Industrial combination is not wrong in itself. The danger lies in taking government into partnership.

If the Nation is living within its income, its credit is good. If, in some crises, it lives beyond its income for a year or two, it can usually borrow temporarily at reasonable rates. But if, like a spendthrift, it throws discretion to the winds, and is willing to make no sacrifice at all in spending; if it extends its taxing to the limit of the peoples power to pay and continues to pile up deficits, then it is on the road to bankruptcy.

I believe that in every country the people themselves are more peaceably and liberally inclined than their governments.

You are, I am sure, aware that genuine popular support in the United States is required to carry out any Government policy, foreign or domestic. The American people make up their own minds and no governmental action can change it.

The United States Constitution has proved itself the most marvelously elastic compilation of rules of government ever written.

The function of Government must be to favor no small group at the expense of its duty to protect the rights of personal freedom and of private property of all its citizens.

Let us never forget that government is ourselves and not an alien power over us.