- 23 -

By the same token, no country should imagine
that it is doing us a favor by remaining in an alliance with us.
Any ally whose perception of its national interest changes
will find us prepared to adapt or end our treaty
relationship. No ally can pressure us by a threat of
termination; we will not accept that its security is more
important to us than it is to itself.

We assume that our friends regard their ties to
us as serving their own national purposes, not as privileges
to be granted and withdrawn as means of pressure. Where
this is not the mutual perception, then clearly it is time
for change. Where it is the common view, the U. S. will
remain a steady friend. We regard our alliances

- 24 -

as the cornerstone of our foreign policy and the
essential pillars of the structure of international stability.

**Easing of Tensions:** However fundamental our alliances, we recognize that a peace that rests solely on a balance of forces and off-setting blocs is fragile and sterile. We are committed, therefore, to continue the effort to improve relations with the Communist powers.

In the thermonuclear age, there is no alternative to a serious effort to ease tensions on a reliable and reciprocal basis.

Therefore, in the past few years we have taken
a number of practical steps to regularize our relations
with the Soviet Union. The objective has been, in our
own interest, to reduce the danger of war and to

- 25 -

encourage new patterns of relations and international
conduct.

This process proceeds on several levels. We
have negotiated balanced and effective agreements to
limit strategic weapons on both sides and in other
areas of arms control.

In our bilateral relations, we have reached
a number of agreements for economic and technical
cooperation; agreements that provide benefits to
both sides and give both sides a stake in the continuation
of a positive relationship.

In resolving political conflicts in vital areas
where we are both engaged directly, such as Europe,

- 26 -

we have reached an agreement in 1971 to make Berlin
more secure. We are now engaged in comprehensive
negotiations on mutual and balanced force reductions
and on the broader questions of security and cooperation
in Europe.

In other areas of the world such as the Middle
East, South and Southeast Asia, the course of U. S. -Soviet
relations has been uneven. There have been cases where
tensions have, in our view, been exacerbated needlessly.
Thus, while we have made significant progress in our
relations with the Soviet Union over the past six years,
we have done so without illusion. The USSR remains
our ideological and political rival. Should it seek to use

- 27 -

detente as a device for selective exploitation of strategic
opportunities the entire fabric of our evolving relationship
will be brought into question.

At the same time, it is vital to maintain our
perspective. We must never lose sight of the fact
that war between nuclear superpowers risks the extinction
of mankind. We are ideological opponents; technology
drives our competition; political conflict around
the world pulls us into rivalry. If humanity is not to live
constantly at the edge of an abyss and eventually to be
consumed by its technology, we must take care to nurture
mutual restraint which has been so painfully built up,
guarding against the tendency to use our improving

- 28 -

relationship with the USSR as the whipping boy for
our frustrations. Detente can never be a substitute for our
own efforts; where our own efforts flag we should not
blame the resultant setbacks on our adversaries.

International events in a turbulent world, and domestic
conditions in many countries are sufficient explanation for
many problems. We should not exaggerate Soviet
influence by blaming all difficulties on them. The
experience of Indo-China should have taught us that
it is easier to start confrontations than to sustain them.

Tough rhetoric is not the same as sustained strong action.
We will defend our vital interests and those of our allies
uncompromisingly. But we can do so effectively over an

- 29 -

extended period of time only if our people know that
we have first pursued untiringly all conceivable
alternatives to confrontation.

The principal item on the U. S. -Soviet agenda
today is SALT -- the Strategic Arms Limitation Talks.
We are actively engaged in working out a new agreement
based on the principles already agreed by the President and
General Secretary Brezhnev in Vladivostok last November.
If we can resolve the issues that still remain between
us -- and I believe we can -- we will for the first time
in history have placed a ceiling on the nuclear arms race.

Our new relationship with the People's Republic
of China is now a durable feature of the world scene.

- 30 -

It serves our respective interests and the broader
interests of peace and stability in Asia and around the
world. No stable international order is conceivable without
the participation of this one-quarter of the human race.

As you know, President Ford plans to visit China, thereby
confirming the durability of our relationship and further
advancing the ties between our two countries on the
basis of the Shanghai Communique.

**The Middle East:** Our present agenda necessarily includes those areas of crisis which pose a danger of wider conflagration. To help moderate conflicts where our good offices are desired is an American tradition that goes back at least to the beginning of this century.

