No. 4.] ADDRESS, PRESIDENT BUTTERFIELD. 129 



and through the credit union law. I am wondering, however, 

 if some adequate national legislation is not going to be neces- 

 sary, especially for the land mortgage credit. However that 

 may be, we are all interested in the subject, and I think it is 

 a great piece of good fortune that the Board in planning this 

 program not only had the wisdom to include this important 

 subject, but had the good fortune to secure the speaker who 

 is with us to-night. When the American Commission on Rural 

 Credit Co-operation went to Europe the first stopping place 

 for business was in the city of Rome. We were on Italian 

 soil, we were investigating conditions in Italy, but one of the 

 first men to greet us was the American ambassador to France, 

 Mr. Herrick, who had come down from Paris to show his 

 interest in this subject and to get into touch with the Amer- 

 ican Commission so that he might thereby the better arrange 

 for our stay when we came to France, which would be some 

 six weeks later; and he stayed with us in Rome while we were 

 there. The ofiicers of the commission corresponded with him 

 at his request whUe they were in other countries in order that 

 he might make sure that he would know our plans and that he 

 could arrange with the French government and the French 

 officials in the very best possible way, and when the commis- 

 sion finally arrived in Paris, where it made its headquarters 

 for eight days, committees going out into different parts of the 

 country for part of that time, Mr. Herrick gave himself unre- 

 servedly to helping us get all we could out of the business. 

 Things had been admirably planned, thanks very largely to 

 his skill and foresight, and while we were there not only did 

 we have great hospitality from him as ambassador, but his 

 personal attention hour after hour and day after day. 



The members of the commission learned of the attitude of 

 the French people toward Mr. Herrick, and it was no matter 

 of surprise to those members of the commission who were in 

 Paris when the later developments came, and you know, as 

 well as I do, the story of Mr. Herrick's loyalty in staying in 

 Paris, and of the way in which the French people undertook 

 to express their gratification at his career with them. Now 

 Mr. Herrick has had an interest in this subject for a good 

 many years; he was one of the pioneers among the bankers, 



