Progress will march if we hold an abiding faith in the intelligence, the initiative, the character, the courage, and the divine touch in the individual. We can safeguard these ends if we give to each individual that opportunity for which the spirit of America stands.

About the time we can make the ends meet, somebody moves the ends.

Economic depression cannot be cured by legislative action or executive pronouncement. Economic wounds must be healed by the action of the cells of the economic body - the producers and consumers themselves.

It is always possible that occasional individuals may have overstepped the law and humanity in treatment of criminals and those charged with crime, and if so, they should be severely punished.

Any practice of business which would dominate the country by its own selfish interest is a destruction of equality of opportunity. Government in business, except in emergency, is also a destruction of equal opportunity and the incarnation of tyranny through bureaucracy.

Along this road of spending, the government either takes over, which is Socialism, or dictates institutional and economic life, which is Fascism.

While the crash only took place six months ago, I am convinced we have passed the worst and with continued unity of effort we shall rapidly recover.