Dr. Cosio declared that it would be a real check to the development of commercial relations if a second financial conference were not held. The financial conferences, he urged, should be held in Washington in order that the largest number possible of merchants and bankers of the United States could have an opportunity to mingle with the business men and financiers of Central and South America. ' The purpose of the financial conferences is distinct from that of the International High Commission. The latter is concernd with financial studies and regislative reform, while the former is a gathering of financiers and merchants for the facilitation of wider acquaintance and for general discussion of the important problems that are more concerned with trade and banking practice than with official action. The International High Commission would, of course, continue to maintain close connection with the conference, regularly reporting on the work accomplished and outlining its future plans; in the words of the chairman of the section in his address on this subject: The work of the International High Commission will be the connecting link between the successive Pan American financial conferences which, for my part, I earnestly hope may become a part of the permanent policy of the American States. If such a financial conference shall be held every two years, with the International High Commission as the intermediate working body to carry into effect the conclusions of these conferences, we will no longer live in the realm of theories, but will make practical results of every conference certain. The program of the financial conference would always be made up on the basis of careful consultation with the central executive council. On the other hand, the financial conference would, from time to time, find appropriate cause for suggesting new topics for the program of the commission. In view of these considerations, the commission heartily adopted the resolution proposed by Dr. Cosio. * * * The section wholly agrees with the words of the Secretary of the Treasury with reference to this resolution at the time of its presentation, that it "fits in with the general plan upon which we are proceeding. We shall be very happy to have another meeting of the Pan American financial conference at Washington, and as many meetings as you may wish to attend." As this is a matter officially within the province of the Secretary of the Treasury, the section as a whole does not consider itself authorized to make a definite recommendation. We desire, however, merely to record our sincere belief that great advantages will accrue from the holding of a second financial conference at an opportune time. Respectfully submitted. The PRESIDENT, The White House, Washington. W. G. McADOO, Chairman. JOHN H. FAHEY. DUNCAN U. FLETCHER. ARCH. KAINS. ANDREW J. PETERS. APPENDIXES. APPENDIX A. ACT OF CONGRESS APPROVED FERBUARY 7, 1916. AN ACT To provide for the maintenance of the United States section of the International High Commission. Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, That the appointment of the nine delegates by the Secretary of the Treasury to represent the United States in the proceedings of the International High Commission, to be held in Buenos Aires, Argentina, during the year nineteen hundred and sixteen, in accordance with the action of the First Pan American Financial Conference held in Washington during the year nineteen hundred and fifteen, pursuant to the provisions of an act of Congress, approved March fourth, nineteen hundred and fifteen, entitled "An act making appropriations for the Diplomatic and Consular Service for the fiscal year ending June thirtieth, nineteen hundred and sixteen," be, and the same is hereby, approved and confirmed; such delegates shall be known as the United States section of the International High, Commission, and shall cooperate with the other sections of the commission in taking action upon the recommendations of the First Pan American Financial Conference; and the President is authorized to fill any vacancies that may occur in the United States section of said international commission. For the purpose of meeting such actual and necessary expenses on the part of the United States section of the commission as may arise from its work and investigations, or as may be incidental to its attendance at the meeting of the said International High Commission, the sum of $40,000 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, to be immediately available, and to remain available until expended. APPENDIX B. LIST OF UNITED STATES DELEGATES AND THEIR COMMITTEE ASSIGNMENTS. Hon. W. G. McAdoo, Secretary of the Treasury, chairman. John H. Fahey, Esq. Hon. Duncan U. Fletcher. Hon. Andrew J. Peters. COMMITTEE ASSIGNMENTS. Committee on the establishment of a gold standard and on improved banking and credit facilities: Messrs. Kains and Warburg. Committee on negotiable instruments and on conditional sales: Messrs. Untermyer and Warburg. Committee on uniform customs regulations and classification of merchandise: Mr. Peters. Committee on uniform regulations for commercial travelers and on arbitration of commercial disputes: Mr. Fahey. Committee on patent, trade-mark, and copyright legislation and on postal facilities: Messrs. Fletcher and Untermyer. H. Doc. 1788, 64-2----3 33 Committee on uniform labor legislation and on the exploitation of natural resources: Messrs. McAdoo and Peters. Committee on transportation facilities and on telegraph and wireless communication: Messrs. Fletcher and McAdoo. APPENDIX C. ADDRESS OF HIS EXCELLENCY VICTORINO DE LA PLAZA, PRESIDENT OF THE ARGENTINE REPUBLIC. EXCELLENCIES AND MEMBERS OF THE INTERNATIONAL HIGH COMMISSION: It is a very great pleasure to meet you here to-day, and on behalf of the Argentine people to extend to you a most cordial greeting. We welcome you with sentiments of friendship and sympathy as representatives of the Republics of America, to which we are bound by ties of blood or by considerations of special regard. The mission on which you have come is a most gratifying one, in that it affords us the opportunity to honor such distinguished guests. It is interesting, too, because of the important matters that will claim your earnest attention. It is, gentlemen, indeed comforting to our nobler sentiments that in the midst of the conflict which is drenching Europe in blood and bringing sorrow in is train, it should be granted us to witness this splendid gathering of representatives of young and vigorous nations. You meet to deliberate in all calmness on subjects designed to facilitate, coordinate, and strengthen, as far as possible, the mutual relations of the republics in the economic field and in all those activities of such vital necessity