The herald and news. [volume] (Newberry S.C.) 1903-1937, 1915-05-28

! Friendship.
Mobile Speech Recalled.
Secretary Bryan enlarged upon l. {
idea OF the presidenr by recalling Mr.,
Wilson's speech at Mobile, in which ne
announced LAT the United States does
not want foot OF territory from any
other nation. The other members OF
the cabinet spoke also OF the posi-
bilities OF heIpfuiness for both South
and Nort4 America, and the delegates
from each country in their responses
voiced similar sentiments.
The only private American repre-
sentative wh2 spoke today was Frank
\. Vander,ip, Of the National City
bank, of New York. Mr. Vanderlip de-
cIared t at at the present time the ma
tional tanks OF the United States, as
shown Dy their last repor,s 10 the
comptroller Of the currenc., have a
total surplus over the legal reserve
requirements Of more tan $700 100000
and that the State banks probably
have similar plethora.
THAT means" said he, that we
have an enormous capital for the eX-
pansion of loans, probably enough to
expand loans for two or three billion
dollars, so if we are in state of un-
preparedness for war We are prepared
to extend our financial relations abroad
and for the development Of banking
credits at home"
Mr.. Vanderlip said that an impor-
tant consideration to be remembered
in building up relations with South
America is that the countries there
are in about the same position that
the United States occupied few years
ago, and that they need, most of all,
outside capital to aid development.
! Will Open New Field.
81 believe" added lac, that the
growing wealth Of this country under
the new banking law and for otter
causes will open this field so that it
will amount to something vastly
greater than it has been before
Between the two sessions today the
delegates were received by the presi-
dent at the white house. Tonight they
were the guests at reception given
by Secretaries Bryan and McAdoo in
tie Pan-American Union building. Most
of the members of the cabinet, scores
Of government officials and members
of the diplomatic corps were present.
Tomorrow morning there will be an
other general session Of the confer
ence, at which speeches will be made
by Gov. Hamlin, Paul NJ. Warburg, of
the federal reserve board. Later a
number of delegates will be guests at
lundaeon of Secretary Bryan.
In the afternoon will begin the
group conference" at witch those re-
spohsible for the meeting hope will
be developed the exact needs Of the
invited countries.
Preparatory to these conferences,
Secretary McAdoo tonight named the
! representatives of the United States
WHO will participate in them. Among
the well-known men chosen are F. A.
Delano, E. H. Gary, Frank A. Wander
lip, James speyer, E. NJ. Hurley, j. P.
Morgan, George NJ. Reynolds, Paul NJ.
| Warburg, Governor HamIin, of the
federal reserve board; Henry P. Da-
wilson and w. P. G. Harding.
President Wilson's Speech.
President Wilson spoke as follows:
There can be no sort of union of in
terest if there is a purpose of exloi-
tation on the part of any person con-
nected with great conference Of this
sort. We are not therefore, trying to
make use of each other, but We are
trying to be of use to one another.
/ cit is very surprising to me, it is
even 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 Americans how truly they
were neighbors to one another. If
there is any one happy condition, gen.
tlemen, arising out of the present dis
tressng circumstances of the world, it
is that it Las revealed us to one an
other; it has shown US what it means
to be neighbors. And can not help
harboring the hope, the very high nope,
that by this commerce of minds with
one another, as we'll as commerce in
goods, we may show the world in part
the path to peace.