Warren G. Harding: “The intent of Congress to establish a tribunal to which railway labor and managers may appeal respecting questions of…”

Everything relating to trade, among ourselves and among nations, has been expanded, excessive, inflated, abnormal, and there is a madness in finance which no American policy alone will cure.

The base of the pyramid of civilization which rests upon the soil is shrinking through the drift of population from farm to city.

By your sustainment of the rigid economies already inaugurated, with hoped-for extension of these economies and added efficiencies in administration, I believe further reductions may be enacted and hindering burdens abolished.

Again comes the reminder that we must not be unmindful of world conditions, that peoples are struggling for industrial rehabilitation and that we can not dwell in industrial and commercial exclusion and at the same time do the just thing…