bank
should be very different from that of
JacIson's day-that II should be carefully
surrounded 10y law. its profits limited. ana
its operations placed under the most
rigid control But with a world nation