It seemed one of our great national tragedies that just when Woodrow Wilson was beginning to accomplish definite improvements in the living standards of America, the World War not only interrupted his course, but laid the foundation for twelve years of retrogression.

We now stand ten years past the midpoint of a century that has witnessed four major wars among great nations. Three of these involved our own country. Despite these holocausts, America is today the strongest, the most influential, and most productive nation in the world.

The United States will wage war but not declare it.

We must be the great arsenal of democracy.

As I stand here today, having taken the solemn oath of office in the presence of my fellow countrymen - in the presence of our God - I know that it is America's purpose that we shall not fail.

It is true that American thought is at least disinterested in matters which seem to relate to territorial acquisitions, but when wolves are about the shepherd mustguard his flock, even if he does not himself care for mutton.