672 Presidential Addresses 



morals. It is anachronistic when private property 

 is respected on land that it should not be respected 

 at sea. Moreover, it should be borne in mind that 

 shipping represents, internationally speaking, a much 

 more generalized species of private property than 

 is the case with ordinary property on land that is, 

 property found at sea is much less apt than is the 

 case with property found on land really to belong 

 to any one nation. Under the modern system of 

 corporate ownership the flag of a vessel often differs 

 from the flag which would mark the nationality of 

 the real ownership and money control of the vessel ; 

 and the cargo may belong to individuals of yet a 

 different nationality. Much American capital is now 

 invested in foreign ships; and among foreign na- 

 tions it often happens that the capital of one is large- 

 ly invested in the shipping of another. Further- 

 more, as a practical matter, it may be mentioned that 

 while commerce destroying may cause serious loss 

 and great annoyance, it can never be more than a 

 subsidiary factor in bringing to terms a resolute foe. 

 This is now well recognized by all of our naval ex- 

 perts. The fighting ship, not the commerce de- 

 stroyer, is the vessel whose feats add renown to a 

 nation's history, and establish her place among the 

 great powers of the world. 



Last year the Interparliamentary Union for In- 

 ternational Arbitration met at Vienna, six hundred 

 members of the different legislatures of civilized 

 countries attending. It was provided that the next 

 meeting should be in 1904 at St. Louis, subject to 



