Not only our future economic soundness but the very soundness of our democratic institutions depends on the determination of our government to give employment to idle men.

Competition has been shown to be useful up to a certain point and no further, but cooperation, which is the thing we must strive for today, begins where competition leaves off.

We have faith that future generations will know here, in the middle of the twentieth century, there came a time when men of good will found a way to unite, and produce, and fight to destroy the forces of ignorance, and intolerance, and slavery, and war.

To some generations much is given. Of other generations, much is expected.

The first twelve years are the hardest.

No country, however rich, can afford the waste of its human resources. Demoralization caused by vast unemployment is our greatest extravagance. Morally, it is the greatest menace to our social order.

The trade agreement which I had the privilege of signing with your Prime Minister last autumn is tangible evidence of the desire of the people of both countries to practice what they preach when they speak of the good neighbor. In the solution of the grave problems that face the world today, frank dealing, cooperation and a spirit of give and take between nations is more important than ever before.