Herbert Hoover: “Of course, hoarding is just one of the parts of the vicious cycle that starts from a shortage of credit.”

This order shall be effective from July 1, 1932.

Our Army, including the National Guard and all other reserves, has already been reduced much below the European standard 'police component.'

We cannot restore employment in the United States by these methods.

The Kellogg-Briand Pact, to which we are all signatories, can only mean that the nations of the world have agreed that they will use their arms solely for defense.