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ADDRESS AT THE PAN AMERICAN FINANCIAL CONFERENCE, PAN AMERICAN BUILDING, WASHINGTON,

MAY 24, 1915

The diplomatic and consular appropriations bill, approved by President Wilson March 4, 1915, contained a provision for a financial conference of the Americas:

"The President is hereby authorized to extend to the Governments of Central and South America an invitation to be represented by their ministers of finance and leading bankers, not exceeding three in number in each case, to attend a conference with the Secretary of the Treasury in the City of Washington, at such date as shall be determined by the President, with a view to establishing closer and more satisfactory financial relations between their countries and the United States of America, and authority is hereby given to the Secretary of the Treasury to invite, in his discretion, representative bankers of the United States to participate in the said conference, and for the purpose of meeting such actual and necessary expenses as may be incidental to the meeting of said conference and for the entertainment of the foreign conferees the sum of $50,000 is hereby appropriated, out of any money in the Treasury not otherwise appropriated, to be expended under the direction of the Secretary of the Treasury."

In pursuance of this act the Secretary of State extended invitations, on behalf of the President, to the countries of Latin America, all of which were represented by delegates of their choice at a meeting held in Washington, May 24-29, 1915. Of this conference, the Honorable William G. McAdoo, Secretary of the Treasury, was president, and at the opening session of the conference, President Wilson delivered the following address.

MR. CHAIRMAN, GENTLEMEN OF THE AMERICAN REPUBLICS, LADIES AND GENTLEMEN:

The part that falls to me this morning is a very simple one, but a very delightful one. It is to bid you a very hearty welcome indeed to this conference. The welcome is the more hearty because we are convinced that a conference like this will result in the things that we most desire. I am sure that those who have this conference in charge have already made plain to you its purpose and its spirit. Its purpose is to draw the

American Republics together by bonds of common interest and of mutual understanding; and we comprehend, I hope, just what the meaning of that is. There can be no sort of union of interest if there is a purpose of exploitation by any one of the parties to a great conference of this sort. The basis of successful commercial intercourse is common interest, not selfish interest. It is an actual interchange of services and of values: it is based upon reciprocal relations and not selfish relations. It is based upon those things upon which all successful economic intercourse must be based, because selfishness breeds suspicion; suspicion, hostility; and hostility, failure. We are not, therefore, trying to make use of each other, but we are trying to be of use to one another.

It is very surprising to me, it is even a source of mortification, 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 Americas how truly they were neighbors to one another. If there is any one happy circumstance, gentlemen, arising out of the present distressing condition of the world, it is that it has revealed us to one another: it has shown us what it means to be neighbors. And I cannot help harboring the hope, the very high hope, that by this commerce of minds with one another, as well as commerce in goods, we may show the world in part the path to peace. It would be a very great thing if the Americas could add to the distinction which they already wear this of showing the way to peace, to permanent peace.

The way to peace for us, at any rate, is manifest. It is the kind of rivalry which does not involve aggression. It is the knowledge that men can be of the greatest service to one another, and nations of the greatest service to one another, when the jealousy between them is merely a jealousy of excellence, and when the basis of their intercourse is friendship. There is only one way in which we wish to take advantage of you and that is by making better goods, by doing the things that we seek to do for each other better, if we can, than you do them, and so spurring you on, if we might, by so handsome a jealousy as that to excel us. I am so keenly aware that the basis of personal friendship is this competition in excellence, that I am perfectly certain that this is the only basis for the friendship of nations,—this handsome rivalry, this rivalry in which there is no dislike, this rivalry in which there is nothing but the hope of a common elevation in great enterprises which we can undertake in common.

There is one thing that stands in our way among others-for you are more conversant with the circumstances than I am; the thing I have chiefly in mind is the physical lack of means of communication, the lack of vehicles, the lack of ships, the lack of established routes of trade, the lack of those things which are absolutely necessary if we are to have true commercial and intimate commercial relations with one another; and I am perfectly clear in my judgment that if private capital cannot soon enter upon the adventure of establishing these physical means of communication, the government must undertake to do so. We cannot in

definitely stand apart and need each other for the lack of what can easily be supplied, and if one instrumentality cannot supply it, then another must be found which will supply it. We cannot know each other unless we see each other; we cannot deal with each other unless we communicate with each other. So soon as we communicate and are upon a familiar footing of intercourse, we shall understand one another, and the bonds between the Americas will be such bonds that no influence that the world may produce in the future will ever break them.

If I am selfish for America, I at least hope that my selfishness is enlightened. The selfishness that hurts the other party is not enlightened selfishness. If I were acting upon a mere ground of selfishness, I would seek to benefit the other party and so tie him to myself; so that even if you were to suspect me of selfishness, I hope you will also suspect me of intelligence and of knowing the only safe way for the establishment of the things which we covet, as well as the establishment of the things which we desire and which we would feel honored if we could earn and win.

I have said these things because they will perhaps enable you to understand how far from formal my welcome to this body is. It is a welcome from the heart, it is a welcome from the head; it is a welcome inspired by what I hope are the highest ambitions of those who live in these two great continents, who seek to set an example to the world in freedom of institutions, freedom of trade, and intelligence of mutual service.

ADDRESS TO THE DAUGHTERS OF THE
AMERICAN REVOLUTION, CONTINEN-
TAL HALL, WASHINGTON, OCTO-
BER 11, 1915

The National Society of the Daughters of the American Revolution, at whose meeting in the City of Washington on October 11, 1915, the following address was delivered, was organized in Washington, October 11, 1890. The objects of the Society, as stated by Article 2 of its Constitution, are:

"1. To perpetuate the memory of the spirit of the men and women who achieved American Independence, by the acquisition and protection of historical spots, and the erection of monuments; by the encouragement of historical research in relation to the Revolution and the publication of its results; by the preservation of monuments and relics, and of the records of the individual services of Revolutionary soldiers and patriots, and by the promotion of celebrations of all patriotic anniversaries.

2. To carry out the injunction of Washington in his farewell address to the American people, 'to promote, as an object of primary importance, institutions for the general diffusion of knowledge,' thus developing an enlightened public opinion, and afford to young and old such advantages as shall develop in them the largest capacity for performing the duties of American citizens.

"3. To cherish, maintain, and extend the institution of American freedom, to foster true patriotism and love of country, and to aid in securing for mankind all the blessings of liberty."

MADAM PRESIDENT AND LADIES AND GENTLEMEN:

Again it is my very great privilege to welcome you to the City of Washington and to the hospitalities of the Capital. May I admit a point of ignorance? I was surprised to learn that this association is so young, and that an association so young should devote itself wholly to memory I cannot believe. For to me the duties to which you are consecrated are more than the duties and the pride of memory.

There is a very great thrill to be had from the memories of the American Revolution, but the Ameri

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