think I need have taken the trouble to have testified, because I gather that a good many of you at all events have some doubts[laughter]-as to that matter. And now, this is the last remark I will make upon that very delicate ground, which is less delicate than I thought it would be, [laughter,] though it may be that I am so stupid or so stubborn or so much of a doctrinaire-a name I am well acquainted with-as to doubt whether you would not have been just as well off if you had accepted that formula. I do not believe, in this great hall, representing such enormous interests, representing men of a business sagacity that could not be rivaled in any capital on the habitable globe, there are many of you who, in calm moments, would not agree that if my country, if Great Britain -the greatest carrier in the world so long as you persist in your present tactics-[great laughter and applause]-that it would be suicidal for Great Britain to impose a tariff for other purposes than revenue. You will agree that for a country, a great carrier, which is dependent on other countries for the food of its people and for the raw material of its great industries, you will all agree that it would be preposterous for us to entertain the notion of what is called fiscal reform. [Laughter.]

Now, I am not going to keep you more than a few moments. [Cries of go on.] I told them at Chicago the other night, and I venture respectfully to repeat it to you, those two great men, JEFFERSON and WASHINGTON, never made a speech, either of them, more than ten minutes in duration.

I sometimes think that, perhaps, that was not a very had example, which is, as far as I can make out, their descendants have not altogether always followed. [Laughter.] But now you will, I am sure, know before I say a word, that the thing that has interested me most in my short visit among you has been the election, the Presidential election. I am a very old hand at elections. I have fought a great many myself, not so august and illustrious as this, but one gets the sporting elections' fever, and last Tuesday, I assure you, I was as vehement as any one amongst you. I went around the polling booths at Chicago, I listened to the announcements that were made from time to time at a dinner which they were kind enough to give me at Chicago, and after the dinner was over I went and beard the results brought in at the office of a great newspaper in Chicago. A great number of telegraph operators were there, figures were coming in from all parts of this vast continent, and I confess it greatly impressed my imagination, and stirred me to think that in this great country within a few hours the voice of the people, right or wrong, should be so emphatically and so unmistakably ascertained. [Applause. |

It would be most unbecoming of me who, after all, in spite of the intermixture of flags here, am a stranger among you, though I feel extremely at home, [applause,] to indulge in comment on the result of your election. But there are several points that affected me in that election, and the first was the rapidity-I hope I am not doing wrong in referring to the election-[cries of "no, no, go on "]-the rapidity and certainty with which the result was ascertained.

Secondly, I was struck with the perfectly good temper in which the defeated party, many of whose representatives were present at that moment in Chicago, took, what to them, I am sure, was a mortify. ing repulse. But looking at it rather more widely, as a man who has observed Democracy, which we call Liberalism, who believes in it, who has always believed in it, who has always in its darkest hours been faithful to it, I observed your election; and what struck me with delight was that the two candidates were each of them men of unstained character, were men of perfect probity and independence, were men, either of whom, so far as character goes, whatever you may say about policy, any country might have been proud to see as aspirants for the support of those countries. [Applause.] That, I think, is a remarkable fact to be taken into account when people say all kinds of supercilious things about Democracy. Of course, Democracy has its drawbacks, and I should think other forms of government have their drawbacks, too. Does any body dream that machine politics and corruption, if you like -I do not impute it, but taking the worst view of the casedoes anybody suppose that those things came in with Democracy? For my part, I think not, and I am sure many of you know a great deal too much history to believe any such nonsense. Then another point which impressed me very much was the answer that this election of yours has given to the charge that the United States are given over to machine politics.

Forgive me for telling you these things; perhaps you have heard them before; but was there ever a case-you are better judges than I am-where the people of a country so emphatically and distinctly said: Machine politics or no machine politics we are going to give our votes for the man in whom we have confidence and whom we trust? [Applause.]

It would be most unbecoming of me, I repeat, to say a word as to the personality of your new President. I will say this in passing, that it is very gratifying to me to find that a man may write a book about ŎLIVER CROMWELL and yet be thought a very good man to whom to trust the destinies of a nation; [laughter and applause:] because, for no better reason that I have written about OLIVER CROMWELL also. One of his memorable performances was, as you all know, his self-denying ordinance,—a thing for which OLIVER CROMWELL himself was solely responsible, to withdraw himself for active military and public life at a certain moment. There appears to be something like a self-denying ordinance announced to the public a day after the election. [Laughter.] Whether that was an imitation of CROMWELL or not I do not inquire, but this I do say, without, I hope, being impertinent, that in your new President you have got a man. [Great applause and cheers.] All sorts of events within the four years may break out upon the world-events in the oldest parts of Europe-there are lives in the old parts of Europe upon which results may hang; you have in the Pacific enormous risks, possibilities, open questions, and all I can say is that it will be a great thing for diplomatists to know that in dealing with the government that will come into power and office here on

the 4th of March next year you are dealing with a man who has behind him, unless I am mistaken, the American people. [Applause and cheers.] However, all that may be, I rejoice to think, and I do think that in these questions and emergencies that arise Great Britain and the United States will both, by interest, by sentiment, be found side by side. [Applause.] I believe, from the bottom of my heart, that it is vital to the progress of the world, to the civilization of mankind, that there should be union between those two great powers, because we mean to be a great power in spite of what the Secretary of the Treasury has said. [Laughter.] Thus united we will fight side by side for those ideals and those questions which are common to us and common to you. [Laughter.] You have an enormous population of all kinds and nationalities coming to this great continent of yours, but, come as they may, in time they become fused into American citizens, and I shall persist in believing to the end of my days that the ideals and the aims-the moral ideals and moral aims of the citizens of the United States and of those of my country are the same ideals and the same ends. [Applause. I do not say that difficulties may not arise. But I have said, and think it is true, in literature you always seek the best, and in politics, you are not always to be content with second position. But however that may be, I am perfectly sure, from this visit of mine, that you will be prompted, and are going to be prompted, to adopt a similar form of diplomatic action when it becomes a question of policy equally affecting your country and mine. [Great applause.]

