Woodrow Wilson: “Our gallant armies have participated in a triumph which is not marred or stained by any purpose of selfish aggression.”

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.

We shall not witness an immediate satisfactory adjustment of domestic and international trade relations.

I herewith call your attention to an agreement with Belgium made by the British and French Premiers and myself.

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.