To meet these necessities the Government has been developing a water power project at Muscle Shoals to be equipped to produce nitrogen for explosives… - Calvin Coolidge

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.

Wealth comes from industry and from the hard experience of human toil. To dissipate it in waste and extravagance is disloyalty to humanity. This is by no means a doctrine of parsimony. Both men and nations should live in accordance with their means and devote their substance not only to productive industry, but to the creation of the various forms of beauty and the pursuit of culture which give adornments to the art of life.

A deliberate and determined effort is being made to break down the guarantees of our fundamental law. It has for its purpose the confiscation of property and the destruction of liberty. At the present time the chief obstacle to this effort is the Supreme Court of the United States. In this contest there is but one place for a real American to stand. That is on the side of ordered liberty under constitutional government. This is not the struggle of the rich and powerful. They will be able to survive. It is the struggle of the common run of people. Unless we can maintain our institutions of liberty unimpaired they will see their savings swept away, their homes devastated, and their children perish from want and hunger.