Political differences essentially depend on disagreement in moral principles.

A government does not desire its powers to be strictly defined, but the subjects require the line to be drawn with increasing precision.

Liberty is not a means to a higher political end. It is itself the highest political end. It is not for the sake of a good public administration that it is required, but for the security in the pursuit of the highest objects of civil society, and of private life.

The one pervading evil of democracy is the tyranny of the majority.

A people averse to the institution of private property is without the first elements of freedom

The fate of every democracy, of every government based on the sovereignty of the people, depends on the choices it makes between these opposite principles, absolute power on the one hand, and on the other the restraints of legality and the authority of tradition.

The issue which has swept down the centuries and which will have to be fought sooner or later is the people versus the banks.