I thank you for your great warmth-the real warmth, not the conventional after-dinner warmth; [laughter;] I thank you for the kindness with which you have received me, and I hope that some day or another I may have the honor of again dining with the New-York Chamber of Commerce. [Great applause.]

THE PRESIDENT.-Gentlemen, there are disappointments which come occasionally even to so fortunate a body as the Chamber of Commerce, and I had hoped to have had the pleasure of introducing to you Dr. EDWIN A. ALDERMAN, President of the University of Virginia, but a telegram from him to-day says that he is sick and unable to come. Now, I propose to occupy your attention for a few moments. I want to read to you some of the letters that we have received from our friends on the other side, for during the summer letters of invitation were sent to Mr. CHAMBERLAIN and to Lord ROSEBERY asking them if they would not come over as the guests of the Chamber and be present at the banquet this evening. I would like to read Mr. CHAMBERLAIN's reply:

HIGHBURY, MOOR GREEN,

BIRMINGHAM, June 13, 1904.

SIR: I have the honor to acknowledge the kind invitation of the

Chamber of Commerce of the State of New-York to be its guest at its Banquet on the 15th of November next, and beg to assure the members that I cordially appreciate the compliment which they have been good enough to pay to me.

I have the most pleasant recollections of the previous occasion on which I enjoyed the hospitality of the Chamber, and I much regret that the pressure of my public engagements makes it impossible for me to contemplate a visit to the United States during the present year.

I am, therefore, compelled to decline with many thanks the courteous invitation which the Chamber has been good enough to address to me.

I am, sir,

Your obedient servant,
(Signed,)

J. CHAMBERLAIN.

The President of the Chamber of Commerce of New-York.

THE PRESIDENT.-I will read also a letter from Lord ROSEBERY.

SIR: I am very sincerely honored by the invitation of the Chamber of Commerce of the State of New-York, and the subject on which you invite me to speak is in the highest degree attractive, but I am afraid there is no chance of my being able to cross the Atlantic at that time, so I can only send you a cordial greeting from this island.

The President of the Chamber of Commerce of New-York.

THE PRESIDENT.-We had also hoped to have the presence here to-night of Mr. BRYCE, who has recently visited this country. I was in hopes that he might be persuaded to come, but in a letter which I received from him to-day he expressed great regret at not being able to do so, as he sails from Boston to-morrow.

He wrote as follows:

MY DEAR MR. JESUP: Moved by your kind request, I did all I could to see if it would be possible for me to arrange to remain in the United States long enough to attend the Dinner of your Chamber next Tuesday, but to my sincere regret found I could not manage it. I must leave for Europe to-morrow. Thank you

again.

Trusting it may not be long before we meet either here or in England, I am

Very sincerely yours,
(Signed,)

JAMES BRYCE.

SPEECH OF MR. MORRIS K. JESUP, PRESIDENT OF THE CHAMBER OF

COMMERCE.

GENTLEMEN: Before proceeding further with the pleasing duties of the evening I just want to say a word, and it will be my speech. We have just witnessed the completion of the main stem of the subway. It bids fair to be a success financially, and there are aspects to which I want to call your attention. It opens the way to relieve the congestion that has long existed in certain parts of this City, and gives transportation facilities to our working people at a very low rate of fare, and with great rapidity to the open district of the Bronx, where good air, light and sunshine can be obtained, and thus act as a moral and elevating factor to the people.

It has also suggested to the people of the City how works of great public utility necessary for their welfare can be constructed with the City's credit, and its final ownership without any tax.

For the accomplishment of this great undertaking we are indebted to the skill and engineering ability of Mr. WILLIAM BARCLAY PARSONS; the faith, pluck and courage evinced by Mr. John B. MCDONALD, the contractor, and the wise and sagacious financier, Mr. AUGUST BELMONT, who risked his reputation and means in an enterprise at the time thought to be of doubtful success financially. All these gentlemen are members of this Chamber. But, gentlemen, there has been one at the head of this enterprise who, through his sterling integrity, ripe experience and judgment, unselfish devotion to duty and public trust, and patient untiring work is, in my judgment, the person most to be honored by the community. He was my predecessor as President of this Chamber, and it was during his administration that this great enterprise was first brought before the public in a tangible form, one who for the last six years has served so faithfully as President of the Board of Rapid Transit Commissioners. I want to ask you at this time to fill your glasses and drink with me to the health and happiness of our friend, Mr. ALEXANDER E. ORR, who is here with us to-night, but knew nothing of what I intended to say at this time. [Applause.]

SPEECH OF MR. ALEXANDER E. ORR.

GENTLEMEN: This is really a surprise to me. I had not the slightest idea that Mr. JESUP was going to speak to you of an humble individual like myself. I did say long ago, when you elected me the President of the Chamber of Commerce, that I considered that that was the very highest honor the merchants of NewYork could pay to a fellow merchant. When I became a member of the Rapid Transit Commission, and was honored with the Presidency, through the kindly action of my colleagues, I felt that it was incumbent upon me to do everything in my power to make successful the purposes for which that Commission was created. I had before me the evidence of frequent failure. It was this which enabled us to be more successful than our predecessors, the experience we had learned through their failure. But while Mr. JESUP