The Washington herald., 1915-05-28

National City Bank Of New York. in
an address before the conference. The
act marked the greatest step forward
ever made in the financial progress OF
the United States and will result IN
vastly increasing the Importance of our
country as a world money center. One
of the prime necessities in the creation
of an important money center is an
established discount market-a market
wherein may be sold at the lowest rate
all bills drawn and accepted by houses
and banks of high credit standing"
A telegram b1edging the support of
the National Association of Manufac-
turers to the conference was received
yesterday by John Barrett. director
general of the Pan-American Union.
The delegates yesterday afternoon
were given a luncheon in the Pan
American Union Building by Secretary
of the Treasury McAdoo. Following
the luncheon the entire party, nearly
800 in number, were taken by automo-
biles to the Presidents yacht, May
flower" upon which a trip was taken
down the Potomac to Mount Vernon.
Secretary of the Navy Daniels was the
host on the boat trip. He also attended
the luncheon. The party left about
$40 o'clock and returned to Washing
ton about o'clock.
At Mount Vernon the delegates laid a
magnificent wreath OF orchids on the
tomb of George Washington and inspect
ed the relics of the first President in the
old mansion. They were accompanied on
the trip by Secretary of State Bryan and
Secretary of the Navy Daniels and Mrs.
Daniels. An elaborate menu was served
on the return trip.
Many men in Washington public life.
as we'll as a number Of well-known So
ciety women, were present in addition
to almost all the great captains of indus
try in American finance and commerce
now assembled here for the conference.
The most dramatic simplicity prevailed
during the trip. The band of the May
flower played constantly during the trip
and some of the younger members of the
party INDUCED in dancing.
The conference yesterday morning
was addressed by John Barrett. direc
tor-general of the Pan American Union
and by Joseph Z. Davies, chairman of
the-Fedral Trade Commission.
international Court Urged.
Establishment of Pan-American
international tribunal for the moral en-
forcement of a commercial code setting
forth distinctly what shall constitute
unfair competition in international re-
lations was urged in the address by
Mr.. Davies. Dollar exchange, as con-
trasted win dollar diplomacy. likewise
was advocated by the speaker.
Monopoly OF an international char
acter. ne declared, Is not fear OF
the future: 1t is fact OF the present
Unfair methods OF competition to de-
stroy rivals are not confined to local
monopoly. but may be participated in
by nations as well. There is no logical
or ethical distinction between govern
ments and individuals or corporations
II engaged in such practices. They
equally are intolerable. A common pol
icy locally applied by the nations OF
this hemisphere, which believe that
monopoly unrestrained is the negation
of democracy. gives promise of the de-
velopment of a policy in common in
ternationally applied for the mutual
protection of all.
What we need is a code as to what
constitutes unfair competition in inter-
national commerce, which code should
be sustained by the enlightened public
OPINION OF the industrial nations OIL the
"Tbe fact that tho renpbIics of this
hemisphere founded their no,icies with
reference to industrial nnoponoIv and IN
dustrial freedom of onnortunitv unon the
same politfcaI nbiIosopbv au9urs we'll for
the development of a Pan-American in
terna tionai code Of what shall constitute
fairness in trade. such a code. IL sus-
tanned by the nations, and peoples of the
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