03/04/1927
https://www.presidency.ucsb.edu...
"We can see now that the fundamental difficulty was overproduction, complicated by unsound money."
"While this leaves the questions of national defense and limitation of armaments practically where they were, as the negative supports of peace, it discards all threat of force and approaches the subje..."
"The gravest responsibilities that can come to a people in this world have come to us."
"No good thing ever came out of war that could not better have been secured by reason and conscience."