It is a source of pride to all Americans that the vast system of instantaneous communications by means of the electrical telegraph originated in the mind of an American, Samuel F. B. Morse, whose culture was an honor to his country and…

I have given a great deal of consideration to the subject.

There can be no adequate check or coordinated direction of expenditure or commitments.

The Shipping Board, in its present form at least, should be abolished.

I am confident that the undertaking of the representatives of both political parties to balance the budget remains and will be fulfilled.

It is, in fact, the very keystone of recovery, and it must be done.

It is the very keystone of recovery.

The American people are no less courageous and no less wise than the people of other nations.

Without it the several measures for restoration of public confidence and reconstruction which we have already undertaken will be incomplete and the depression prolonged indefinitely.

Every reduction that can be made without serious injury to these services and injustice to our people should be effected.

With the aid provided by mail contracts and construction loans, authorized by this act, orders have been placed for 45 new vessels of 500,000 gross tons and for the reconditioning of 19 vessels of 160,000 gross tons.