Evening star., 1911-01-19
Commerce and Peace.


bassador Bryce considers. are increasing
through the instrumentality OF intefna-
tional trade. He admitted having been al
one time head of the British Board OF
Trade, and described its functions as q
factor of government in supervising rail-
roads. shipping, labor and corporations.
I'VE believe that peace, unity and com
fort arc based primarily upon the reia-
tions of one country with another, he
said ''The commercial interests OF ia
tion have a great deal. to do with fr'enuiy
foreign relations Of that nation. Ine sp,r, r,,
of peace between my country ana YOU
country and the existing relations VIII
other European powers indicate the de'
pendence Of one country upon the com
merce Of another.
at Is impossible for US to have too
much trade It is absurd to consider
that the good of one country Is the eVil
of another" continued Ambassador Bryce
"It would indeed be great msIor! tune
III one country could sustain Itself aos'o-
luteIy without dependence on otner .a- na-
tions. Those countries which would pro-
duce everything required by their people
weuld be isolated. trade would be re-
stricted and the general welfare OF the
universe impaired.
MacVeagh Indorses Aldrich Plan.
The need of American national banks
for international branches was comment
cd upon by Secretary MacVeagh. His ad-
dress embodied an Endorsement or the
Aldrich monetary plan, and indicated
deficiencies in the existing systm.
"Our national banks are not permitted.
under the present system. to engage In
foreign banking" he said. They are
kent at home and restricted to single
pbase of banking. This regulation Is one
Of detriment to the banking interests and
to the citizens Of the nation as we'll
Trade is restricted, commerce ID not ouilt
up in the way 1t should be. and foreign
relations are not what they could be
made under more liberal banking laws"
Regarding the financial situation At
home. Secretary MacVeagh had this to
say: =.
universal interest. 1t is popular me-
cessfty. a question not academic, as re-
garded by some. but practical In that
every one, rich or poor. should be In
terested In its consummation.
Under the present system we go along:
times appear In times of financial
storms the burden falls upon the poor
man, The dire consequence is the prosi
tration OF business, lower wages. discom-
fort and suffering. The disaster Is borne
with ease by the rich: it Is the poor who
suffer.
Would Abolish Panics.
"Rut why should we hold on to panics!
WHY cultivate or breed disasters? Why
should we not revolt at their barbarity.
cruelty and wantom havoc? We can
abolish them IL we nke-it Is q matter of
national choice.
"Our present system Is unscientific and
imuractical We have no real reserve
furid. Our so-called reserve fs In every
day use, and Is Of only sufficient size to
lead to violent sequestration In times of
manic. We must have a currency that
will fluctuate with the demands Of the
milton. This cannot be done. however.
without a centralization OF our reserve." :"
Monetary Commission's Report.
That all but eight Of the eighteen men
now composing the national monetary
commission will retire from Congress aft
ar the present session IL the basis for
the opinion expressed by Representative
weeks that it may be difhcuit to present
the final recommendations Of the COM
mission on monetary Reorganization.
1--WE must keep politics out Of this re-
forrn.' he said 1.-THE report. know, Is
not the commissions report. hut that Of
its chairman, and Is q right step In the
rixht direction. We cannot avert panfcs
they viii always be with us-but we
can. by currency reform. prevent money
panics thAt follov other strineepcies Ano