- 31 -

History has shown that the breakdown of peace around the
globe can touch our lives directly, and there are some disputes
for which we have a special responsibility such as
the Middle East crisis.

That troubled area still poses grave dangers
of war and of world-wide economic dislocation. The
mistrust of decades is not easy to overcome. The international
implications of its chronic crisis and the moral and
strategic commitments of outside powers compound the basic
intractability. They also require continued movement
towards a lasting settlement. An active American role is
imperative:

-- Because of our historical and moral
commitment to the survival and well-being
of Israel;

- 32 -

-- Because of our important interests in
the Arab world -- an area of more than
150 million people sitting astride the
world's largest oil reserves;

-- Because the eruption of crisis in the
Middle East would severely strain our
relations with our allies in Europe, and Japan;

-- Because continuing instability risks a new
international crisis over oil and a new setback
to the world's hopes for economic recovery,
threatening the well-being not only of
the industrial world, but of most nations
of the globe; and

- 33 -

-- Because a crisis in the Middle East
poses an inevitable risk of direct U. S. -
Soviet confrontation and has done so
with increasing danger in every crisis
since the beginning.

We can never lose sight of the fact that U. S.
foreign policy must do its utmost to protect <u>all</u> its interests
in the Middle East. Given our inescapable involvement --
economic, political and military -- there is no alternative
to the full and active engagement of the United States in the
diplomacy of peace in the Middle East.

Since October 1973, we have made major efforts
to help the warring parties to resolve their differences.

- 34 -

Unprecedented progress has been made. Disengagement
agreements have been negotiated between Israel and
Egypt and Israel and Syria which have been carried
out by all sides. While deep suspicions remain, these
agreements may have demonstrated to the parties
that there is an alternative to war. We welcome the opening
of the Suez Canal; we believe the Syrian decision to extend
the United Nations mandate for six months was helpful;
and the recent decision of the Israeli Government
to thin out and withdraw some of its forces and
equipment in the Sinai is a constructive move.

But we must not be lulled into inaction by
the relative quiet of recent weeks; the fundamental

- 35 -

issues remain unresolved. It would be imprudent to
view recent steps -- valuable as they are -- as an
indication that further progress is no longer urgent.

Events have been calmed in the last few months

in part

[largely] by the expectation -- and our pledge -- that
the American effort would resume. We are now

at a point where there must be a turn either

toward peace or toward new [confrontations].

-36-

We consider diplomatic stagnation an invitation to crisis. We will not be deflected from our course by temporary disappointments or strong passions. The President has stated repeatedly that the United States will not accept stalemate or stagnation. We believe, as shown by these words, that we should be taken seriously by all parties.

In recent weeks President Ford has held important consultations with King Hussein, President Sadat, Prime Minister Rabin and Deputy Prime Minister Khaddam of Syria. We expect to come to an early judgment on how best to proceed.

The United States will pursue whichever course seems most promising. We are open-minded whether

-37-

interim agreements or an ~~immediate~~ early convening of the
Geneva Conference offer the best method. Each course
has its recognized advantages, pitfalls and risks. We are
not committed to a particular approach, we are committed
to progress. Our ultimate goal is clear -- to find solutions
that will take into account the territorial integrity and right
to live in security and peace of all states and peoples in the
~~area. To reach that goal all parties, ~~must make concessions~~ by~~ are required to concern themselves with~~
We are determined to persevere in pursuit of what we consider
the fundamental national interest of the United States -- the
security and economic well-being of our country, of our
allies and above all of the peoples in the area demand it.

R Developing Nations:

In recent years, the problems of the new nations of

-39-

face a generation of economic warfare. The United States
is prepared to work, with understanding and imagination,
for these changes. But there must be a process of mutual
accommodation that safeguards the interests of all nations,
We will not submit to blackmail, bloc pressures or
ideological rehtoric. We will defend our interests. But
we will listen to reasoned debate and consider carefully
productive suggestions for reform.

The United States has already taken the lead with
new proposals on a range of issues vital to the developing
world:

-- To fight the scourge of hunger, this Government,

-40-

recognizing that America's food aid cannot provide a
long-term solution to the global food problem, called
for the World Food Conference which met last November
in Rome. At that Conference we engaged other nations in
a multilateral commitment to raise food production,
to improve agricultural financing and distribution, and to
the establishment of an international system of nationally-
held grain reserves.

