In all previous depressions, the volume of public works has diminished because the State and municipal governments, feeling the effects of such depression in taxes, in problems of finance, and in the general psychology of retrenchment, have themselves followed the general trend.
Address to the Governors' Conference.
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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.
We must make headway against the mutual fear and friction arising out of war armament which kill human confidence throughout the world.
It is folly for the world to go on breaking its back over military expenditure, and the United States is willing to take its share of responsibility by making definite proposals that will relieve the world.
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