Organized money hates me--and I welcome their hatred!

Taxes are paid in the sweat of every man who labors. If those taxes are excessive, they are reflected in idle factories, in tax-sold farms, and in hordes of hungry people, tramping the streets and seeking jobs in vain. Our workers may never see a tax bill, but they pay. They pay in deductions from wages, in increased cost of what they buy, or - as now - in broad unemployment throughout the land.

Your profits are going to be cut down to a reasonably low level by taxation. Your income will be subject to higher taxes. Indeed in these days, when every available dollar should go to the war effort, I do not think that any American citizen should have a net income in excess of $25,000 per year after payment of taxes.

Wise and prudent men and intelligent conservatives have long known that in a changing world worthy institutions can be conserved only by adjusting them to the changing time.

This great nation will endure as it has endured, will revive and will prosper. So, first of all, let me assert my firm belief that the only thing we have to fear is fear itself.

More than an end to war, we want an end to the beginnings of all wars. Yes, an end to this brutal, inhuman and thoroughly impractical method of settling the differences between Governments. The once powerful malignant Nazi state is crumbling; the Japanese warlords are receiving in their homelands the retribution for which they asked when they attacked Pearl Harbor. But the mere conquest of our enemies is not enough; we must go on to do all in our power to conquer the doubts and the fears, the ignorance and the greed, which made this horror possible.

It is highly unlikely that an airplane, or fleet of them, could ever sink a fleet of Navy vessels under battle conditions.