The spectacle of a great, solvent government paying a fictitious price for gold it did not want and did not need and doing it on purpose to debase the value of its own paper currency was one to astonish the world.

We have crossed the boundary that lies between Republic and Empire. If you ask when, the answer is that you cannot make a single stroke between day and night: the precise moment does not matter. There was no painted sign to say: 'You are now entering Imperium.' Yet it was a very old road and the voice of history was saying: 'Whether you know it or not, the act of crossing may be irreversible.' And now, not far ahead, is a sign that reads: 'No U-turns.'

There was endless controversy as to whether the acts of the New Deal did actually move recovery or retard it, and nothing final could ever come of that bitter debate because it is forever impossible to prove what might have happened in place of what did.

It is the function of the President, representing the executive principle, to execute the laws.

There is a long history of monetary experience. It tells us that government is at heart a counterfeiter and therefore cannot be trusted to control money, and that this is true of both autocratic and popular government.

If people cannot limit government they will not for long be free.

To the revolutionary mind the American vista must have been almost as incredible as Genghis Khan's first view of China - so rich, so soft, so unaware.