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

Organisation can never be a substitute for initiative and for judgement.

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.

Sunshine is the best disinfectant

It is one of the happy incidents of the federal system that a single courageous State may, if its citizens choose, serve as a laboratory; and try novel social and economic experiments without risk to the rest of the country.

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