The present tax codes inhibit the mobility and formation of capital, add complexities and inequities which undermine the morale of the taxpayer, and make tax avoidance rather than market factors a prime consideration in too many economic decisions.

For plague and pestilence, plunder and pollution, the hazards of nature and the hunger of children are the foes of every nation. The earth, the sea and the air are the concern of every nation.

But however close we sometimes seem to that dark and final abyss, let no man of peace and freedom despair. For he does not stand alone.

I have asked the secretary of the treasury to report by April 1 on whether present tax laws may be stimulating in undue amounts the flow of American capital to the industrial countries abroad through special preferential treatment.

There is an old saying that the course of civilization is a race between catastrophe and education. In a democracy such as ours, we must make sure that education wins the race.

Life in freedom is not easy, and democracy is not perfect.

Knowledge of the oceans is more than a matter of curiosity. Our very survival may hinge upon it.