I thank you for your kind invitation. You all know that our two countries are bound by ties of cordial friendship. Upon this it is unnecessary to dewll. Between America and Italy there is no room for political dissension; we have the same ideals; we both love our independence and our freedom, and we both wish international intercourse governed by equity and justice toward all the civilized peoples of the world. At the Washington conference we, the Italian delegates, have always been in perfect agreement with the American delegation. America did not intervene at the Genoa Conference. Nevertheless, even the press of the opposition had to admit some good has been achieved there, namely, at Genoa.

2

The New York Times has stated that foundations have been laid for the reopening of relations with Russia. And I will add that another aim has been reached, namely, the placing of France and Germany together at the same table.

Little by little they will understand each other better and they will realize that the international situation is such that one cannot shrink from the obligation of participating in the economic reconstruction of the world.

It is my opinion that America also will have to admit, in time, such a necessity.

Your production is today so great that you need to export, but as long as your valuation of the dollar in comparison with our lira is not 3bettered, we shall not be able to buy from you if a high tariff will not permit the importation of our natural products such as olive oil, lemons, dried fruits, preserved vegetables and the like, to your country. Commerce is made of interchanges, and it seems quite natural that one should buy wheat, oil, coal or leather where the sale of his own products will, to a certain extent, open the credit necessary for his purchases. A few days ago I read in one of your most authoritative newspapers, the Chicago Journal of Commerce, an article in which Europe was described as a beggar; and in which an expert of finances, posing as a new Isaiah prophesies the bankruptcy of Europe in a few years from now. Now, I know the importance of the Chicago Journal of Commerce and of the press in general in forming public opinion.

Therefore, I would like to correct this misapprehension, at least in reference to my own country, inasmuch as I have not the authority nor am I charged with representing Europe. I am here representing Italy, and I dare say that I have a full knowledge of her real conditions; a knowledge acquired not a few days or months, but through forty years of professional work as a commercial lawyer, forty years of contact with industrial corporations, shipping companies, great commercial concerns, and honest and wise leading bankers.

4

Gentlemen, it takes more than two, or six months to become fully acquainted with the situation of all Europe, or even with the situation of one nation only.

Now I may state in full sincerity that there is no fear of bankruptcy for Italy either now or in the future. Italy does not perform miracles and she does not claim anything of that kind, but Italy is gradually rebuilding the finances of the state and her commercial economy. Don't take a lone instance and draw from it a general conclusion. Don't let yourselves be deceived by mere hearsay. Read instead of the annual financial report of our treasury department, which is a clear and sincere document. If a bank asks for a moratorium, don't draw a general conclusion but look around and you will see that even here, poorly managed banks are sooner or later destined to bankruptcy.

5

Read instead the annual reports of the Bank of Italy, which are so conservative as to appear even to It lians to be too cautions. Get acquainted with the work done in very Italian province, and you will be satisfied that, fortunately for us and for everybody else, Italy will never see the realization of the Apocalypotic prophecy reported by your Journal of Commerce.

Italy does not ask for any credit, and I may say more:- Not long ago a very reputable American firm offered to us an important loan which cost, including everything,- interest, commission, and sinking fund, would have been less than 7 1/2 per cent. Well, my Government asked me to thank them for the offer but to refuse it because the national saving furnish to the state, all the money it needs, and flows to the treasury in such amount that the interest on Treasury Bonds had to be reduced a month ago from 6 per cent to 5 1/2 per cent.

6

As you see Italy is not begging for money, your experience will be welcomed if offered spontaneously as cooperation of good and dear friends. But you can hardly think of a lack of experience when addressing a people who in the 13th and 14th centuries were already the bankers of the world, as it was known at that time.

I mean to a people whose banking experience precedes historically the discovery of America in fact, in 1422, at Leghorn, Italy, there was already a chamber of compensation for term and differential operations.

Our bankers got their experience - a hard experience if you will, but an instructive one - from their debtors who were the same Englishmen from whom, ethnically are descended many of your best financiers. In fact, it was to be Bardy and Peruzzi of Florence who had loaned, respectively, 7180,000, and 135,000 pounds in gold to the Kingdom of England, that King Edward the Third presented an unpleasant surprise with his Decree of May 6, 1309. In this Decree he ordered that the payment of the debt to Italian bankers, should be delayed indefinitely, and the delay has been perpetual. At that time an English king cancelled his debt toward his Italian creditors; but modern Italy never asked any creditor to cancel her debts.

Someone of you might say that I am too optimistic or that to look upon things the way I do is just a part of my ambassadorial business. Well, why don't you act in a businesslike fashion and go to Italy and see for yourselves; but listen, don't waste too much of your time visiting the Coliseum, St. Peter's, Capri and Sarrento.

8

Stick to your own motto "Business before pleasure". Visit our banks, our factories, our power producing plants, visit our shipyards; go and see our fields, our orchard, our vineyards, without including too much where the good wine is stored! Go deep into our financial, commercial and industrial life and form your own personal opinion. I am ready to give you as many introductions as you may want to our leading institutions. But let me say that you will not have any use for them. I tell you it with pride; every American who come to our shores is welcomed, and he will find himself at home as a brother among brothers.

I have nothing else to say. Let me express my most cordial wishes for the always increasing prosperity of your city and your business and let us together wish a brilliant future to our countries, - Italy and America.