The greatest factors making for communism, socialism or anarchy among a free people are the excesses of capital. The talk of the agitator does not advance socialism one step. The great captains of industry and finance... are the chief makers of socialism.

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

History is not life, but since only life makes history, the union of the two is obvious.

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

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

Nearly all legislation involves a weighing of public needs as against private desires; and likewise a weighing of relative social values.

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.