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.

Values will be adjusted, and enterprising people will pick up the wrecks from less competent people.

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

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

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.

Liquidate labor, liquidate stocks, liquidate the farmers, liquidate real estate.

The Government's business is in sound condition.