Woodrow Wilson: “A new day shines about us, in which our hearts take new courage and look forward with new hope to new and greater…”

The burdens of war are not lifted when the fighting ceases.

Clearly, this is no time for the erection here of high trade barriers.

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.

Each of the undersigned will recommend to the appropriate governmental agency of his Government that upon the delivery to the Reparation Commission of such bonds his Government accept an amount thereof corresponding to the sums which…