people of the United States are represented 

 through the several states. May we not hope that from 

 this gathering there may be born not only a wiser sys- 

 tem of using the still remaining resources of this coun- 

 Init a co-operation between nation and state that 

 shall be as helpful in our political as these deliberations 

 ought to be in our economic future? 



"Of all the sinful wasters of man's inheritance on 

 ii. said the late Professor Shaler, M and all arc in 

 regard sinners, the very worst are the people of 

 America." This is not a popular phrase, but a scien- 

 tific judgment. It is borne out by facts. In the move- 

 ment of modern times, which has made the world com- 

 mercially a small place and has produced a solidarity 

 of the race such as never before existed, we have come 

 tn the point where we must to a certain extent regard 

 the natural resources of this planet as a common asset* 

 compare them with demands now made and likely to be 

 made upon them, and study their judicious use. Com- 

 merce, wherever untrammeled. is wiping out boundaries 

 and substituting the world relation of demand and sop- 

 ply for smaller systems of local economy. The changes 

 of a single generation have brought the nations of the 

 earth closer together than he states of this Union 



at the close of the Civil War. If we fail to 



u hat we possess of wealth available for the uses of 

 :ul to what extent we are wasting a national 

 patrimony that can never be restored, we might be 

 likened to the directors of a company who never 

 amine a balance sheet. 



3 



