O God, thy sea is so great and my boat is so small.

The American presidency will demand more than ringing manifestos issued from the rear of the battle. It will demand that the President place himself in the very thick of the fight; that he care passionately about the fate of the people he leads .

Today, we need a nation of Minutemen, citizens who are not only prepared to take arms, but citizens who regard the preservation of freedom as the basic purpose of their daily life and who are willing to consciously work and sacrifice for that freedom.

Most of us are conditioned for many years to have a political viewpoint - Republican or Democratic, liberal, conservative, or moderate. The fact of the matter is that most of the problems that we now face are technical problems, are administrative problems. They are very sophisticated judgments, which do not lend themselves to the great sort of passionate movements which have stirred this country so often in the past. - They deal with questions which are now beyond the comprehension of most men.

Collective bargaining has always been the bedrock of the American labor movement. I hope that you will continue to anchor your movement to this foundation. Free collective bargaining is good for the entire Nation. In my view, it is the only alternative to State regulation of wages and prices - a path which leads far down the grim road of totalitarianism. Those who would destroy or further limit the rights of organized labor - those who would cripple collective bargaining or prevent organization of the unorganized - do a disservice to the cause of democracy.

The cost of freedom is always high, but Americans have always paid it. And one path we shall never choose, and that is the path of surrender, or submission.

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.