to their full development. You are undertaking a vast plan of progress, harmony, and good will among nations, the majority of which are descended from a common stock, and all of which are contributing their best efforts to the work in hand. The several Pan American congresses, the Pan American Union at Washington, the First Pan American Financial Conference, and this International High Commission, organized by the happy initiative of the Government of the United States through the inspiration of the eminent statesman, the Hon. W. G. McAdoo, Secretary of the Treasury, all bear testimony to this fact. The increasing complexity of modern life tends to extend industrial and commercial activities along lines heretofore unknown when human endeavor had not reached the height of development it has now attained through the diffusion of knowledge and the advance of science. This fact holds out the hope and it is no idle dream-that you will find solutions consonant with the great purposes that animate your every action. It is not out of place to recall here that the first Pan American congresses awakened suspicion among the nations of Europe. They supposed that the purpose of these gatherings was exclusive and that they tended to limit the commercial relations of European powers. Other misgivings, as unfounded as this, also arose, only to be at once dispelled. Just as America has its own history, so it has its own common ideals and aspirations, its ties of blood, of government, and of liberty. What more natural, then, that, while not resorting to any exclusive policies nor attempting to form an international law different from that of other nations, an effort should be made to harmonize all these conditions peculiar, in law and in fact, to the continent of America, as a means of securing the blessings of peace, friendship, and progress, which constitute the supreme longing of all cultured peoples. When I contemplate a gathering such as this, with representatives from so many different countries, I seem to hear a mysterious voice confirming my presentiment that the great destinies of America are fortunately not enveloped in the mists of hidden danger, but enlightened by noble ideas of justice and good will. Permit me, then, to felicitate you most warmly on the lofty and noble purposes of the mission you are about to undertake, inspired by sentiments of frank and loyal solidarity. In reiterating my sincere welcome, gentlemen, I voice the hope that your labors will be fruitful in good results; and on behalf of the Argentine and in my own name I beg that you will convey to the nations and Governments you so worthily represent a most cordial greeting. APPENDIX D. ADDRESS OF HIS EXCELLENCY FRANCISCO J. OLIVER, MINISTER OF FINANCE OF THE ARGENTINE REPUBLIC. GENTLEMEN: At this solemn moment of formally opening our sessions I am not content to follow the parliamentary rules of the conference and use the title of delegates, but, voicing the sentiment animating us all, I beg you to permit me to address you as "Fellow citizens of America." The sincere words of greeting of the President of the Republic make superfluous any further welcome to our country, for he has expressed the feeling of all Argentine citizens. It is, too, our earnest desire that the friendly relations now established will endure after the close of our sessions, and that your all too brief sojourn will not only fulfill the aims of this commission but will also leave grateful and lasting memories. The solidarity of the Americas is daily assuming a more practical and definite shape. Following the footsteps of the first idealists, there came the Pan American congress which brought our nations in touch with one another in renewed efforts to direct their energies for their mutual advantage. But the soil was not yet ready to receive this new seed. Vexatious frontier litigation kept sister nations apart, methods of communication were ineffective and hazardous, and capital, that magic motor which turns the wheels of progress, was insufficient and timid. The sky has now cleared, and territorial disputes have given way to equitable agreements. All the American Republics have accepted the principle of arbitration and have been able to bring to the task of their political and economic development the energies which they formerly employed in watching fancied enemies. The rapid accumulation of capital is now an established fact in our countries, and especially in that of our eldest sister, the United States of America. She was the first to complete her internal economic development and to be in a position to lend the creative power of her capital to others. She has now crowned her solid industrial organization with the Federal reserve act, substituting cooperation and centralized control of the credit resources of the Nation for a wasteful and uncoordinated banking system that almost resembled anarchy. The liberal but vague aspirations of the first Pan American conferences prepared the way for the financial conference of Washington, which was the result of a new economic situation and of the need of directing the fraternal sentiments of the American nations along more mutually beneficial lines. But even these endeavors have embraced too extended a program, and a more rapid means of attaining effective economic union was sought. There was accordingly created, by virtue of a resolution of the First Pan American Financial Conference, the International High Commission. While other forces labor to win for our beloved America the sacred palladium of the freedom of the seas and the maintenance of neutral rights, it is incumbent on us to clear the way for the economic union of America—that lofty conception hitherto unrealized because of the lack of physical means and the peculiar differences in the national and local legislation of our countries. The creation of a merchant marine is a task that will require many years and the expenditure of enormous capital. But our great Americau Continent can no longer remain subject to the interruption of the means of transportation of its citizens and of the exchange of its products and ideas. To-day it is subject to the convenience and combinations of other peoples who have no share in its interests or purposes. If the present situation holds any lesson for us, it is the necessity that each American Republic shall develop as large a mercantile marine as its resources will allow, so as to cooperate fittingly in furnishing transportation for the products of our labor and for the goods which we need in our economic and industrial life. Each Republic will, of course, settle this problem as it deems best. Fortunately, however, the products of our wealthy America can be harvested at different seasons of the year; and this happy |