-- One hundred and forty nations are now engaged
in an unprecedented negotiation on a comprehensive new
law of the sea. At stake are the reach of territorial
sovereignty, the safety of the shipping lanes, and access to
vast resources. Success in these negotiations would

-41-

represent an unprecedented achievement in international cooperation affecting three quarters of the surface of our planet and enormous mineral and other wealth. The United States will make a major effort to bring it to a successful conclusion at the final session next March.

-- On the broader question of raw materials, the developing countries seek a stable and fair income from commodities which are central to their development programs. We in turn seek reliability of supply for our industries. The U. S. has therefore proposed new international rules and procedures on access to supplies and markets; discussions on new arrangements for commodity trade on a case-by-case basis; and new ways of financing commodity development in producing countries.

-42-

All these issues will be raised at a Special Session
of the United Nations General Assembly this September.

Working closely with Congress, we are now preparing
concrete detailed and we hope creative proposals for that
session. We intend, while fully protecting our nation's
interests, to deal with controversial issues with realism,
imagination, and understanding. We hope that others will
meet us in the same spirit.

## Challenge at Home

We have before us a vast agenda. The peace and
prosperity of future generations depend on decisions we
make now. The choice is relatively straightforward:
either we use our strength and opportunities for good, or
others will surely use their own strength for ends

-43-

incompatible with our values. The problems we face
are of such magnitude, their answers so complex -- and
the opportunities so far-reaching -- that the last quarter
of the 20th Century will either be remembered as another
period of American leadership and creativity, or as a
time of growing chaos and despair. Therefore it is
time to put an end to the self-doubt and cynicism which
have marked, and marred, American life for so much of
the past decade. It is time to remind ourselves that
America has accomplished great things in the past and
that there are still greater things to be accomplished.

In our pluralistic society, national action depends
on the support of citizens everywhere -- not only in

-44-

government but in the professions, in business and labor,
in the universities, in the cities and on the farms all over
America. These people, in their millions, have supported
an enlightened international involvement for more than a
generation, for they knew in their hearts that the greatest
nation on earth could no longer remain isolated from the
world around it. Again today, at another time of decision,
it will be the American people who will decide, as they
should, the direction their country will take.

There can be no doubt about the outcome. The
American people will decide to keep their country the
pillar of stability and the vision of hope that it has been for
two centuries. They will support one leadership in the

-45-

search for a new, lasting, just and peaceful international
order.

Throughout our history America has proved
capable of renewal and greatness. The colonists
who came to the shores of a wilderness; the founding
fathers, who created the world's only revolution that
never declined into tyranny; the pioneers whose eyes
never left the horizon; the men of enterprise who made
American productivity and efficiency the world's standard;
the soldiers and statesmen of our century who built a
world power both great and constructive; and the creative
minds of a democratic society who have given the breath
and inspiration of freedom to men and women everywhere --
these are the foundations on which we build and the tradition

-46-

we seek to emulate.

"Equal and exact justice to all men" -- this
was how Thomas Jefferson defined the goal of our
national destiny, at home and abroad. And he added,
"Should we ever wander in moments of error or alarm,
let us hasten to retrace our steps and to regain the
road which alone leads to peace, liberty and safety."

We are at one of those moments. We will not
miss our road.

We meet at a time when America, as so often before in its history, is turning a time of testing into a period of renewal.

Less than three months ago under the impact of our disappointments in Indochina some were questioning the very nature of our involvement in world affairs.

The Executive and the Congress seemed to be heading for a stalemate on foreign policy.

But paradoxically our setbacks have brought home to us -- as well as the rest of the world -- how essential America is to the peace and prosperity of mankind. And at home the dialogue between our two coequal branches of government is taking place in a more constructive atmosphere.

-2-

We have every reason to face our future with
confidence. The United States still stands as the
greatest democracy the world has ever known. Our
institutions have withstood extraordinary turmoil and
dissension and have emerged vital and strong. Whatever
our disappointments we have reason for pride in our
achievements. If there is peace in the world today, our
sacrifice has been decisive; if there is to be progress,
our contribution will be essential.

We have learned irrevocably the central fact of
the modern world; our security, our well-being, our very
existence are intimately bound up with the kind of international
environment we shall succeed in building. If the weakness
of free peoples tempts aggression, the lives of Americans

[Y]

-3-

will be in danger. If the disunity of free peoples
invites economic chaos, the well-being of Americans will
be in jeopardy. As the energy crisis surely has taught
us, we live in an interdependent world -- a world in
which words such as "isolation," and "withdrawal" grow
ever more anachronistic.

