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.

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.

In differentiation, not in uniformity, lies the path of progress.

Behind every argument is somebody's ignorance. Rediscover the foundation of truth and the purpose and causes of dispute immediately disappear.

No danger flowing from speech can be deemed clear and present unless the incidence of the evil apprehended is so imminent that it may befall before there is an opportunity for full discussion. Only an emergency can justify repression.

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

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