Every reasonable effort will be made to secure agreements for liquidation with the remaining countries, whenever they are in such condition that they can be made.  Those which have already been negotiated under the bipartisan commission established by the Congress have been made only after the most thoroughgoing and painstaking investigation, continued for a long time before meeting with the representatives of the countries concerned.  It is believed that they represent in each instance the best that can be done and the wisest settlement that can be secured.  One very important result is the stabilization of foreign currency, making exchange assist rather than embarrass our trade.  Wherever sacrifices have been made of money, it will be more than amply returned in better understanding and friendship, while in so far as these adjustments will contribute to the financial stability of the debtor countries, to their good order, prosperity, and progress, they represent hope of improved trade relations and mutual contributions to the civilization of the world.

ALIEN PROBLEM

Negotiations are progressing among the interested parties in relation to the final distribution of the assets in the hands of the Alien Property Custodian.  Our Government and people are interested as creditors; the German Government and people are interested as debtors and owners of the seized property.  Pending the outcome of these negotiations, I do not recommend any affirmative legislation.  For the present we should continue in possession of this property which we hold as security for the settlement of claims due to our people and our Government.

IMMIGRATION

While not enough time has elapsed to afford a conclusive demonstration, such results as have been secured indicate that our immigration law is on the whole beneficial.  It is undoubtedly a protection to the wage earners of this country.  The situation should however, be carefully surveyed, in order to ascertain whether it is working a needless hardship upon our own inhabitants.  If it deprives them of the comfort and society of those bound to them by close family ties, such modifications should be adopted as will afford relief, always in accordance with the principle that our Government owes its first duty to our own people and that no alien, inhabitant of another country, has any legal rights whatever under our Constitution and laws.  It is only through treaty, or through residence here that such rights accrue.  But we should not, however, be forgetful of the obligations of a common humanity.