The credit of success is claimed by all, while a disaster is attributed to one alone.

I think we're going to have to do better. Mr. Nixon talks about our being the strongest country in the world. I think we are today, but we were far stronger relative to the Communists 5 years ago. And what is of great concern is that the balance of power is in danger of moving with them. They made a breakthrough in missiles and by 1961, '2, and '3, they will be outnumbering us in missiles.

One-third of the world, it has been said, may be free- -but one-third is the victim of cruel repression--and the other one- third is rocked by the pangs of poverty, hunger and envy. More energy is released by the awakening of these new nations than by the fission of the atom itself.

The great free nations of the world must take control of our monetary problems if these problems are not to take control of us.

The problem of power is how to achieve its responsible use rather than its irresponsible and indulgent use; of how to get men of power to live for the public rather than off the public.

In those countries where income taxes are lower than in the United States, the ability to defer the payment of U.S. tax by retaining income in the subsidiary companies provides a tax advantage for companies operating through overseas subsidiaries that is not available to companies operating solely in the United States. Many American investors properly made use of this deferral in the conduct of their foreign investment.

We in this country, in this generation, areby destiny rather than choicethe watchmen on the walls of world freedom. We ask, therefore, that we may be worthy of our power and responsibility, that we may exercise our strength with wisdom and restraint, and that we may achieve in our time and for all time the ancient vision of peace on earth, good will toward men. That must always be our goal, and the righteousness of our cause must always underlie our strength. For as was written long ago: except the Lord keep the city, the watchman waketh but in vain.