Thus we are not about to reverse the course of
the last 30 years, retreat from our commitments, and
leave our friends and allies to fend for themselves in the
vacuum our actions would inevitably create. We shall not
invite chaos. On the contrary, before us is a new opportunity
to achieve peace and progress greater than even our recent
past.

-4-

Since the end of World War II, the United States
has undertaken a role of world leadership which has had
the support of both parties and all Administrations.

That policy has preserved peace and freedom; it has sustained
global stability and the global economy. Indeed it is
our very accomplishments that have created the new
conditions -- and problems -- which we must now face.

 America's assistance to the postwar recovery
 of Western Europe and Japan, and our defensive
 shield, promoted the resurgence of those allies
 as strong and independent pillars of the free
 world.

-- The international economic system -- the

-5-

trading and monetary relationships created
by American leadership at Bretton Woods in
1944 -- has fostered economic progress not
only in the industrial democracies but in every
quarter of the globe.

-- The inexorable process of decolonization
which we encouraged, and our pioneering efforts
in technical and economic assistance for develop-
ment, have helped scores of new nations launch
their own national progress.

Foreign policy is a process. It knows no plateaus.

What does not become a point of departure for a new
advance soon turns first into stagnation and then into retreat.

-6-

Thus the achievements of the past generation have
created the agenda for the next decades:

-- The growing strength and self confidence of our allies requires the adaptation of our alliances from American tutelage to equal partnership.

-- The growing destructiveness of nuclear weapons requires an alternative to policies of confrontation and an easing of international tensions.

-- The interdependence of the world economy must lead to increased cooperation among the industrialized nations and a greater

-7-

recognition of the concerns of the
developing countries.

This agenda is vast. [ But there are not many periods of history when man can see clearly the outline of his own future and shape it to his ends. ] We have it in our power to lay the foundation of a new international structure -- in which nations no longer fear domination, in which negotiation replaces confrontation, and in which the fulfillment of basic human needs becomes a central concern on the agenda of international diplomacy.

[ A world of over 140 nations is a world of unimagined diversity and complexity. But it is also a world of enormous potential. A world of pluralism, of

-8-

spreading ideas, of independent states free to choose
their destiny, is a world of hope and an opportunity for
fresh creation.

And the United States will always be mindful
of its responsibilities. We have learned our limits,
but we have not forgotten our possibilities. We are the
world's largest democratic nation; we are the greatest
single concentration of economic and military power; we
are the nation with the most experience at organizing
international cooperation; we are the major influence in
global communication. If we do not lead, no other nation
that stands for what we believe in can take our place.

-9-

The Elements of America's Strength

What then is required of us? What are the
elements of our strength?

First of all, we must maintain the bedrock of our
security. While foreign policy must reach beyond military
concerns, there can be no substitute for maintaining
our own defenses and the objective conditions of our
security. An equilibrium of power is essential to any
stable international order. A world in which the survival
of nations is at the mercy of others is a world of insecurity,
instability, and oppression.

America's military strength has always been
used to defend, never to oppress. At home, we have
already adapted our defense budget to accord with our

-10-

national priorities. In terms of its portion of the federal
budget and of the Gross National Product, our defense
spending is at the lowest level in 25 years. Yet the trend
of military programs of our potential adversaries is in the
direction of expansion. Therefore there is an irreducible
minimum below which we cannot go without allowing important
interests of the United States and its allies to be endangered.
We will seek prudent measures of arms control to enhance
our security. But this Administration is determined never to
allow the military defenses of the United States to be dismantled.

We strive to create the conditions for accommodation
and reconciliation of differences with adversaries. But
conciliation must not flow from weakness; flexibility is a
virtue only in those who are thought to have an alternative.

- 11 -

Secondly, we have also learned that all our objectives -- our security, our well-being, the cohesion of our alliances, and the health of the international environment -- depend to a remarkable degree on the health of the American economy. This is, rightly, an immediate concern of every American; it is also the engine of economic growth worldwide, and therefore an international responsibility.

