Warren G. Harding: “We recognize the necessity of buying wherever we sell, and the permanency of trade lies in its acceptable exchanges.”

I can not too strongly urge in early completion of this necessary legislation It is needed to stabilize our industry at home; it is essential to make more definite our trade relations abroad.

I hope a way will be found to make for flexibility and elasticity, so that rates may be adjusted to meet unusual and changing conditions which can not be accurately anticipated.

Our power to do so is not disputed, but power and ships, without comity of relationship, will not give us the expanded trade which is inseparably linked with a great merchant marine.

The repeal of war-time legislation and the automatic expirations which attended the peace proclamations have put an end to these emergency excesses but I have the wish to go further than that.