Those who suffer the most harm will be the poor. This country
believes in prosperity. It is absurd to suppose that it is envious of
those who are already prosperous. The wise and correct course to follow
in taxation and all other economic legislation is not to destroy those
who have already secured success but to create conditions under which
every one will have a better chance to be successful. The verdict of the
country has been given on this question. That verdict stands. We shall
do well to heed it.
These questions involve moral issues. We need not concern ourselves much
about the rights of property if we will faithfully observe the rights of
persons. Under our institutions their rights are supreme. It is not
property but the right to hold property, both great and small, which our
Constitution guarantees. All owners of property are charged with a
service. These rights and duties have been revealed, through the
conscience of society, to have a divine sanction. The very stability of
our society rests upon production and conservation. For individuals or
for governments to waste and squander their resources is to deny these
rights and disregard these obligations. The result of economic
dissipation to a nation is always moral decay.
These policies of better international understandings, greater economy,
and lower taxes have contributed largely to peaceful and prosperous
industrial relations. Under the helpful influences of restrictive
immigration and a protective tariff, employment is plentiful, the rate
of pay is high, and wage earners are in a state of contentment seldom
before seen.
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