Bisbee daily review., 1916-09-26
NEW AMERICAN ERA .z.,
 ,DUE.SAYS .Wi[SOh
(Continued from Page 3

American business burst its jacket. It could not any longer be taken care of within the field of the domestic markets; and when that began to dis close itself as the situation, we also became aware that American business men had not studied foreign markets; that they did not know the commerce 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 to its lowest at the very time when the tide of our exports began to grow most | formidable in volume.
 "One of the most interesting circum- stances of our business history is this: The banking laws of the United States T mean the federal bank laws-did not put the national banks in a posi- tion to do foreign exchange under favorable conditions, and it was actual ly true that private banks and some times branch banks drawn out of other countries, notably out of Canada, were established at our chief ports to do what American bankers ought to have done. *** **
 We had as it were, abstained from playing our part in the worlds com merce. All that it past and the scene has been changed by the events of the last two years, almost suddenly and with completeness that almost daunts the planning mind. Not only when this war is over but now America has her place in the world and must take her place in the world of finance and commerce upon a scale that she never dreamed of before.
 My dream is that she will take her spirit which the world has never seen before; not the spirit of those who would exclude others, but the spirit of those who would excel others. want to see America pitted against the world, not in selfishness but in brains.
 And then, in addition to that there was recently created the federal commission. It is hard to describe the functions of that commission, but all I can say is that it has transformed the government of the United States from being an antagonist of business into being a friend of business.
 And then in the third place, you know that we have just now done what it was common sense to do about the tariff. We have not put this into words, but I do not hesitate to put it into words. ** ** I am hopeful that I can find the men who will see the facts and state them, no matter whose opinion those facts contradict. For an opinion ought always to have a pro- found respect for a fact, and when you once get the facts, opinions that are antagonistic to these facts are necessarily defeated.
 q have never found a really cour- igeous man who was afraid to put his opinion to the test of facts, or a mor- ally sincere man who was not ready to surrender to the facts when they were contrary to his opinion. And the .ariff commission is going to look for the facts, no matter who is hurt So that we are creating one after another the instrumentalities of knowledge so that the business men of this country shall know what the field of the worlds business is and know what that field upon that knowledge is.
 We must cooperate in the whole field of business, the government with the merchant, the merchant with his employe, the whole body of producers with the whole body of consumers to see that the right things are produced in the right volume, and find the right purchasers at the right place, and that, all working together, we realize that nothing can be for the common benefit that is not for the individual benefit
 II was a lawyer once myself, I re- formed, and I can decide hair twiXt north and northeast side. but do not think it is worth while, and I do not think that statute are the places for ingenuity. A statute is intended 10 lay down a broad and comprehensive and national policy, and it ought to be read in that light But there will be no fun in puncturing if you have to read it that way.
 "We must address ourselves imme-