Situation in 1921

When the republican administration took control of the government in 1921, there were four and a half million unemployed; industry and commerce were stagnant; agriculture was prostrate; business was depressed; securities of the government were selling below their par values.

Peace was delayed; misunderstanding and friction characterized our relations abroad. There was a lack of faith in the administration of government resulting in a growing feeling of distrust in the very principles upon which our institutions are rounded.

To-day industry and commerce are active; public and private credits are sound; we have made peace; we have taken the first step toward disarmament and strengthened our friendship with the world powers, our relations with the rest of the world are on a firmer basis, our position was never better understood, our foreign policy never more definite and consistent. The tasks to which we have put our hands are completed. Time has been too short for the correction of all the ills we received as a heritage from the last democratic administration, and the notable accomplishments under republican rule warrant us in appealing to the country with entire confidence.