for the
utilization of all elements of that nature coming to us from abroad. But
a point which all persons interested in Mexico's business affairs will
do well to realize is the honesty and prudent habits which characterize
mercantile transactions in this country. "Booms" and "bluffs" are exotic
plants which can with difficulty be acclimatized here, and speculative
combinations rarely enter into the calculations of the merchant.

A single example will suffice to illustrate the characteristics to which
I am referring. In that period of stress from 1892 to 1894 when the
country, after suffering the loss of several harvests in succession and
the ravages of a severe epidemic, was further tried by sudden
depreciation of silver, which in the course of a few months cut the gold
value of our currency in half, every one thought that the economic
constitution of the nation would not be able to withstand shocks so
repeated and formidable; and yet we continued to meet our debts with
religious punctuality and it was noted with surprise that not a single
failure of importance occurred in any part of the republic.

We may be charged with undue timidity, with slender experience, in
certain methods that are common elsewhere in the initiation of business
undertaking. But these deficiencies and others which no doubt are ours
will not debar us, let us hope, from being permitted to join the grand
onward march of humanity, and particularly of that portion of the human
family inhabiting the New World, towards higher conditions of physical
and moral welfare.

Gentlemen, let us raise our glasses to the health and happiness of our
distinguished guest and his most estimable family. Let us drink to the
hope that his countrymen, taking to heart the gospel which he has
proclaimed throughout the length and width of America, may become the
firmest guarantors of lasting peace between the two nations,
consolidated by warmth of mutual regard and the continued growth of
common interests.

BANQUET OF THE MINISTER FOR FOREIGN AFFAIRS

SPEECH OF LICENTIATE IGNACIO MARISCAL

October 7, 1907

Your presence amongst us as our illustrious guest is an event which will
leave a mark in the history of Mexico, for yours is not only the visit
of a most distinguished American, but also of the best representative,
without the usual credentials, of a great government and a great people.
The fact that your visit aims at no diplomatic business, except the
tight