Perhaps one of the most important accomplishments of my administration has been the minding of my own business. - Calvin Coolidge

In my message last year I emphasized the necessity for further legislation with a view to expediting the consolidation of our rail ways into larger systems. The principle of Government control of rates and profits, now thoroughly embedded in our governmental attitude toward natural monopolies such as the railways, at once eliminates the need of competition by small units as a method of rate adjustment. Competition must be preserved as a stimulus to service , but this will exist and can be increased under enlarged systems. Consequently the consolidation of the railways into larger units for the purpose of securing the substantial values to the public which will come from larger operation has been the logical conclusion of Congress in its previous enactments, and is also supported by the best opinion in the country. Such consolidation will assure not only a greater element of competition as to service, but it will afford economy in operation, greater stability in railway earnings, and more economical financing. It opens large possibilities of better equalization of rates between different classes of traffic so as to relieve undue burdens upon agricultural products and raw materials generally, which are now not possible without ruin to small units owing to the lack of diversity of traffic. It would also tend to equalize earnings in such fashion as to reduce the importance of section 15A, at which criticism, often misapplied, has been directed. A smaller number of units would offer less difficulties in labor adjustments and would contribute much to the, solution of terminal difficulties.

All growth depends upon activity. There is no development physically or intellectually without effort, and effort means work.

But the spirit which they so nobly represented two generations ago has not departed from the land. It was resurgent in the days of 1898 and in 1917, and finds a lineal succession in the three branches which make up the land and sea forces of the present day and in the public opinion of the people. Our country has never had a better-equipped army or a more efficient navy in time of peace than it has at the present time. The Air Service is being perfected, better quarters are being provided, and our whole Military Establishment is being made worthy of the power and dignity of this great Nation. We realize that national security and national defense can not be safely neglected. To do so is to put in peril our domestic tranquility and jeopardize our respect and standing among the other nations.