[M]y conception of liberty does not permit an individual citizen or a group of citizens to commit acts of depredation against nature in such a way as to harm their neighbors and especially to harm the future generations of Americans. If many years ago we had had the necessary knowledge, and especially the necessary willingness on the part of the Federal Government, we would have saved a sum, a sum of money which has cost the taxpayers of America two billion dollars.

Democracy can thrive only when it enlists the devotion of those whom Lincoln called the common people. Democracy can hold that devotion only when it adequately respects their dignity by so ordering society as to assure to the masses of men and women reasonable security and hope for themselves and for their children.

Taxation according to income is the most effective instrument yet devised to obtain just contribution from those best able to bear it and to avoid placing onerous burdens upon the mass of our people.

Let us move forward with strong and active faith.

Any Government, like any family, can for a year spend a little more than it earns. But you and I know that a continuation of that habit means the poorhouse.

The trade agreement which I had the privilege of signing with your Prime Minister last autumn is tangible evidence of the desire of the people of both countries to practice what they preach when they speak of the good neighbor. In the solution of the grave problems that face the world today, frank dealing, cooperation and a spirit of give and take between nations is more important than ever before.

What worries me, especially, is that public opinion over here is patting itself on the back every morning and thanking God for theAtlantic Ocean (and the Pacific Ocean). We greatly underestimate the serious implications to our own future.... Things move with such terrific speed these days, that it is really essential to us to think in broader terms and, in effect, to warn the American people that they, too, should think of possible ultimate results in Europe and the Far East.