Advertising ministers to the spiritual side of trade. It is great power that has been entrusted to your keeping which charges you with the high responsibility of inspiring and ennobling the commercial world. It is all part of the greater work of the regeneration and redemption of mankind.

In other periods of depression, it has always been possible to see some things which were solid and upon which you could base hope, but as I look about, I now see nothing to give ground to hope-nothing of man.

Can those entrusted with the gravest authority set any example save that of the sternest obedience to the law?

We want wealth, but there are many other things we want very much more. Among them are peace, honor, charity, and idealism.

It is equally clear that a government must govern, must prescribe and enforce laws within its sphere or cease to be a government. Moreover, the individual must be independent and free within his own sphere or cease to be an individual. The fundamental question was then, is now, and always will be through what adjustments, by what actions, these principles may be applied.

No person was ever honored for what he received. Honor has been the reward for what he gave.

To expect to increase prices and then to maintain them at a higher level by means of a plan which must of necessity increase production while decreasing consumption is to fly in the face of an economic law as well established as any law of nature.