nd all our economic and social policies must recognize
this. The world has discovered that cash without credit means little.
One cannot use cash if one cannot use one's credit to draw it whenever
and wherever needed. Credit is intangible and volatile, and may be
destroyed over night.

"I saw this in Venice.

"On July 31 I could have drawn every cent that my letter of credit
called for up to the time the banks closed. At 10 in the morning on the
1st of August I could not draw the value of a postage stamp.

"Yet the banker in New York who issued my letter of credit had not
failed. His standing was as good as ever it had been. But the world's
system of international exchange of credit had suffered a stroke of
paralysis over night.

"This realization of international interdependence, I hope, will
elevate and refine our patriotism by teaching men a wider sympathy and a
deeper understanding of other peoples, nations, and languages. I
sincerely hope it will educate us up to what I have called 'The
International Mind.'

"When Joseph Chamberlain began his campaign after returning from South
Africa his keynote was, 'Learn to think imperially.' I think ours should
be, 'Learn to think internationally,' to see ourselves not in
competition with the other peoples of the world, but working with them
toward a common end, the advance of civilization."

A Note of Optimism.

"There are hopeful signs, even in the midst of the gloom that hangs over
us. Think what it has meant for the great nations of Europe to have come
to us, as they have done, asking our favorable public opinion. We have
no army and navy worthy of their fears. They can have been induced by
nothing save their conviction that we are the possessors of sound
political ideals and a great moral force.

"In other words, they do not want us to fight for them, but they do want
us to approve of them. They want us to pass judgment upon the humanity
and the legality of their acts, because they feel that our judgment
will be the judgment of history. There is a lesson in this.

"If we had not repealed the Panama Canal Tolls Exemption act last June
they would not have come to us as they are doing now. Who would have
cared for our opinion in the matter of a treaty violation if, for mere
financial interest or from sheer vanity, we ourselves had violated a
solemn treaty?

"When Congress repealed the Panama Canal Tolls Exemption act it marked
an epoch in the history of the Uni