Warren G. Harding: “Here is an outstanding problem, demanding the most rigorous consideration of the Congress and the country.”

It is no radical departure, in view of varying conditions and the disordered state of money values, to provide for American valuation, but there can not be ignored the danger of such a valuation, brought to the level of our own production…

We seek to undermine for others no industry by which they subsist; we are obligated to permit the undermining of none of our own which make for employment and maintained activities.

We ought not to find these partisan lines obstructing the expeditious solution of the urgent problems of peace.

But a people unemployed, and gaunt with hunger, face a situation quite as disheartening as war, and our greater obligation to-day is to do the Government's part toward resuming productivity and promoting fortunate and remunerative…