their homes and making it possible to lay by their savings for old age and disability.

"That all the people are participating in this great prosperity is seen in every American community and shown by the enormous and unprecedented deposits in our savings banks. Our duty is the care and security of these deposits, and their safe investment demands the highest integrity and the best business capacity of those in charge of those depositories of the people's earnings.

"We have a vast and intricate business, built up through years of toil and struggle, in which every part of the country has its stake, which will not permit of either neglect or of undue selfishness. No narrow, sordid policy will subserve it. The greatest skill and wisdom on the part of the manufacturers and producers will be required to hold and increase it. Our industrial enterprises, which have grown to such proportions, affect the homes and occupations of the people and the welfare of the country. Our capacity to produce has developed so enormously and our products have so multiplied that the problem of more markets requires our urgent and immediate attention.

FOR ENLIGHTENED POLICY.

"Only a broad and enlightened policy will keep what we have. No other policy will get more. In these times of marvelous business energy and gain we ought to be looking to the future, strengthening the weak places in our industrial and commercial systems, so that we may be ready for any storm or strain.

"By sensible trade arrangement which will not interrupt our home production we shall extend the outlets for our increasing surplus. A system which provides a mutual exchange of commodities is manifestly essential to the continued healthful growth of our export trade. We must not repose in fanciful security that we can forever sell everything and buy little or nothing. If such a thing were possible, it would not be best for us or for those with whom we deal. We should take from our customers such of their products as we can use without harm to our industries and labor.

"Reciprocity is the natural outgrowth of our wonderful industrial development under the domestic policy now firmly established. What we produce beyond our domestic consumption must have a vent abroad. The excess must be relieved through a foreign outlet, and we should sell everywhere we can and buy wherever the buying will enlarge our sales and productions, and thereby make a greater demand for home labor.

EXPANSION AND RECIPROCITY.

"The period of exclusiveness is past. The expansion of our trade and commerce is the pressing problem. Commercial wars are unprofitable. A policy of good will and friendly trade relations will prevent reprisals. Reciprocity treaties are in harmony with the spirit of the times; measures of retaliation are not. If, perchance, some of our tariffs are no longer needed for revenue or to encourage and protect our industries at home, why should they not be employed to extend and promote our markets abroad?

"Then, too, we have inadequate steamship service. New lines of steamers have already been put in commission between the Pacific coast ports of the United States and those on the western coasts of Mexico and Central and South America. These should be followed up with direct steamship lines between the eastern coasts of the United States and South American ports. One of the needs of the times is direct commercial lines from our vast fields of production to the fields of consumption that we have but barely touched. Next in advantage to having the thing to sell is to have the convenience to carry it to the buyer.

"We must encourage our merchant marine. We must have more ships. They must be under the American flag, built and manned and owned by Americans. These will not only be profitable in a commercial sense; they will be messengers of peace and amity wherever they go.

"We must build the isthmian canal, which will unite the two oceans and give a straight line of water communication with the western coasts of Central America, South America and Mexico. The construction of a Pacific cable cannot be longer postponed.

GIVES BLAINE CREDIT.

"In the furtherance of these objects of national interest and concern you are performing an important part. This exposition would have touched the heart of the American statesman whose mind was ever alert and thought ever constant for a larger commerce and a truer fraternity of the republics of the new world. His broad American spirit is felt and manifested here He needs no identification to an assemblage of Americans anywhere, for the name of Blaine is inseparably associated with the Pan-American movement, which finds this practical and substantial expression, and which we all hope will be firmly advanced by the Pan-American congress that assembles this autumn in the capital of Mexico.

"The good work will go on. It cannot be stopped. These buildings will disappear, this creation of art and beauty and industry will perish from sight, but their influence will remain to

"Make it live beyond its too short living

With praises and thanksgiving.

"Who can tell the new thoughts that have been awakened, the ambitions fired and the high achievements that will be wrought through this exposition?

"Gentlemen, let us ever remember that our interest is in concord, not conflict, and that our real eminence rests in the victories of peace, not those of war. We hope that all who are represented here may be moved to higher and nobler effort for their own and the world's good, and that out of this city may come not only greater commerce and trade for us all, but, more essential than these, relations of mutual respect, confidence and friendship which will deepen and endure.

"Our earnest prayer is that God will graciously vouchsafe prosperity, happiness and peace to all our neighbors and like blessings to all the people and powers of earth."

ROBERT P. PORTER, THE WELL-KNOWN AMERICAN JOURNALIST AND CUBAN COMMISSIONER, SAYS OF THIS ADDRESS:

"President McKinley's Buffalo speech defined the very essence of reciprocity. We must take from customers some of their products in exchange for our own, else, unguarded by a strong protective tariff, how can they pay for our goods? We have a dozen commercial treaties negotiated by the McKinley administration awaiting ratification by the senate. President McKinley strongly urged the confirmation of these without delay.

"Those who believe in reciprocity as the natural outgrowth of our wonderful industrial development, as the late President did, will be glad to learn that President Roosevelt will vigorously push their ratification. He was never so strong an advocate of protection as the late President, consequently it will be easier for him to change with the new conditions facing the republican party, while by no means abandoning the home markets.

WORDS WERE SIGNIFICANT.

"The republican leaders must realize the significance of President McKinley's last words. Coming from so loyal a protectionist, they would have their effect on the majority of the senate.

"President Roosevelt's opinion also should have weight with those who believe in broader trade relations with the world, and they should wish him success in converting the senate to the theory of the martyred President: 'We sell everything. We can buy wherever buying will