Warren G. Harding: “Agricultural ill fortune is a national ill fortune.”

With all my heart I wish restoration to the peoples blighted by the awful World War, but the process of restoration does not lie in our acceptance of like conditions.

The repeal of war-time legislation and the automatic expirations which attended the peace proclamations have put an end to these emergency excesses but I have the wish to go further than that.

If our tariffs are to be made equitable, and not necessarily burden our imports and hinder our trade abroad, frequent adjustment will be necessary for years to come.

Much has been said about the protective policy for ourselves making it impossible for our debtors to discharge their obligations to us.