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" "The thirteen Colonies were not unaware of the difficulties which these problems presented. We shall find a great deal of wisdom in the method by which they dealt with them. When they were finally separated from Great Britain, the allegiance of their citizens was not to the Nation, for there was none. It was to the States. For the conduct of the war there had been a voluntary confederacy loosely constructed and practically impotent. Continuing after peace was made, when the common peril which had been its chief motive no longer existed, it grew weaker and weaker. Each of the States could have insisted on an entirely separate and independent existence, having full authority over both their internal and external affairs, sovereign in every way. But such sovereignty would have been a vain and empty thing. It would have been unsupported by adequate resources either of property or population, without a real national spirit; ready to fall prey to foreign intrigue or foreign conquest. That kind of sovereignty meant but little. It had no substance in it. The people and their leaders naturally sought for a larger, more inspiring ideal. They realized that while to be a citizen of a State meant something, it meant a great deal more if that State were a part of a national union. The establishment of a Federal Constitution giving power and authority to create a real National Government did not in the end mean a detriment, but rather an increment to the sovereignty of the several States. Under the Constitution there was brought into being a new relationship, which did not detract from but added to the power and the position of each State. It is true that they surrendered the privilege of performing certain acts for themselves, like the regulation of commerce and the maintenance of foreign relations, but in becoming a part of the Union they received more than they gave.
John Calvin Coolidge Jr. (4 July 1872 – 5 January 1933) was the 30th president of the United States (1923–29). A Republican lawyer from Vermont, Coolidge worked his way up the ladder of Massachusetts state politics, eventually becoming governor of that state. His response to the Boston Police Strike of 1919 thrust him into the national spotlight and gave him a reputation as a man of decisive action. Soon after, he was elected as the 29th vice president in 1920 and succeeded to the presidency upon the sudden death of Warren G. Harding in 1923. Elected in his own right in 1924, he gained a reputation as a small-government conservative.
Biography information from Wikiquote
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He placed in my hands an official report and told me that President Harding had just passed away. My wife and I at once dressed. Before leaving the room I knelt down and, with, the same prayer with which I have since approached the altar of the church, asked God to bless the American people and give me power to serve them.
It has been in accordance with these principles that we have made generous settlements of our foreign debts. The little sentiment of "live and let live" expresses a great truth. It has been thought wise to extend the payment of our debts over a long period of years, with a very low rate of interest, in order to relieve foreign peoples of the burden of economic pressure beyond their capacity to bear. An adjustment has now been made of all these major obligations, and they have all but one been mutually ratified. The moral principle of the payment of international debts has been preserved. Every dollar that we have advanced to these countries they have promised to repay with some interest. Our National Treasury is not in the banking business. We did not make these loans as a banking enterprise. We made them to a very large extent as an incident to the prosecution of the war. We have not sought to adjust them on a purely banking basis. We have taken into consideration all the circumstances and the elements that attended the original transaction and all the results that will probably flow from their settlement. They have been liquidated on this broad moral and humanitarian basis. We believe that the adjustments which have been made will be mutually beneficial to the trade relations of the countries involved and that out of these economic benefits there will be derived additional guaranties to the stability and peace of the world.
To such a memorial as exists here we can only come in a spirit of humility and of gratitude. We can not hope to repay those whom we are assembled to honor. They were moved by a noble conception of human possibilities and human destiny. But we can undertake to find what was their inspiration and seek to make it our guide. By that they will be recompensed.