My fellow citizens, trade statistics indicate that this country is in a state of unexampled prosperity.  The figures are almost appalling.  They show that we are utilizing our fields and forests and mines, and that we are furnishing profitable employment to the millions of workingmen throughout the United States, bringing comfort and happiness to their homes, and making it possible to lay by savings for old age and disability.  That all the people are participating in this great prosperity is seen in every American community and shown by the enormous and unprecedented deposits in our savings banks.  Our duty in the care and security of these deposits and their safe investment demands the highest integrity and the best business capacity of those in charge of these depositories of the people’s earnings.

We have a vast and intricate business, built up through years of toil and struggle in which every part of the country has its stake, which will not permit of either neglect or of undue selfishness.  No narrow, sordid policy will subserve it.  The greatest skill and wisdom on the part of manufacturers and producers will be required to hold and increase it.  Our industrial enterprises, which have grown to such great proportions, affect the homes and occupations of the people and the welfare of the country.  Our capacity to produce has developed so enormously and our products have so multiplied that the problem of more markets requires our urgent and immediate attention.  Only a broad and enlightened policy will keep what we have.  No other policy will get more.  In these times of marvelous business energy and gain we ought to be looking to the future, strengthening the weak places in our industrial and commercial systems, that we may be ready for any storm or strain.

By sensible trade arrangements which will not interrupt our home production we shall extend the outlets for our increasing surplus.  A system which provides a mutual exchange of commodities is manifestly essential to the continued and healthful growth of our export trade.  We must not repose in the fancied security that we can forever sell everything and buy little or nothing.  If such a thing were possible it would not be best for us or for those with whom we deal.  We should take from our customers such of their products as we can use without harm to our industries and labor.  Reciprocity is the natural outgrowth of our wonderful industrial development under the domestic policy now firmly established.

What we produce beyond our domestic consumption must have a vent abroad.  The excess must be relieved through a foreign outlet, and we should sell everywhere we can and buy wherever the buying will enlarge our sales and productions, and thereby make a greater demand for home labor.