Of course our relations to Europe, and our relations to the Orient, and our relations to Canada have long been much discussed and are worthy of discussion; but it seems to me that the subject which at this particular time opens before us with more of an appearance, and just appearance, of new opportunity than any other, is the subject of our relations to the Latin American nations to the south. I am not going to detain you by any extended discussion of that subject. I made a long--perhaps too long--speech about it before the Trans-Mississippi Commercial Congress at Kansas City a few weeks ago, and that has been printed in various forms and some of you, perhaps, have seen it or will see it. The substance is that just at the time when the United States has reached a point of development in its wonderful resources and accumulation of capital so that it is possible for us to turn our attention from the development of our own internal affairs to reach out into other lands for investment, for the fruits of profitable enterprise, for the expansion and extension of trade--just at that time the great and fertile and immeasurably rich countries of South America are emerging from the conditions of internal warfare, of continual revolution, of disturbed and unsafe property conditions, and are acquiring stability in government, safety for property, capacity to protect enterprise. So that we may look with certainty to an enormous increase of population and of wealth throughout the continent of South America, and we may look with certainty for an enormous increase in purchasing power as a consequence of that increase in population and wealth. These two things coming together spread before us an opportunity for our trade and our enterprise surpassed by none anywhere in the world or at any time in our history. It was with this view that last summer I spent three months, in response to the kind invitations of various Governments of South America, in visiting their capitals, in meeting their leading men, in becoming familiar with their conditions, and in trying to represent to them what I believe to be the real relation of respect and kindliness on the part of the people of the United States. I wish you all could have seen with what genuine reciprocal friendship they accepted the message that I brought to them. We have long been allied to them by political sentiment. Now lies before us the opportunity--with their stable governments and protection for enterprise and property, and our increased capital--now lies before us the opportunity to be allied to them also by the bonds of personal intercourse and profitable trade.