Since I entered politics, I have chiefly had men's views confided to me privately. Some of the biggest men in the United States, in the field of commerce and manufacture, are afraid of somebody, are afraid of something. They know that there is a power somewhere so organized, so subtle, so watchful, so interlocked, so complete, so pervasive, that they had better not speak above their breath when they speak in condemnation of it.

A powerful Navy we have always regarded as our proper and natural means of defense; and it has always been of defense that we have thought, never of aggression or of conquest. But who shall tell us now what sort of Navy to build? We shall take leave to be strong upon the seas, in the future as in the past; and there will be no thought of offense or provocation in that. Our ships are our natural bulwarks.

We are in the presence of a new organization of society. Our life has broken away from the past.

We shall not, I believe, be obliged to alter our policy of watchful waiting.

It must be a peace without victory... Victory would mean peace forced upon the loser, a victor's terms imposed upon the vanquished. It would be accepted in humiliation, under duress, at an intolerable sacrifice, and would leave a sting, a resentment, a bitter memory upon which terms of peace would rest, not permanently, but only as upon quicksand. Only a peace between equals can last.

Liberty has never come from the government. Liberty has always come from the subjects of the government. The history of liberty is a history of resistance. The history of liberty is a history of the limitation of governmental power, not the increase of it.

Our most dangerous tendency is to expect too much of government, and at the same time do for it too little. . . . We must strive for normalcy to reach stability.