Evening star., 1926-04-10

/
! Chamber of Commerce of the United
| States, was host last night to the dele
gates to the Pan-American Journalistic
Congress at a banquet in its beautiful
stone temple on II street. There un-
der the flashing standards of the old
eXplorerS-Nespuci. Balboa, Columbus,
| Cortez, Ponce de Leon and others, who
blazed the way to the new world-the
| journalists of Latin American saw the
business man of North America in a
new light.
The dinner was served in the spa
cious banquet hail of the Chamber of
Commerce. Rich tapestries draped
the walls. and from the ceiling, in
which is carved the story Of the rise
Of civilization on this hemisphere, the
banners of the earliest explorers hung
suspended in dazzling colors. Besides
those already mentioned there were
the names of Drake, De Soto, La Sale,
Hudson, Cabot, Cartier and Magellan.
Speeches in Two Tongues.
Speakers at the dinner were linn
tied 10 three men--John w. OIeary,
president of the Chamber of Com
merce of the United States; Henry
w. Catlin, vice president of the
American Foreign Power Co, and
Abel FilleSas Arrange. editor of Di-
ario de Panama. All addresses were
delivered both in Spanish and in
English. Mr.. O'Leary told his guests
that North American prosperity had
been built on the basis of the gov
ernment leaving business to private
industry and private initiative.
"On behalf OF the Chamber OF
Commerce OF the United States it is
my privilege to welcome you to this
national home of American busi-
ness Mr.. O'Leary said This build
ing in which we have the honor of
entertaining you was built through
the voluntary subscription of over
10000 American business men. 1t is
dedicated to the promotion of Amer
lean business in the behT that the
function of business is to provide for
the material needs of mankind, to
increase the wealth of the world and
the value and happiness of life.
I'VE in the New World of the
Western Hemisphere have a common
pride in looking back to the glories
and traditions of those countries in
Europe from which we have sprung.
We have just pride in the knowl-
edge that we have faced the prob
lens of developing the resources of
new countries. But our greatest
COMES from the T6dllZd-
ton that in our pioneering we had
the courage to develop our own types
of government and our own system
of reward for exercise of individual
initiative.
Initiative a Factor.
Individual initiative has been the
greatest factor in the growth and the
progress OF the new world. Wherever
Individual initiative has been satisfied
or held in leash progress has been re-
tarded. Here in the United States this
theory has been so inculcated into us,
into our Government, into our social
and religious life, that it is perhaps
the most jealousy guarded preroga-
tive OF the American people.
The strongest tenet of our organi |
zation is our oft repeated resolution |
that it is essential that our Govern |
nent should scrupulously refrain from |
entering any fields of transportation, |
industry and COM |
merce, or any phase of business, when |
it can be successfully undertaken and |
conducted by private enterprise.
Looking back over the history Of
the United States one is impressed
by the fact that it was foreign private
capital combined with American in
itiative that did much toward building
up the industrial structure of our
The great transcontinental
systems of this country were
built by European capital and foreign |
capital participated in founding many |
of our greatest industries and develop |
ing our natural resources at a time !
when we did not have sufficient cap
ital ourselves. We have never feared |
this foreign financing. There will
never be any need to fear it just so
long as governments do not interfere
or undertake to manage or control the
initiative of the individual.
ITO US in the United States one of
the most gratifying bits of progress