If The Spirit Of Business

I See Nothing In The Present Situation That Is Either Menacing Or Warrants Pessimism... I Have Every Confidence That There Will Be A Revival Of Activity In The Spring, And That During This Coming Year The Country Will Make Steady Progress.

The History Of Taxation Shows That Taxes Which Are Inherently Excessive Are Not Paid. The High Rates Inevitably Put Pressure Upon The Taxpayer To Withdraw His Capital From Productive Business.

Gentlemen Prefer Bonds.

Liquidate Labor, Liquidate Stocks, Liquidate The Farmers, Liquidate Real Estate. It Will Purge The Rottenness Out Of The System. High Costs Of Living And High Living Will Come Down. People Will Work Harder, Live A More Moral Life. Values Will Be Adjusted, And Enterprising People Will Pick Up From Less Competent People.

The History Of Taxation Shows That Taxes Which Are Inherently Excessive Are Not Paid. The High Rates Inevitably Put Pressure Upon The Taxpayer To Withdraw His Capital From Productive Business And Invest It In Tax-exempt Securities Or To Find Other Lawful Methods Of Avoiding The Realization Of Taxable Income. The Result Is That The Sources Of Taxation Are Drying Up; Wealth Is Failing To Carry Its Share Of The Tax Burden; And Capital Is Being Diverted Into Channels Which Yield Neither Revenue To The Government Nor Profit To The People.