Woodrow Wilson: “I want you to realize just what the covenant of the league of nations means.”

If there ever was a time when America had anything to fear from foreign competition, that time has passed.

For many months there has been a demand that war agencies should be abolished and that there should be less Government interference with business.

I am not convinced that the method proposed is wise, that the benefits, if any, would offset the evils which would result, or that the same or larger advantages cannot be secured without resort to Government intervention.

We have been vigorously building up a great merchant marine and providing for improvement of marketing in foreign countries by the passage of an export trade law.