FDR: “An excise tax of this amount would yield approximately $100,000,000 per annum to the Treasury of the United States.”

The point in history at which we stand is full of promise and of danger.

That such study should be conducted by a specially appointed commission charged with the duty of examining into the experience which industry and labor have thus far had with these plans, and of reporting the facts for the benefit of the…

We are absolutely un changed in our policy of two years ago, for immediate Filipino independence.

That the President appoint a commission for these purposes.