Otherwise the American merchant, manufacturer, and exporter will find many a field in which American trade should logically predominate preempted through the more energetic efforts of other governments and other commercial nations.

The absolute essential is the spirit of united effort and singleness of purpose.

America can not take its proper place in the most important fields for its commercial activity and enterprise unless we have a merchant marine.

American commerce and enterprise can not be effectively fostered in those fields unless we have good American banks in the countries referred to.

In the past our diplomacy has often consisted, in normal times, in a mere assertion of the right to international existence.

We are now in a larger relation with broader rights of our own and obligations to others than ourselves.

The successful conduct of our foreign relations demands a broad and a modern view.

The opening of the Panama Canal will mark a new era in our international life and create new and worldwide conditions which, with their vast correlations and consequences, will obtain for hundreds of years to come.

A time when panics seem far removed is the best time for us to prepare our financial system to withstand a storm.

The most crying need this country has is a proper banking and currency system.

The existing one is inadequate, and everyone who has studied the question admits it.

It is the business of the National Government to provide a medium, automatically contracting and expanding in volume, to meet the needs of trade.

Our present system lacks the indispensable quality of elasticity.

The peculiar provisions of the law requiring national banks to maintain reserves to meet the call of the depositors operates to increase the money stringency when it arises rather than to expand the supply of currency and relieve it.

It operates upon each bank and furnishes a motive for the withdrawal of currency from the channels of trade by each bank to save itself, and offers no inducement whatever for the use of the reserve to expand the supply of currency to meet…

After the panic of 1907 Congress realized that the present system was not adapted to the country's needs and that under it panics were possible that might properly be avoided by legislative provision.

There is no class in the community more interested in a safe and sane banking and currency system, one which will prevent panics and automatically furnish in each trade center the currency needed in the carrying on of the business at that…

Is it not the duty of Congress to take up the plan suggested, examine it from all standpoints, give impartial consideration to the testimony of those whose experience ought to fit them to give the best advice on the subject, and then to…

This additional charge of 50 per cent operates in some cases as a harsh penalty for what may have been a mere inadvertence or unintentional oversight, and the law should be so amended as to mitigate the severity of the charge in such…

Provision should also be made for the refund of additional taxes heretofore collected because of such infractions in those cases where the penalty imposed has been so disproportionate to the offense as equitably to demand relief.

The difference of situation is vital, and the foreign garrison should be prepared to defend itself at an instant's notice against a foe who may command the sea.

It is an outpost upon which will fall the brunt of the first attack in case of war.

It is, in my opinion, of first importance that these national outposts, upon which a successful home defense will, primarily, depend, should be finished and placed in effective condition at the earliest possible day.

One of the most important reforms accomplished during the past year has been the legislation enacted in the Army appropriation bill of last summer, providing for a Regular Army reserve.

Hitherto our national policy has assumed that at the outbreak of war our regiments would be immediately raised to full strength.