No system of regulation can safely be substituted for the operation of individual liberty as expressed in competition.

Ownership has been separated from control; and this separation has removed many of the checks which formerly operated to curb the misuse of wealth and power.

We learned long ago that liberty could be preserved only by limiting in some way the freedom of action of individuals; that otherwise liberty would necessarily yield to absolutism; and in the same way we have learned that unless there be regulation of competition, its excesses will lead to the destruction of competition, and monopoly will take its place.

I abhor averages. I like the individual case. A man may have six meals one day and none the next, making an average of three meals per day, but that is not a good way to live.

The most important office, and the one which all of us can and should fill, is that of private citizen.

Strong, responsible unions are essential to industrial fair play. Without them the labor bargain is wholly one-sided. The parties to the labor contract must be nearly equal in strength if justice is to be worked out, and this means that the workers must be organized and that their organizations must be recognized by employers as a condition precedent to industrial peace.

The only title in our democracy superior to that of President is the title of citizen.