In commerce the field is always open for young men. The world's trade is barely yet begun. We hear people whining over the spread of the commercial spirit, but what they mean is not the spirit of commerce. It is persistence of provincial selfishness, a spirit which has been with us since the fall of Adam, and which the centuries of whitening sails has as yet not eradicated. The spirit of fair commerce is a noble spirit. Through commerce the world is unified. Through commerce grows tolerance, and through tolerance, peace and solidarity. Commerce is world-wide barter, each nation giving what it can best produce for what is best among others. Freedom breeds commerce as commerce demands freedom. Only free men can buy and sell; for without selling no man nor nation has means to buy. When China is a nation, her people will be no longer a "yellow peril." It is poverty, slavery, misery, which makes men dangerous. In the words of "Joss Chinchingoss," the Kipling of Singapore, we have only to give the Chinaman "The chance at home that he makes for himself elsewhere, And the star of the Jelly-fish nation mid others shall shine as fair." Since the day, twenty-three years ago, on which I first passed through the Golden Gate of California, I have seen the steady increase of the shipping which enters that channel. There are ten vessels to-day passing in and out to one in 1880. Another twenty-five years will see a hundred times as many. We have discovered the Orient, and even more, the Orient has discovered us. We may not rule it by force of arms; for that counts nothing in trade or civilization. Commerce follows the flag only when the flag flies on merchant ships. It has no interest in following the flag to see a fight. Commerce follows fair play and mutual service. Through the centuries of war men have only played at commerce. The Twentieth Century will take it seriously, and it will call for men to do its work. It will call more loudly than war has ever done, but it will ask its men not to die bravely, but to live wisely, and above all truthfully to watch their accounts. The Twentieth Century will find room for pure science as well as for applied science and ingenious invention. Each Helmholtz of the future will give rise to a thousand Edisons. Exact knowledge must precede any form of applications. The reward of pure science will be, in the future as in the past, of its own kind, not fame nor money, but the joy of finding truth. To this joy no favor of fortune can add. The student of nature in all the ages has taken the vow of poverty. To him money, his own or others, means only the power to do more or better work.