Woodrow Wilson: “Let men discount the proposed arrangements as much as they will; let us regard it as an insurance policy.”

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

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

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.

A recommendation at this time that suitable legislative action should be taken may appear somewhat premature, but in view of the approaching termination of my administration I have brought this matter to your attention, hoping that…