I am glad to meet you because I think that perhaps to many of you who have been long in this distant land I may bring pleasant memories of cities and farms and homes, left behind many a year ago. But I hope that the new home you have found, the new duties you have taken up, have made you happy, prosperous, useful, full of the ambitions, activities, and satisfactions of life. There have been great changes in the United States of America--of North America, perhaps I must call it,--since most of you left your old homes. When you, Mr. President, left us, we were a debtor nation; we were borrowing money from Europe to develop our own resources, to build up our own country. Most of the money was coming from our English friends. That capital built up our railways to make possible the wonderful development that has made the United States what it is. We had no capital, no time, no energy, to devote to anything but the task before us, to conquer our West and to develop our empty lands. In that distant day, when Henry Clay and John Quincy Adams espoused the cause of the infant republics of South America, we could have no relations with them but those of political sympathy, because we were too concentrated in the work that lay before us at home. Twenty years ago, when that far-seeing and sanguine statesman, Mr. Blaine, inaugurated his South American policy and brought about the first American Conference at Washington, and the establishment of the Bureau of American Republics, we were still a debtor nation, with no surplus capital, and engrossed in doing our work at home. It was still impossible for us to have any relations with South America, except those of political sympathy.