For a President-reject his last speech is generally his most difficult. On domestic questions his voice has ceased to carry popular authority. On foreign issues the nations of the world are inclined to accord him only the scantiest attention. Such was the problem President Hoover faced last week when he journeyed to Manhattan to deliver his valedictory before the National Republican Club. He solved it with an address on the broad subject of gold.

As a good-by to cheering G. O.. Partisans, the President first declared:

"An organization that can show more than 15,000,000...

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