I shall not quarrel with anybody who chooses to give these three factors a different order of importance. That is a matter for individual judgment. B… - Calvin Coolidge

Ultimately nations, like individuals, can not depend upon each other but must depend upon themselves. Each one must work out its own salvation. We have every desire to help. But with all our resources we are powerless to save unless our efforts meet with a constructive response. The situation in our own country and all over the world is one Chat can be improved only by bard work and self-denial. It is necessary to reduce expenditures, increase savings and liquidate debts. It is in this direction that there lies the greatest hope of domestic tranquility and international peace. Our own country ought to finish the leading example in this effort. Our past adherence to this policy, our constant refusal to maintain a military establishment that could be thought to menace the security of others, our honorable dealings with other nations whether great or small, has left us in the almost constant enjoyment of peace.

What a wide difference between the American position and that imagined by the vagabond who thought of liberty as a glorious feast unprotected and unregulated by law. This is not civilization, but a plain reversion to the life of the jungle. Without the protection of the law, and the imposition of its authority, equality cannot be maintained, liberty disappears and property vanishes. This is anarchy. The forces of darkness are traveling in that direction. But the spirit of America turns its face towards the light.

While we are thus desirous of the economic welfare of other countries in part because of its relation to world peace, we ought to remember that our own Government owes a great duty to the American people in this direction. It is for this reason in part that I have insisted upon a policy of constructive economy in the national administration. If we can make the circumstances of the people easy, if we can relieve them of the burden of heavy taxation, we shall have contributed to that contentment and peace of mind which will go far to render them immune from any envious inclination toward other countries. If the people prosper in their business, they will be the less likely to resort to the irritating methods of competition in foreign trade out of which arise mutual misunderstandings and animosities. They will not be driven to the employment of sharp practices in order to support and maintain their own position. Being amply supplied with their own resources, they will not be so inclined to turn covetous eyes toward the resources of other nations.