Herbert Hoover: “If we can put our financial resources to work and can ameliorate the financial situation in the railways, I am confident…”

The reductions must be real and positive.

I earnestly hope that this may be done.

We must make headway against the mutual fear and friction arising out of war armament which kill human confidence throughout the world.

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