South Bend news-times. (South Bend, Ind.) 1913-1938, 1916-09-26

upon which we were acting" He
added that he hoped he could find
men for the commission who Will
see the facts and state them. no
matter whose opinion those facts
contradict"
The presidents speech follows in
part:
1t is matter Of sincere graud-
cation 10 me that I can come and
address an association of this sort.
and yet 1 feel that there is a certain
drawback 10 the present occasion.
That drawback consists of the fact
that il occurs in the midst of po-
htical campaign, and nothing so
seriously interrupts or interferes
plth the serious and sincere con
slderation of public questions as a
political campaign.
AbhOrs Partisan Action.
Il want TO say 10 YOU at the out
set that I believe in party action.
but that 1 have a supreme contempt
for partisan action: that 1 believe
that it is necessary for men TO con-
cert measures together in organized
cooperation by party. but that
whenever party feeling touches any
one of the passions that work
against the general interest. it is al
together 20 be condemned And,
therefore. I feel that on occasions
like this we should divest ourselves
Of
the midst of a political campaign,
because associations like this are
not gathered together TO take part
I'm partisan discussion. but 10 con-
slider those permanent interests of
the nation which concern us all the
time, which do not alter their as
poets because parties are cOntesting
for power, and that we ought as
much as possible on all occasions to
think of ourselves as first Of all men
devoted TO the welfare of the coun-
try and as compared with that de-
voted to nothing else whatever.
What l have come to say to you
today, therefore l would wish to
say in an atmosphere from which
all the vapOrs of passions have been
cleared Iway, for l want to speak to
YOU about the business situation OF
the world, so far as America is con-
cerned. l am not going to take the
liberty of discussing that business
situation from the special point Of
view of your association because Z
know that ! would be bringing Goals
to new castle.
New Business Era Ahead.
Il have come 10 discuss the gen
eral relation OF the United States to
the business of the world in the dec
AIDES Immediately ahead of US. We
have swung out, my fellow citizens,
into new business era in America
1 suppose that there is no man con-
Eected with your association who
does not remem Der the time when
the whole emphasis of American
business discussion was laid upon
the domestic market
But it happened that American
production. not only in the agricul-
tural field and in mining and in all
the natural products of the earth,
but also in manufacturers, has in
creased in recent years to such a
volume that American business
burst its Jacket 1t could not any
longer be taken care of within the
field of the domestic markets; and
when that began TO disclose itself,
as the situation, we also became
aware that American business men
had not studied foreign markets.
that they did not know the COM
merce Of the world, and that they
did not have the ships in which to
take their proportionate part in the
carrying trade of the world; that
our merchant marine had sunk to
a negligible amount and that it had
sunk 10 its lowest at the very time
when the tide of our exports be-
gan to grow in most formidable
volume.
zone of the most interesting cir
cumstances of our business history
is this: The banking laws of the
United States mean the federal
banking laws-did not put the ma
tional banks in g position 10 do for
eign exchange under favorable con-
ditions. and il was actually true that
private banks and sometimes branch
banks drawn out of other countries,
notably out of Canada, were estab-
lished at our chief ports 10 DO what
American bankers ought to have
done. Only in very recent years
have we been even studying the
problem of providing ourselves with
the instrumentalities Not until the
recent legislation of congress known
as the federal reserve act, were the
federal banks Of this country given
the proper equipment through which
they could assist American COM
merce, not only N our own country.
but in any part of the world where
they chose to set up branch institu-
tiOns.
Mrs. NJ J. Croker, 81 years old,
;c 1aarniucr 1aca ma king in a oe An