Education is not only the foundation of personal efficiency but is the solvent of many of the problems which confront us as a nation.

NO MEMBER of the administration has expressed the view or holds the view that the policy of the administration in advocating maintenance of wages should be changed.

In view of the fact that our receipts are falling off materially from the amount estimated at the time of the preparation of the Budget for 1932 and of the consequent large deficit indicated for the current fiscal year, I wish again to…

The situation is a serious one and demands that we all make the most earnest efforts to eliminate or postpone all such activities as may be so treated without serious detriment to the public welfare.

Pending the compilation and analysis of this statement I wish to suggest that you refrain from actually obligating money available for expenditure during the current fiscal year except in those cases where such postponement or elimination…

I WISH again to congratulate you upon a most notable public service.

The program supplements the suspension of intergovernmental debts already in effect.

The major problem is one affecting primarily the banking and credit conditions and can best be solved by the voluntary cooperation of the bankers of the world rather than by governments with their conflicting interests.

I WISH to convey to you my sincere congratulations.

The combined effect should enable the German people with their resources, industry, and courage, to overcome the temporary difficulties and restore their credit.

The Conference has demonstrated a fine spirit of conciliation and consideration amongst nations that will have lasting benefits in establishment of stability.

THE MATTER is a tempest in the teapot.

The program contributes to expedite recovery from worldwide depression through the overcoming of the most important elements in the crisis affecting Central Europe.

Such a basis of cooperation is assured.

The world is indebted to Premiers MacDonald, Laval, and Bruning, to Messrs. Stimson, Mellon, Grandi, Francqui, and other governmental representatives in this Conference.

The London Conference has laid sound foundations for the establishment of stability in Germany.

ON THIS memorable anniversary of the independence of the Republic of Colombia, it gives me great pleasure to express to Your Excellency in the name of the Government and people of the United States most cordial wishes for the continued…

To the warm greetings of my fellow countrymen, I add my own sincere wishes for your personal happiness.