The recession and inflation of the last two years have had ominous international consequences -- which now we are on the way to remedying. Recession and inflation eat away at the well-being and hopes of groups on the margin of prosperity. They breed

- 12 -

disunity at home, drain the energies of nations away
from international concerns, and complicate the
harmony of international relations. At home, they
undermine social peace, confidence in government, and
the vitality of democratic processes. Abroad,
economic strains tempt the governments of the
industrial nations into protectionism or measures of
rivalry and threaten an era of bloc economic warfare
between rich nations and poor.

Yet no government acting alone has a possibility
of correcting the fundamental economic conditions that
beset it. In the modern world, our economies are tied
together; we prosper or decline together. The

- 13 -

restoration of growth offers our best hope of accommodating
the aspirations of all who compete for betterment
of their own future. It frees resources for meeting all
national needs. It restores faith in democratic institutions
and democratic leaders.

The position of the American economy is central.

As the President said in his State of the Union address in January: "A resurgent American economy would do more to restore the confidence of the world in its own future than anything else we can do." We shall do what is required.

Finally, our national strength depends on our

<u>unity as a people.</u> There is no limit to what free men
can accomplish acting together.

- 14 -

In the last quarter of this century, we are no
longer preponderant. We can no longer overwhelm our
problems with our resources; the diversity and complexity
of the world no longer offer moral simplicity. We are,
therefore, called upon, as never before, to show purpose,
coherence, flexibility and imagination in the conduct of
our foreign affairs.

We must be one nation, one government. Our
institutions must moderate special interests in the
definition of a national interest. We must have the
self-discipline to shape our domestic debates into
a positive, not a destructive process. We must attack

- 15 -

our problems and not each other. We can no longer
afford disunity, disarray, or disruption in the conduct
of our foreign affairs.

The consensus which sustained an enlightened
involvement in foreign affairs for more than a
generation is one of our most precious national resources.
We are on the way to restoring our unity and therefore
our capacity to act as a confident nation. We shall
spare no effort to continue this process so that we will face
our third century and its challenges as a united people.

Today's Agenda

Let me now turn to our agenda and describe the
design of our policy.

- 16 -

**Alliances:** Our allies and friends remain our first international priority.

What unites us and our allies are not simply the treaties signed a generation ago but the inescapable necessities of the present world. In recent weeks we have reaffirmed our commitment to our alliances. We have made clear that the United States will stand by its obligations in Asia as well as in Europe. But what gives life to our alliances is not verbal reaffirmation but the reality of common action in response to common problems. We must find common purpose in challenges beyond the necessities of military defense.

- 17 -

This is why last week I outlined, on behalf of
the President, the agenda for our close relationship with
Japan and Asia. This is why on his trip to Europe the
President outlined the issues facing all the nations
of the Western Alliance. The tasks which the President
s et before the NATO Summit could serve as the agenda
for all our alliances:

-- we must maintain a strong, modern and
credible defense; an alliance that does not
have the vigor and dedication to defend
itself fails in its primary purpose;

-- we must improve the quality and integrity
of our political relations; participation and
responsibility must be unqualified if they
are to be credible;

- 18 -

-- we must improve our political consultation
to develop common policies to deal with
common problems;

-- we must work together in setting a productive
and realistic agenda for the easing of
tensions;

-- we must work to the health of our democratic
institutions;

-- we must understand that the industrialized
societies hold the key to the world's new
problems of population, food, energy
development, raw materials.

Urgent, cooperative action is needed on all these
issues. Alliances must be adjusted to changing security

- 19 -

requirements or they will disintegrate. They must reflect
common political objectives and a common strategy for
attaining them, or their defensive capability will lack
a sense of purpose. Therefore, we attach great
importance to improved political consultations. And we
must never forget that strong domestic institutions ultimately
provide the best protection against subversion as well as
the sinews for defense against aggression.

Progress has been made but much work remains.
On the central problem of economic growth, allied leaders
have begun to coordinate national economic policies
to an unprecedented degree.

On the vital subject of energy, the industrial nations
created the International Energy Agency, to pool the efforts

- 20 -

of the major consumers. We have agreed on safeguards
against new oil emergencies; we have established a $25 billion
solidarity fund to ensure against monetary dislocations
due to the massive payments imbalances caused by
energy costs; we have launched new programs of
conservation of existing supplies and the development
of alternative sources. We are building the foundation
for a constructive dialogue with the energy producers
looking toward a fair and equitable long-term economic
relationship.

