While things on the surface seem more quiet than at any time since last summer, I do not like the maintenance of what amounts to almost full mobilization in aggressor countries. Surely they cannot afford it and if they had any definite policy of trying to work out economic salvation (except by arms) they would be showing some signs of cutting military expenditures.

Against naked force the only possible defense is naked force. The aggressor makes the rules for such a war; the defenders have no alternative but matching destruction with more destruction, slaughter with greater slaughter.

All of our people all over the country-except the pure-blooded Indians-are immigrants or descendants of immigrants, including even those who came over here on the Mayflower.

It is time to extend planning to a wider field, in this instance comprehending in one great project many states directly concerned with the basin of one of our greatest rivers.

Beware of that profound enemy of the free enterprise system who pays lip-service to free competition, but also labels every antitrust prosecution as a persecution.

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.

If the Nation is living within its income, its credit is good. If, in some crises, it lives beyond its income for a year or two, it can usually borrow temporarily at reasonable rates. But if, like a spendthrift, it throws discretion to the winds, and is willing to make no sacrifice at all in spending; if it extends its taxing to the limit of the peoples power to pay and continues to pile up deficits, then it is on the road to bankruptcy.