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.

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

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

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

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.