This remains a priority concern. We are
determined to end our vulnerability to external decisions
or external pressures. As the economies of the industrialized

- 21 -

nations begin again to expand, the necessity for
energy conservation and development of new energy
sources becomes more urgent. Without determined
efforts now, the expansion of demand will give free
rein to the producers' ability to maintain or raise the
price of oil or to use the supply of energy for political
purposes.

The national interest demands a comprehensive
and effective energy program. The President will work
with the Congress to obtain it; but if that effort
fails he will exercise the authority he has to reduce our
dependence on foreign energy sources.

- 22 -

In our political relations, we and our allies both
have an obligation to a common interest. We do not
assist others in their defense as an act of charity but in
our mutual interest. For us to terminate military
assistance or even sales to an ally is basically self-
defeating. We weaken the political ties, endanger our
collective defense, and also fail to achieve whatever
purpose the aid restriction was meant to serve. For
this reason, the President has strongly opposed the
Congressional cut-off of military aid to Turkey and is
now working hard with the Congress to bring about its
immediate restoration.

- 23 -

- 24 -

- 25 -

- 26 -

- 27 -

At the same time, it is vital to maintain our
perspective. We must never lose sight of the fact
that war between nuclear superpowers risks the extinction
of mankind. We are ideological opponents; technology
drives our competition; political conflict around
the world pulls us into rivalry. If humanity is not to live
constantly at the edge of an abyss and eventually to be
consumed by its technology, we must take care to nurture the
mutual restraint which has been so painfully built up,
guarding against the tendency to use our improving

- 28 -

- 29 -

- 30 -

-31-

That troubled area still poses grave dangers
of war and of world-wide economic dislocation. The
mistrust of decades is not easy to overcome. The international
implications of chronic crises in the area and the moral and
strategic commitments of outside powers compound the basic
intractability. They also require continued movement
towards a lasting settlement. An active American role is
imperative:

- 32 -

- 33 -

- 34 -

LY

-35-

Events have been calmed in the last few months in
considerable part by the expectation -- and our pledge --
that the American effort would resume. We are now
at a point where there must be a turn either toward
peace or toward new crises.

- 36 -

We consider diplomatic stagnation and invitation to confrontation. We will not be deflected from our course by temporary disappointments or strong passions. The President has stated repeatedly that the United States will not accept stalemate or stagnation. We urge all parties to take seriously these words which were carefully chosen.

- 37 -

interim agreements or an early convening of the Geneva
Conference offer the best method. Each course has
its recognized advantages, pitfalls and risks. We are
<u>not</u> committed to a <u>particular approach</u>, we <u>are</u> committed
to progress.

Our ultimate goal is clear -- to find solutions that
will take into account the territorial integrity and right
to live in security and peace of all states and peoples in
the area. To reach that goal will require concessions by
all parties. We are determined to persevere in pursuit
of what we consider the fundamental national interest of
the United States -- the security and economic well-being
of our country, of our allies and above all of the peoples
in the area demand it.

**Developing Nations:** In recent years, the
problems of the new nations of

-38-

the *developing world* have grown more urgent.

The strength of the dollar, the expansion of trade, the free flow in investment, the supply and price of energy, food and other vital raw materials all depend on the vitality of the international economic system. But no economic system can be stable if scores of nations consider themselves outside and hostile to it. The present global economic system is large enough to encompass the well-being of consumers and producers, rich and poor. But if it does not, we

-39-

face a generation of economic warfare. The United States
is prepared to work, with understanding and imagination,
for these changes. But there must be a process of mutual
accommodation that safeguards the interests of all nations.
We will not submit to blackmail, bloc pressures or
ideological rethoric. We will defend our interests. But
we will listen to reasoned debate and consider carefully
productive suggestions for reform.

-40-

-41-

-- On the broader question of raw materials, the
developing countries seek a stable and fair income from
commodities which are central to their development
programs. We in turn seek reliability of supply for our
industries. The U. S. has therefore proposed new inter-
national rules and procedures on access to supplies and
markets; discussions on new arrangements for commodity
trade on a case-by-case basis; and new ways of financing
commodity development in producing countries.

-42-

## Challenge at Home

-43-

-44-

There can be no doubt about the outcome. The
American people will decide to keep their country the
pillar of stability and the vision of hope that it has been for
two centuries. They will support our leadership in the

-45-

-46-

we seek to emulate.