I find in my own case that my privileges of free speech are a good deal curtailed, because I am President.

There doesn't seem to be much of anything the President can do about that.

There is nothing I can say about the Pan American Conference that occurs to me, that has not already been said.

Naturally our Government is pleased with my reception at Havana.

As I left there it seemed to me that the conference was in a position to do very much excellent work.

We shall have to realize that the highest law is consideration, cooperation, friendship, and charity.

Democracies are peace-moving.

Our most sacred trust has been, and is, the establishment and expansion of the spirit of democracy.

Next to our attachment to the principle of self-government has been our attachment to the policy of peace.

It is better for the people to make their own mistakes than to have some one else make their mistakes for them.

The attitude of the open mind must prevail.

The spirit of liberty is universal.

Our history reveals that in such expectation we have not been disappointed.

The whole atmosphere of the Conference is animated with the spirit of democracy and good will.

And those two things together would necessarily be a reason for doing more business of that kind that is transacted by brokers and would naturally result in a larger sum of money being used for that purpose.

I am not familiar enough with the exact workings and practice of the Federal Reserve System so that comments that I might make relative to the amount of brokers' loans and so on would be of very much value.

I do know in a general way that the amount of securities in this country has increased very largely in recent years.

I think it is safe to say that both the Army and the Navy are in better shape than they ever were before in time of peace.