The Vinita daily chieftain. [volume] (Vinita, Indian Territory [Okla.]) 1902-1913, 1911-11-28
COTTON TRADE PAYS
TR|BUE TO EUROPE
Better Banking system Needed to Give
The South Command Of its
Own Trade.

New York, Nov 2S.-lrving T. Bush,
OF the Bush Terminal company, who
has put millions OF dollars into pier
development on the New York water
front. aud who is recogized as an au.
thority on coast-wise and overseas
commerce. said before leaving for Eu-
rope that he believed that the greatest
benefit from the opening of the Panama
Canal would accrue to the southern
ports.
"The port OF New York" said NJ
Bush. naturally will gain from the
great expansion OF our trade with the
orient that win follow the opening OF
the canal, but the southern ports, es-
pccially the ports on the Gulf, like
New Orleans and Galveston, win reap
the greatest benefits.
"The commercial interests OF the
south are looking forward TO the
growth of their trade with the open
ing of the canal. but do not believe
they fully realize what this coming
reoharting of ocean routes means TO
them. The opening OF the Suez Canal
marked an epoch In the worlds COM
meree. the opening of the Panama
canal will mark q greater epoch.
"The south has been making great
strides in our export trade. which now
reaches the enormous total of two bill.
lion dollars year, How few people
realize that. next to New York. the two
greatest shipping ports OF the county
are the Gulf ports OF New Orleans and
Galveston They far outstrip the ports
Of Boston and Philadelphia 1t is our
wonderful trade in cotton that has
placed the south In such a command
ing position in our export trade. We
are selling abroad every year close to
half billion dollars worth of the
south's great staple. Cotton is the hul-
ware Of our export trade
"But the south cannot reap the fNll
heneft from the export trade and from
the opening OF the Panama Canal so
long as il continues to be dependent
upon outside gnancial centers for the
financing Of its trade,
Every pound OF cotton that is ship
ped today from the south pays its trih-
ute to the London banker, either di.
reetly or through New York. One Of
our leading International bankers said
at New Orleans, last week. that the
United States paid hundreds of mil.
lions of dollars year tribute to fol
eign bankers for financing our foreign
trade. A good share of this tribute is
paid by the south
The whole country needs more
modern banking system to finance our
$500. .e0o. .ooe Of foreign commerce. IL
IS time We stopped paying tribute To
Europe for doing work that We ought
10 do ourselves for our own profit. But
the south. more than any other section
Of the country, and especially in view
Of the expansion OF southern commerce
thar viii come with the opening Of the
canal. is in need Of better banking
system.
II DO nos mean 70 say that the south
has NOT strong sound hanks that COM
part most favorahly with the hanks Of
the rest Of the country. Nor do mean
10 say that banking progress in the
south has not kept pace with southern
business. In fact, there has been a
wonderful increase in the south's bank
ing resources in recent years. IN the
past ten years, while the deposits Of
the banks Of the whole country have
gained lie per cent, those OF the south
have gained ssi per cent. or more than
twice IS much. southern bank deposits
have Increased since 1909 iTom Ss75.-
eeo.eoo 10 sS0o0o0,Oo0.
R0t, what the south needs aud
this IS What the whole country needs
is cooperation between the hanks that
viii enable them to do the work that
fNreign bankers now DO IN FnaAeiRg
American cammerce
As business msn interested in oar
foressa trade, have = special interest
IN banking reform thar will place Is
On par with the nations of Europe
IN handnng the credit transactions that
eoatrei the OVERSEAS commerce ef the
world