Pierre weekly free press. (Pierre, S.D.) 1889-19??, 1914-11-26
RESERVE
BANKS OVER CANAL
Create Credit System Between
United States Producers and
Latin Americans BY
Measure.

Memphis. Tenn. Nov. 21.-Organi-
cation of a large banking corporation
n establishment In Latin America,
i of branches of the regional reserve
banks as a means of opening the finan-
cial channels between the United
States and the countries of Latin
America We're committee suggestions
awaiting presentation when the inter
national trade conference of the Mis-
sissippi valley n central west re-
Sumed its sessions here today.
Other recommendations included ar
appeal to congress to improve the nav
igable rivers of the United States and
the inland carriers Of the southern re-
publics in the development Of their
lines.
Barrett's Program.
The Mississippi valley and it's trib-
| utary sections between the Alleghen-
les and the Rockies have a remarkable
and peculiarly advantageous relation
ship to the Latin American commercial
opportunity. which is not generally APP
preciated." said John Barrett, director
general of the Pan-American union,
addressing the union. This confer
ence should give a punch to this re-
%lationship which will result in prac-
teal action and real achievement.
This meeting should mark the begin
ming of a new and progressive period.
not only in appreciation of the Latin
American field, but activity in getting
into great broad touch with its oppor-
tunities.
Lee US, therefore, at the very out
set, realize the special sphere of pan
American commercial opportunity
which appeals directly to his vast sec
ton represented here today. The fig
ures and facts / give you are those
based upon the most recently compiled
data of the Pan-American union as an
international organization.
ITO sun up, the Mississippi valleys
special sphere of opportunity and &C
tivity in Latin America comprises por-
tons Of 16 countries, a population Of
nearly 10000, 900, and a present for
eign trade of s1.4oO, 900, 900, which
must. with no eXaggeration of posi-
bilities, grow to $4,000, O00. 900 within
the next 10 years. These figures do
not include the great foreign commerce.
valued at $1,000, 000, 600, of Brazil. Az
gentine, Uruguay n Paraguay. which
form the special sphere Of opportunity
for the Atlantic coast and the eastern
section of the United States.
Nov what is to be done in the nrer-
lses?
First: Special credit and attention
should be given to those persons. firms
and organizations which have for many
years been working successfully in this
field. What they have done and are
doing should be carefully studied and
followed.
Second: The whole situation m,,st
be approached from the Latin Ameri-
car as well as the United States stand
point, n from the side of imports of
raw products for our manufacturing
plants as we'll as of exports Of our fin
ished manufactured goods ard that
surplus Of our agricultural products
that are suited to their markets. Ships
must have return as we'll as outgoing
argoes.
Third: Latin America at the mo-
ment needs money as much as the mer-
chandise of the Missippi valley and the
country at large. If the financial in
could lend Latin America $500, 0oO, 900
during the next five years they would
by that agency alone and in that period
increase the Mississippi valley trade
with Latin America $1,000, 00O. 900. Some
method must be devised by the. federal
reserve board and private banking and
trust companies to meet the situation,
for Europe can supply only a small
amount of money to Latin America for
the next decade.
Fourth: A grrl 1t and immediate
need of the hour are we'll organized and
developed banking and credit facilities
for the commercial and financial tran
VI iliCtISa III llle MIS-
sissippi valley, especially In the spheres
Of Influence of the Caribbean sea and
the western coast of Latin America.
The banking, commercial, manufactur-
ing. exporting and importing interests
of the principal industrial centers and
ports Of the Missippi valley should
therefore at one set themselves to
working out this vital problem.
Fifth: AS 500 as possible, regular
and permanent mail. passenger and
freight steamship service under the
United States flag must be established
between the gulf ports of the Missis-
sippi valley n those Of its sphere of
opportunity in Latin America-one go
ing through the canal and down the
west coast Of South America as far as
Valparaiso. and another through the
canal n up the west coast of Central
America and Mexico to California.
Latin America today realizes the need
Of this service and calls as eagerly for
1t as does the Mississippi valley
-apnf/pNtI rru~~~- 1890. 81