The tax on capital gains directly affects investment decisions, the mobility and flow of risk capital from static to more dynamic situations, the ease or difficulty experienced by new ventures in obtaining capital, and thereby the strength and potential for growth of the economy.

A tax cut means higher family income and higher business profits and a balanced federal budget.

The essence of Vanderbilt is still learning, the essence of its outlook is still liberty, and liberty and learning will be and must be the touchstones of Vanderbilt University and of any free university in this country or the world. I say two touchstones, yet they are almost inseparable, inseparable if not indistinguishable, for liberty without learning is always in peril, and learning without liberty is always in vain.

There are three things in life which are real: God, human folly and laughter. Since the first two are beyond our comprehension, we must do what we can with the third.

My fellow Americans, let us take that first step. Let us...step back from the shadow of war and seek out the way of peace. And if that journey is a thousand miles, or even more, let history record that we, in this land, at this time, took the first step.

No treaty, however much it may be to the advantage of all, however tightly it may be worded, can provide absolute security against the risks of deception and evasion. But it can, if it is sufficiently effective in its enforcement and if it is sufficiently in the interests of its signers, offer far more security and far fewer risks than an unabated, uncontrolled, unpredictable arms race.

Great crises produce great men, and great deeds of courage.