Economy and efficiency can come only through modernization.

This order is issued upon the recommendation of the Secretary of Agriculture.

The occasion reflects the gratitude which all citizens will feel for all time for their unselfish service to the country.

We may frankly admit the practical difficulties of such reorganization.

The amount of saving in public funds to be effected by a thoroughgoing reorganization, while difficult to estimate accurately, will be material, amounting to many millions of dollars annually.

In the present crisis the absolute necessity for the most drastic economy makes the problem of governmental reorganization one of paramount importance.

There is little hope for success in this task unless it is placed in the hands of some one responsible for it, with authority and direction to act.

Please convey to the Grand Street Boys and their guests, the Disabled Veterans of the World War of the metropolitan area of New York, my cordial greetings in connection with the annual dinner.

The public can understand that if one local merchant finds it difficult to borrow from the banks his normal credit to maintain a stock of goods, he necessarily shortens down on his stocks and this reflects right back to the manufacturer…

When a railway goes into receivership from inability to find money with which to pay interest on bonds, then again not only do we have depreciation in prices of these securities, but it affects the assets of every institution.

I have myself been advocating this for the last 6 years.

I am glad to report that since February 4 when I took action on hoarding, there has been an entire turn in the tide.