Albuquerque morning journal. [volume] (Albuquerque, N.M.) 1903-1926, 1915-05-25
President, in Significant Ad-
dress to Pan-American Fl
nanciaI Congress- Says End
ing of War Would Be Honor
CONFERENCE ONE OF
.ALTRUISTIC MOTIVES
Aim Is to Have Nations Help
Each Other Says National
Executive, Not to Attain
Gains for Themselves,


Washington, May 24--Some OF tho
obstacles which war across the Attain
tic has thrown into the paths of in
dustrial and commercial prosperity
and the march of trade in the west
ern hemisphere were outlined today
at the first session of the Pan-Ameri-
can financial conference.
The outstanding thought of the
conference as IL Is expressed by many
speakers was the crying need for i'm
provemont OF transportation for re-
adjustment Of methods of financial
exchange and for uniformity of laws
north and south Of the equator in re-
lation To subjects which vitally affect
international relations. Steps were
taken AT the close of the day to pave
the way for uniform statutes through
the appointment of a committee with
a representative from each invited ma
ton and several representatives of
the United States.
President Extends Welcome.
President Wilson, who welcomed
the delegates to this country, dwelt
upon the need for development of
transportation. and Secretaries Bryan,
Redfield and McAdoo and Postmaster
General Burleson later added their
recommendation for steamship lines
Independent of Europe to ply between
all the principal ports of the two
Americas. Expression of this idea
eliminated tonight in the promise OF
Secretary McAdoo TO select a COM
mittee of representatives. of the Unit
ed States and of South American
countries, including Argentina. Bra
zil, Chile and possibly others, TO take
- Of.
ship lines, either cooperative under
these governments or under private
control.
Besides delegations from eighteen
Latin american republics participat-
ing in the conference, which is to con-
tinue throughout the. week, are mem
bers of President Wilson's cabinet,
the federal reserve board, tho fed
eral trade commission, treasury Off
cials and more than one hundred
representatives of great American
banks, industrial corporations and
commercial houses The American
business men and financiers were
named ~ Secretary McAdoo as Off
eial representatives of the United
States at the conference
Union of Interests.
The opening day was devoted chief
~ to speech making. President Will
son began with an unequivocal dec
laration that the conference was not
for the exploitation of the invited ma
tions but for a union of interests in
which the United States will not try
to make the use of the others but to
labor to the advantage of all.
1T would be a very great thing"
said the president, "if the Americas
could add TO the distinction which
to peace, to permanent peace. The
way to peace, for us, at any rate is
manifest. 1T is the kind of rivalry
that does not involve aggression, 1t
is the knowledge that men can be Of
the greatest service to one another
and nations of the greatest service to
one another when the Jealousy be-
tween them is merely a jealousy Of
excellence, and when the basis OF their
intercourse is friendship
The only private American repre-
sentative who spoke today was Frank
A. Vanderlip of the National City
bank of New York. Mr.. Vanderlp
declared that at the present time the
national banks of the United States as
shown by their last reports 10 the
comptroller of the currency have
total surplus over the legal reserve re-
quirements of more than $700, 100000
and that the state banks probably
have similar plethora
The Presidents Speech.
President WILSON spoke as follows:
There can be no sort of union OF
interest if there is a purpose of eX-
ploitation on the part of any person
connected with a great conference Of
this sort. We are not, therefore, try
ing to make use of each other, but
we are trying to be of use to one
another.
ut is very surprising to me, It is
even a source of modification, that
a conference like this should have
been so long delayed; that it should
never have occurred before; that it
should have required a crisis of the
world to show the Americas now
truly they were neighbors TO one an
other. If there is any one happy
circumstance, gentlemen, arising out
of the present distressing circum-
stances of the world, it is that it has
revealed us to one another it has
shown us what il means to be neigh
hors. And | cannot help harboring
the hope, the very high hope that
by this commerce of minds with one
another as well as commerce in
goods, we may show the world in
part the path of peace.
Showing Way 10 Peace an Honor.
"It would be very great thing If
the Americas could add to the dis
tinction which they already wear.
this of showing the way of peace, 10
permanent peace. The way to peace