The history of taxation shows that taxes which are inherently excessive are not paid. The high rates inevitably put pressure upon the taxpayer to withdraw his capital from productive business.

The Government's business is in sound condition.

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

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.

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

I see nothing in the present situation that is either menacing or warrants pessimism.