German militarism and Nazism have devastated twice in our generation the lands of German neighbors.

Too many people are thinking of security instead of opportunity. They seem to be more afraid of life than death.

That was the principle of reparations to which President Truman agreed at Potsdam. And the United States will not agree to the taking from Germany of greater reparations than was provided by the Potsdam Agreement.

Provision was also made for the distribution of Germany's foreign assets among the Allies.

The conditions which now exist in Germany make it impossible for industrial production to reach the levels which the occupying powers agreed were essential for a minimum German peacetime economy.

The German people were not denied, however, the possibility of improving their lot by hard work over the years. Industrial growth and progress were not denied them.

We have learned that peace and well-being are indivisible and that our peace and well-being cannot be purchased at the price of peace or the well-being of any other country.