I see nothing in the present situation that is either menacing or warrants pessimism... I have every confidence that there will be a revival of activity in the spring, and that during this coming year the country will make steady progress.

The Government's business is in sound condition.

Any man of energy and initiative can get what he wants out of life. But when initiative is crippled by legislation or by a tax system which denies him the right to receive a reasonable share of his earnings, then he will no longer exert himself and the country will be deprived of the energy on which its continued greatness depends.

Prosperity of the middling and lower orders depends upon the fortunes and light taxes of the rich.

A balanced program for tax reform based upon the common sense idea of lowering taxes out of surplus revenues.

Strong men have sound ideas and the force to make these ideas effective.

There is no cause to worry. The high tide of prosperity will continue.