In a world dependent on international trade and commerce, and staggering under a heavy load of international debt, no policy is more destructive than protectionism. It cuts off markets, eliminates trade, causes unemployment in the export industries all over the world, depresses the prices of export commodities, especially farm products of the United States. It is the crowning folly of government intervention.

Inflationism is a dreadful cancer that is gnawing at the backbone of the civilized order.

The gold standard, in one form or another, will prevail long after the present rash of national fiats is forgotten or remembered only in currency museums.

Envy is more irreconcilable than hate. It is the most corroding of all political vices and also a great power in our land. The friends of freedom are content to be envied, but envy not.

When individual enterprise is free and unhampered, profit-and-loss calculations set precise limits to a businessman's temptations to expand his services... a government valuable they may be, have no market price and, therefore, cannot be subjected to profit-and-loss accounting.

Government welfare programs contribute to the disintegration of poor families. They make women and children dependent on government; dependent for food, for clothing, for shelter; and reward fatherless families with extra benefits and welfare perks.

The international monetary order is more precarious by far today than it was in 1929. Then, gold was international money, incorruptible, unmanageable, and unchangeable. Today, the U.S. dollar serves as the international medium of exchange, managed by Washington politicians and Federal Reserve officials, manipulated from day to day, and serving political goals and ambitions. This difference alone sounds the alarm to all perceptive observers.