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.

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.

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

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

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

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.