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.

The greatest dangers to liberty lurk in the insidious encroachment by men of zeal, well meaning but without understanding.

Subtler and more far-reaching means of invading privacy have become available to the government. Discovery and invention have made it possible for the government, by means far more effective than stretching upon the rack, to obtain disclosure in court of what is whispered in the closet.

Experience should teach us to be most on our guard to protect liberty when the Government's purposes are beneficent. Men born to freedom are naturally alert to repel invasion of their liberty by evil-minded rulers. The greatest dangers to liberty lurk in the insidious encroachment by men of zeal, well meaning but without understanding.

There is a spark of idealism within every individual which can be fanned into flame and bring forth extraordinary results.

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

Neutrality is at times a graver sin than belligerence.