The President can exercise no power which cannot be fairly and reasonably traced to some specific grant of power in the Federal Constitution or in an act of Congress passed in pursuance thereof. There is no undefined residuum of power which he can exercise because it seems to him to be in the public interest.

I prefer an income tax, but the truth is I am afraid of the discussion which will follow and the criticism which will ensue if there is an other division in the Supreme Court on the subject of the income tax. Nothing has injured the prestige of the Supreme Court more than that last decision, and I think that many of the most violent advocates of the income tax will be glad of the substitution in their hearts for the same reasons. I am going to push the Constitutional amendment, which will admit an income tax without questions, but I am afraid of it without such an amendment.

We have a government of limited power under the Constitution, and we have got to work out our problems on the basis of law.

There is not a subject in which I take a deeper interest than I do in the development of Alaska, and I propose, if Congress will follow by recommendations, to do something in that territory that will make it move on.

The study of Freemasonry is the study of man as a candidate for a blessed eternity. It furnishes examples of holy living, and displays the conduct which is pleasing and acceptable to God. The doctrines and examples which distinguish the Order are obvious, and suited to every capacity. It is impossible for the most fastidious Mason to misunderstand, however he might slight or neglect them. It is impossible for the most superficial brother to say that he is unable to comprehend the plain precepts and the unanswerable arguments which are furnished by Freemasonry.

We must dare to be great; and we must realize that greatness is the fruit of toil and sacrifice and high courage.

We are all dependent upon the investment of capital.