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.

The history of fiat money is little more than a register of monetary follies and inflations. Our present age merely affords another entry in this dismal register.

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.

Since there is no orderly way to liquidate the federal debt, we must brace for a payment crisis.

Instead of safeguarding truth and honesty, the state then tends to become a major source of insincerity and mendacity.

Sound money and free banking are not impossible; they are merely illegal.

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.