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Updated: June 21, 2025
During this fiscal year there will be an increased expenditure, as compared to 1928, on veterans of $255,000,000, and an increased expenditure on construction work which may reach $520,000,000. Despite large economies in other directions, we have an indicated deficit, including the statutory retirement of the debt, of $2,123,000,000, and an indicated net debt increase of about $1,711,000,000.
Various other indexes indicate total decrease of activity from 1928 of from 15 to 20 per cent. There are many factors which give encouragement for the future.
Desirous of securing the full values to the Nation of the great effort to develop our merchant marine by the merchant marine act soon after the inauguration of the present administration, I appointed an interdepartmental committee, consisting of the Secretary of Commerce, as chairman, the Secretary of the Navy, the Postmaster General, and the chairman of the Shipping Board, to make a survey of the policies being pursued under the act of 1928 in respect of mail contracts; to inquire into its workings and to advise the Postmaster General in the administration of the act.
Various other indexes indicate total decrease of activity from 1928 of from 15 to 20 per cent. There are many factors which give encouragement for the future.
Even in the city of New York, one-half of the cable ducts are empty, in expectation of the greater city of eight million population which is scheduled to arrive in 1928. There are perhaps few more impressive evidences of practical optimism and confidence than a new telephone exchange, with two-thirds of its wires waiting for the business of the future.
Since 1873 German alone may be taught in the national schools. The language of instruction must be German wherever half the pupils are capable of understanding it, and after 1928 it is decreed that no other language must be heard in the schoolroom. A decree of 1899 forbids teachers to use Polish even in their own family circles.
The extent of the depression is indicated by the following approximate percentages of activity during the past three months as compared with the highly prosperous year of 1928: Value of department-store sales 93% of 1928 Total of bank deposits 105% of 1928 Wholesale prices all commodities 83% of 1928 Cost of living 94% of 1928
The average wholesale prices of other primary goods, such as nonferrous metals, have fallen to 76 per cent of 1928. The price levels of our major agricultural commodities are, in fact, higher than those in other principal producing countries, due to the combined result of the tariff and the operations of the Farm Board.
“The Commission,” states the Report submitted by it to the Council of the League, and published in the Minutes of the 14th session of the Permanent Mandates Commission, held in Geneva in the fall of 1928, and subsequently translated into Arabic and published in ‘Iráq, “draws the Council’s attention to the considerations and conclusions suggested to it by an examination of the petition... It recommends that the Council should ask the British Government to make representations to the ‘Iráq Government with a view to the immediate redress of the denial of justice from which the petitioners have suffered.”
In doing good, in walking humbly, in sustaining its own people in ministering to other nations, America will work out its own mighty destiny. State of the Union Address Calvin Coolidge December 4, 1928
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