make it impossible to develop those properties. It is probable that the first term of a lease ought to be for a longer period than the later terms, in order to insure the development of properties, and on account of the great delay following pioneer enterprises in that country.

I take great pleasure in acknowledging the obligation of our committee and every member to Mr. Nash, of the Geological Survey in Washington city for the very full and excellent compilation he has given us. He and other broadgauge and well-informed men should do what they can to see that these properties are retained as the property of the Government in a position where they can be utilized for the benefit of the people.

Mr. MAXWELL, of Chicago.-Mr. President, I desire to second the motion for the adoption of the resolutions and to add just one word.

I think all who have listened to the reading of this report and these resolutions will recognize the tremendous importance of the new policy, which I trust may be adopted, that conservation, use and development may go hand in hand. [Applause.]

The report of the committee was adopted.

Mr. MAXWELL.-I desire to move that the Committee on Forestry, Irrigation and Conservation be made a standing committee, with instructions to report progress at the next meeting.

The PRESIDENT.-That is a very important matter.

Mr. MAXWELL.-I might say, in that connection, that similar action has been taken with reference to this same committee in past years, but it has to be done by motion each year.

The motion was agreed to.

Mr. MAXWELL.-I desire to move that as soon as practicable 1,000 copies of the report of the Committee on Forestry, Irrigation and Conservation of Natural Resources be

printed, in the form of an advance pamphlet, from the same type used in printing the report of our proceedings.

The motion was adopted unanimously.

MEETING OF COUNCIL.

The PRESIDENT.-Gentlemen, before we adjourn, the Chair desire to announce that a meeting of the council will take place immediately after the adjournment of this body. It will take only a few minutes for it to pass one resolution, but that involves action that must be taken by the council. So the Chair requests each member of the council to remain here for two minutes after we adjourn.

FEDERAL INSPECTION OF GRAIN.

The PRESIDENT.-The Chair recognizes Mr. ENGLAND, of Baltimore.

Mr. ENGLAND.-Mr. President, I have a short resolution from the committee to which was referred the following:WHEREAS, There has been again introduced in Congress a bill (S. 121) providing for Federal inspection of grain under the National Government; and

WHEREAS, The passage of any measure seeking to control or change the present method of grain inspection conducted by the commercial exchanges can only result in injury to the grain trade of this country. which has been developed by those having the greatest interest in it; therefore be it

Resolved, That the National Board of Trade in reaffirming its previous action in this connection is unalterably opposed to Federal inspection of grain, believing it will be detrimental to every interest identified with the American grain trade, and will tend to advance the business of foreign grain producing countries, which are seeking every advantage to increase their grain trade by the displacement of American products in the markets of the world.

CHARLES ENGLAND,

S. FRANK HOWARD.

I will say, Mr. President, that that is similar to resolutions which were offered for five successive years, and each time passed by this Board.

There has again been introduced in Congress a bill for the Federal inspection of grain and it was thought that if this Board did not take some action at this session it would be considered to have lost interest or hope in the matter. I move the adoption of the resolution.

The PRESIDENT.-The Chair is sure that the last time the bill for Federal inspection of grain was before Congress your organization came out most emphatically against the bill, and the Chair was instructed to send a strong committee to meet the Congressional Committee and confer with it. Such a conference was had, the result of which was that the bill was withdrawn. Such is the influence of your Board when it determines to do something.

You have heard the resolution, which is identical with the resolutions passed in former years. Are you ready for the question?

The resolution was adopted unanimously.

RELATION OF COMMERCIAL EXCHANGES TO THE MARKETING OF AGRICULTURAL PRODUCTS.

Mr. STONE, of Chicago.-Mr. President, I desire briefly to explain the reasons that actuated the Chicago Board of Trade presenting this resolution to this Board at this meeting.

You all know that there has been a great deal of discussion in the chambers of commerce and boards of trade of every character during the last three or four years, and that a great deal of criticism has also been directed to these institutions. I do not by any means deprecate the criticism that has been passed upon business methods, upon individual enterprises and upon corporations. They are all accountable to the public; they are all amenable to the laws of the land.

This criticism, however, brings an opportunity for showing the excellencies of these institutions and for insisting that all institutions and all movements having reference to the public welfare should be freely criticised and judged, not by their defects, but by their excellencies.

It is perhaps not necessary, Mr. President, to read a paper that has been prepared by Mr. MERRILL, President of the Chicago Board of Trade, prepared before he was elected President, but on account of his election to the Presidency he was prevented from attending this meeting of the National Board of Trade, and I was requested to read this paper. I do not, however, think it is necessary to occupy the time of this convention by reading the entire document. Perhaps I may be permitted to read it in part and explain the purport of the remainder.

The PRESIDENT.-If Mr. STONE in his best judgment thinks it should be read at this time, the Chair hopes that he will read it; at any rate, that Mr. STONE should at least give us a synopsis of it. Whatever comes from the Chicago Board of Trade must be treated with great respect.

Mr. STONE.-In view of your judgment, Mr. President, I think I will read the paper.

The PRESIDENT.-The Chair thinks that would be well.

Mr. STONE. In my view, Mr. President, the time has come when the resources of field and mine have become such in the affairs of men that they operate not for one State, not for one community or for one country, but are worldwide. It is highly important to every industry and every branch of business throughout the land that the objects, purposes and action of this National Board of Trade, composed of commercial exchanges, grain exchanges and all such associations, should be fully understood and that there should be a wise discrimination exercised between illegitimate methods of business and those that are legitimate and contribute in a marked degree to the public welfare.

We are learning more than ever before that no man, no business, no association is of any particular consequence

unless it contributes in some way to the public welfare. That is the measure of usefulness of an individual or a corporation. Show me a corporation that does not contribute in some degree to the public welfare and I will present you a potent argument why that organization should no longer exist. Its right to exist depends upon what it can do and what it does perform in behalf of the public welfare.

So I shall avail myself, Mr. President, of your suggestion and read at least a part of this paper, which has been prepared by Mr. President MERRILL.

The PRESIDENT.-Mr. STONE, the Chair will ask you to read that in full, because the Chair appreciates the influence, power and importance of what the Chicago Board of Trade does. It seems to the Chair that not to have the benefit of the paper in full would be treating unfairly the great Chicago Board of Trade, as well as that great city. Therefore we will listen, sir, to what you have to say, with attention and with hearty thanks.

Mr. STONE. Thank you, Mr. President.

Mr. CARHART, of New York.-May I suggest that at least the paper be allowed to appear and be included in the minutes of the proceedings of this meeting?

The PRESIDENT.-Even if Mr. STONE contents himself with a mere synopsis of the paper, the Chair knows that it will be the judgment of the Board that the whole paper shall go into the record.

Mr. CARHART.-That is what I want.

Mr. STONE. It is proper to say that Mr. MERRILL has appeared before Congressional committees at various times. and has, by the invitation of the Chairman and members of those Congressional committees, performed very great services in enlightening the Government of the United States, the Congress as well as the people throughout the country as to the functions of boards of trade and the importance and vital relations which those functions sustain to the common welfare.