It has been pointed out time and time again that this money has to be paid by our taxpayers unless it is paid by the taxpayers of the country or the countries which borrowed the money.

Our Government has taken an attitude on that which I do not think will be changed.

Of course anyone that gives the matter a moment's thought would recognize the great difficulty of the Government in undertaking to say what securities are good or sound or some equivalent word and what are not.

The Mexico Constitution has that 33rd Article, which gives the Mexican Government authority to expel anyone.

There is always a little danger that those who are entrusted with the great responsibilities of business and Government may come to forget about those things and disregard them.

As far as I can see myself and as far as I am advised by the members of my Cabinet, Mr. Hoover, who keeps very closely in touch with the business situation, and Mr. Mellon, who is in touch with the banking situation and the business…

I think that is attributable partly to the reduction of taxation.

This country hasn't any method of making any understandings except through the duly authorized channels of treaties.

I think I will reiterate that I was especially pleased with the work that the Congress did and because I didn't want to take all the glory of it I hope that won't be misunderstood.

I think those are the principal features of this Congress.

Then the aviation bill was very important, which also is the adoption of a new policy of administration.

There was no bill of general importance that passed that I did not approve.

The Railroad Labor Bill will we hope develop into a very important policy.

The principal thing that will affect the country is the reduction of taxation.

We are not striving to save the dollar at the expense of the public service.

The improvement in the public service is apparent and expressive.

The condition of the Treasury, which now is being supplied so largely from income taxes, is very greatly dependent upon the general condition of business throughout the country.

It is impossible to lay too much emphasis upon the necessity of making all our political action of the Federal Government harmonize with the principle of national unity.