The transfer society is forever testing the bounds of patience of taxpayers. Having reached the limit and still facing loud demands for more benefits, it resorts to deficit financing.

In expectation of his demise, a successful businessman may sell out to his competitors to prepare his estate with readily marketable securities, such as U.S. Treasury bonds. The confiscatory death tax eliminates many family enterprises and promotes the growth of giant corporations.

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.

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.

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.

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.

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