For every advance that the Japanese have made since they started their frenzied career of conquest, they have had to pay a very heavy toll in warships, in transports, in planes, and in men. They are feeling the effects of those losses.

The truth is found when men are free to pursue it.

Real estate cannot be lost or stolen, nor can it be carried away. Purchased with common sense, paid for in full, and managed with reasonable care, it is about the safest investment in the world.

Do the best you can do and wait the results in peace.

Beware of that profound enemy of the free enterprise system who pays lip-service to free competition, but also labels every antitrust prosecution as a persecution.

Finally, in our progress toward a resumption of work we require two safeguards against a return of the evils of the old order: there must be a strict supervision of all banking and credits and investments; there must be an end to speculation with other people's money, and there must be provision for an adequate but sound currency.

We have learned the simple truth, as Emerson said that the only way to have a friend is to be one. We can gain no lasting peace if we approach it with suspicion or mistrust or with fear.