Our conceptions of liberty under the law are not narrow and cramped, but broad and tolerant. Our Constitution guarantees civil, political and religio… - Calvin Coolidge

So there is little cause for the fear that our journalism, merely because it is prosperous, is likely to betray us. But it calls for additional effort to avoid even the appearance of the evil of selfishness. In every worthy profession, of course, there will always be a minority who will appeal to the baser instinct. There always have been, and probably always will be some who will feel that their own temporary interest may be furthered by betraying the interest of others. But these are becoming constantly a less numerous and less potential element in the community. Their influence, whatever it may seem at a particular moment, is always ephemeral. They will not long interfere with the progress of the race which is determined to go its own forward and upward way. They may at times somewhat retard and delay its progress, but in the end their opposition will be overcome. They have no permanent effect. They accomplish no permanent result. The race is not traveling in that direction. The power of the spirit always prevails over the power of the flesh. These furnish us no justification for interfering with the freedom of the press, because all freedom, though it may sometime tend toward excesses, bears within it those remedies which will finally effect a cure for its own disorders.

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.

There is another responsibility of the states. It is quite aside from this one of jurisdiction. It is the subject of law enforcement. We are not a lawless people, but we are too frequently a careless one. The multiplicity of laws, the varied possibilities of appeals, the disposition to technicality in procedure, the delays and consequent expense of litigation which inevitably inure to the advantage of wealth and specialized ability — all these have many times been recounted as reproaches to us. It is strange that such laxities should persist in a time like the present, which is marked by a determined upward movement in behalf of the social welfare. But they do exist. They demonstrate a need for better, prompter, less irksome, and expensive administration of the laws. They point the necessity for simplification and codification of laws; for uniformity of procedure; for more accurate delimitation of State and Federal authority.