bly apologise to Germany for the insult
to the German Ambassador.

Some years before the war the King sent to this country a special
emissary to interest American capital in Spain. Means of
transportation are very meagre. Great mineral districts are as
yet undeveloped and many other opportunities for foreign capital
present themselves.

I asked the Spaniards why Spain was not developed by Spanish
capital and they told me that the rich put all their money in
government bonds and lived as gaily as possible on the interest.

Our own Government, whether Democratic or Republican, must always
be careful to see that taxes are not so high as to prevent the
naturally enterprising American from risking part of his capital
in new ventures and such protection must be given to American
citizens that they will continue to try their luck at business in
foreign countries for the immediate benefit, of course, of
themselves, but also for the commercial supremacy of the United
States.

The American who goes to Mexico and there develops a railroad or
a plantation, a commercial business, a bank or a mine, is not
only adding to the wealth of Mexico, but any money which he makes
after paying his due share of taxes there, is brought back by him
to the United States, is subject to taxation, and by just so
much not only lightens the tax burden of other Americans, but
adds to the power in trade of the whole country.

A business man who is taxed too much on any profits that he makes
will, like the Spaniard, invest his capital in Government bonds.
He will stop taking up new enterprises because if he loses no one
compensates him for his loss, while if he wins most of his profit
is taken in taxes by the State.

I do not think that the Spanish harbour any spirit of revenge
against us because of the events of the Spanish-American war.
There was nothing in that war to arouse particular resentment. No
one used poison gas, or enslaved women or cut off the hands of
babies. On our side, at least, there was an intense admiration
for the splendid, chivalrous bravery of our enemies. Spain was,
in reality, benefited by the loss of Cuba and the Philippines; in
fact, they were practically lost to her before we entered the
war. Thinking Spaniards believe the war with America benefited
Spain; and the lower classes rejoice because their sons and
husbands are not forced to serve in the Spanish Army in the
fever-laden swamps of the tropics.

On the war Spa