I want to take this opportunity to tell you briefly something of my conversation several months ago with President Coolidge, who was, as many of you may know, a great chum of mine all through our college days.
When I arrived at the White House, the President was just going off on the Mayflower with the British ambassador, as I had failed to apprise him of my coming sufficiently in advance. So we had a shorter visit than usual, but he spoke of certain things on which I know you will be glad to get authoritative information.
"Mr. President," I said—he had indicated that he wanted me to call him "Cal," but I didn't feel it to be fitting—"Mr. President," I said, "how do you feel about this question of decreasing our navy?"
"Well, Low," he said, "I think I can put it to you in just a few words. While of course he is thrice armed that is prepared, as the bard says, yet navies cost a deplorable amount of money, and I
