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Monetary Commission, and had many important interviews with the leaders.

Your Commissioner went earnestly to work, inviting 200 Boards to join in Monetary Day, January 18, 1911.

From every part of our country, North, South, East, Middle West and Far West, came responses, and the names of the members of the committees appointed show careful selection of the most competent and well known One hundred and twenty-five of the most leading organizations are joining in this our move.

We are in hopes that our Monetary Day (to-morrow, January 18th) may mark an era in our work. It will be all banking and currency to-morrow. During the day and at the banquet in the evening we will be addressed by the chairman of the National Monetary Commission, Senator Aldrich, by Secretary of the Treasury MacVeagh, and by vice-chairman, Congressman Vreeland; Dr. Andrew, special assistant to the Commission and Assistant Secretary of the Treasury; Hon. C. Stuart Patterson, chairman of the Indianapolis Monetary Conference, and by several other luminaries in the financial world.

I hope all delegates, their friends and the ladies will attend the banquet. Tickets can be obtained at our office on ninth floor.

As an evidence of the respect held for your Board by the Administration, your President was appointed by Secretary of State Knox to represent the United States at the Fourth International Congress of Chambers of Commerce and Commercial and Industrial Associations, London, June 21, 22, 23, 1910, and to offer the resolution :

The National Board of Trade of the United States of America, in recognition of the spirit of international comity now prevailing throughout the world, and in the belief that all nations are sincere in their peaceful professions and earnestly desire to promote the interests and welfare of mankind, requests that this International Congress of Chambers of Commerce and Commercial and Industrial Associations does

Resolve, That this Congress emphatically recommends to all nations the establishment of a Permanent International Court of Arbitral Justice, of free and easy access, composed of judges rep

resenting the various juridical systems of the world, and capable of insuring continuity in jurisprudence of arbitration.

This resolution was received with cheers, when your President said:

The most important recent event in the cause of international peace is the proposition made to the nations by Secretary Knox for the establishment of a Permanent Court of Arbitral Justice. The proposition is being considered, and favorable expression concerning it are reported from Russia and France and some other nations.

I come bringing to you messages of peace and good will from the great country across the sea, which I represent.

A distinguished writer has said:

"There is an increasing and well-nigh irresistible pressure upon the nations from within and from without for the avoidance of war, and this rising tide needs only one thing to give it effect, and that is an adequate method for the settlement of international differences without the necessity of a resort to arms. This method now presents itself in an international tribunal composed of permanent judges of the highest character for learning and disinterestedness, administering justice according to law. With the institution of such a tribunal the reign of law will be at hand."

To-day more than ever, in the history of the world, the chief executive of all nations is public opinion, and all the leaders look to the voice and sentiment of the business interests. When Mr. Carnegie said that if any controversy arose between Great Britain and the United States, it could be intrusted to the merchants of London and New York, who would settle it peacefully, and with honor to both nations, he expressed the longing and faith of all business interests. He has indorsed his faith in International Arbitration by his splendid gift of $10,000,000.

When the name of Secretary Knox was mentioned the great hall rang with cheers of approbation. He stands in the front rank of the Prime Ministers of the world. Many interesting addresses were made favoring the resolution; the Germans were very pronounced. The foreign representatives of many of the Boards who are governmental officials could not vote that day, it being necessary to go home for instructions from their governments. The Ex

ecutive Committee has charge of it and will present it at next Congress, where I believe it will be adopted.

Your representative received much attention from our Ambassador, Whitelaw Reid, and other members of the United States Embassy, as well as from Presidents of many European Boards.

Commerce flourishes best in peace times. You must continue your good work on International Arbitration.

THE BIDS FOR PEACE AND WAR.

For world's peace (Carnegie Fund).......

$10,000,000

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The International Congress of Commercial Organizations will hold in 1912 its next convention in Boston. The Chamber of Commerce there, now the largest in our country, by the amalgamation of all the organizations of that city, has raised a large fund for the expenses of the convention and for entertainment of delegates. The federation of the commercial bodies of the world through the International Congress of Commercial Associations affords an unusual opportunity to our honored organization to -occupy a field of great usefulness.

YOU HAVE A DIGNIFIED

DIGNIFIED INTERNATIONAL
REPUTATION.

You should very emphatically reaffirm your former action as being 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.

The great staple crops of the country can only move in interstate commerce under bills of lading, and great laxity has heretofore existed in the issuance of bills of lading for valuable property, and serious financial loss has been occasioned by accommodation bills of lading, for which legal liability has been omitted; also, financial losses have accrued by reason of forged bills of lading; therefore it is essential that bills of lading should be in every sense bona fide and represent the facts therein stated, good business principles demanding for the benefit of the farmer, the dealer, the financial institutions and the carriers that all order bills of lading should be properly safeguarded. There has been passed by the House of Representatives, and there is now pending before the Senate of the United States, "A Bill Relating to Bills of Lading" (H. R. 12,276), which has for its purpose the prevention of issuing irregular bills of lading of any kind.

If this bill meets the approval of the business people, you should come out in no uncertain terms, for a safe and honest bill of lading is a valuable and safe negotiable business paper, readily discounted, in which the banks must have faith.

It is a sign of the times that so many Boards favor an early creation of an American Merchant Marine. The completion of the Panama Canal will give a great impetus to our trade. The millions paid annually for transportation in foreign ships will increase. Senator Gallinger's bill now before Congress will help. It is a beginning. Why not try it?

Let us be strongly in favor of a well-defined policy by the Government that will first make careful investigation,, by its army of engineers or other proper officers, of such

rivers, streams and harbors as will best serve transportation interests in all parts of the country, and then adopt a system of financial aid that will carry such works to completion speedily and systematically, and not, as at present, depend upon the uncertainty of irregular appropriations from year to year. We also repeat its protest against the filling up of our rivers and harbors by sewage, and urge the adoption of modern scientific methods for its disposal.

The rapid growth of American cities, and the menace to health because of inefficient or improper drainage, have made imperative the consideration by all communities of this vital question; and, as it has been demonstrated that cities and towns can dispose of their sewage otherwise than by allowing it to flow into streams, it is only necessary that a campaign of education be conducted to remedy present unsatisfactory conditions, which, if allowed to continue, will become intolerable. As the more progressive cities are taking into consideration this important matter, and providing for sewage disposal by modern methods, they should be protected from the drainage of cities in adjoining States polluting the water supply and spreading disease; and there is a growing feeling that there should be national regulation on this subject, just as there is national quarantine regulation for the prevention of the spread of contagious diseases. You are perhaps aware

that a national association of eminent scientific men has been formed to carry out this idea, and at a meeting, held in Washington recently, they enlisted the friendly offices of President Taft.

As parts of our country, particularly the South, need much more worthy laborers, it would be well to reaffirm your previous resolution:

Resolved, That the National Board of Trade recommends that stations for the reception of foreign immigrants be established by the United States Government at one or more South Atlantic or Gulf coast ports in order to more equitably distribute immigration from countries and to relieve the congestion of our Eastern and coast cities.

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