The Topeka state journal. [volume] (Topeka, Kansas) 1892-1980, 1915-05-25

from Page f)ne.l
the prediction that the banking sys-
tenn of the nation through that act will
become lone of the strongest systems
in the world"
Development of Foreign Trade.
Reviewing the story of financial
Legislation which followed the panic
of 1907 and sketching the operations
OF the reserve act he added:
THINK that growing out of this
new banking act the time has come
for a marvellous development in our
foreign trade, especially with South
America, and that an opportunity is
given to finance that trade such as
has never been possible before
Lesson of SeIf-Reliance
Need for greater reliance on their
own resources is one lesson which the
european war has brought home to
the nations not involved. This is the
opinion of Paul M. Warburg. member
or the federal reserve board, who also
spoke today at the conference. Mr..
Warburg pointed out that when the
war began, England, then acting as
banker for the world, felt forced to
ask for some of the vast sums due her
and that this request was reflected in
varying degrees IN countries that were
in her debt He spoke of the acute
situation which resulted in the United
States and elsewhere on this hemi-
sphere, and added:
lions will have to learn from last
years experience is that it is unwise
Tor the world to place it's financial de-
pendence upon any single nation; and
that those who can afford to do So as
for instance, the United States should
from this time on adopt a policy of
greater reliance upon their own re-
sources. Those countries which can
not rely exclusively upon their own
resources should adopt a policy of di-
viding their risks of financial depend
ence as evenly as, and widely as, they
possibly can.
There is no difference of conserva-
tive opinion that the United States
does not aspire now to take the place
or Europe'S leading financial powers.
Our own field of operations is still too
vast to enable us, or to render it even
desirable for us, to become the world S
banker at this stage of our own de-
velcpment, but the safety of all coun-
tries-and We include England among
their number-demands that if again
the latter should find herself forced
to call upon her debtors for instant
payment, there should be at least one
country strong and independent
enough to shoulder a substantial por-
ton of the burden.
Though in normal times closely
connected with Europe, the American
continents ought to be so organized as
to form a distinct unit in times of
emergency-a union whose tranSporta-
tiOn ana CTeOlC systems Will remain
unbroken even though all Europe
should go to war;
International Commercial Court.
At the, opening of todays session
Secretary McAdoo-. announced the
committee on uniformity of laws
would consider the creation of an in
ternational commercial court to settle
particularly matters arising out Of
trade disputes.
He announced also the committee
which would take up the question of
improved transportation facilities in
South America would be made up of
the entire delegations from Argentine,
Chile, Brazil, Uruguay and Peru Vim
cente Gonzales of the Ecuador dele
cation, and the following representa-
tives of the United States: E. n.
hurley of the federal trade commits
sion; r. G. Rhett of the executive
committee of the United States cham
Der of commerce; Paul Fuller Frank
lin @. Brown and ]. G. White New
ork; George W. Norris, Philadel-
phia, and Harry A. Wheeler, Chicago.