The tax-exempt privilege is a feature always reflected in the market price of [municipal] bonds. The investor pays for it.

America has believed that in differentiation, not in uniformity, lies the path of progress. It acted on this belief; it has advanced human happiness, and it has prospered.

Most of the things worth doing in the world had been declared impossible before they were done.

There is no good writing; there is only good rewriting.

Experience teaches us to be most on our guard to protect liberty when the government's purposes are beneficent.

In business, the earning of profit is something more than an incident of success. It is an essential condition of success. It is an essential condition of success because the continued absence of profit itself spells failure.

Those who won our independence believed that the final end of the state was to make men free to develop their faculties.