ntial to stimulate production and promote
thrift, and when everything which tends to have the opposite effect
should be rigorously rejected as detrimental to the Nation's strength
and well-being.

There is an astonishing lot of hazy thinking on the subject of the
uses of capital in the hands of its owners. The rich man can only
spend a relatively small sum of money unproductively or selfishly. The
money that it is in his power to actually waste is exceedingly
limited. The bulk of what he has must be spent and used for productive
purposes, just as would be the case if it were spent by the
Government, with this difference, however, that, generally speaking,
the individual is more painstaking and discriminating in the use of
his funds and at the same time bolder, more imaginative, enterprising
and constructive than the Government with its necessarily bureaucratic
and routine regime possibly could be. Money in the hands of the
individual is continuously and feverishly on the search for
opportunities, _i. e._ for creative and productive use. In the hands
of the Government it is apt to lose a good deal of its fructifying
energy and ceaseless striving and to sink instead into placid and
somnolent repose.

Taxation presupposes earnings. Our credit structure is based upon
values, and values are largely determined by earnings. Shrinkage of
values necessarily affects our capacity to provide the Government with
the sinews of war.

There need not be and there should not be any conflict between profits
and patriotism. I am utterly opposed to those who would utilize their
country's war as a means to enrich themselves. Extortionate profits
must not be tolerated, but, on the other hand, there should be a
reasonably liberal disposition towards business and a willingness to
see it make substantial earnings. To deny this is to deny human
nature.

Men will give their lives to their country as a matter of plain and
natural duty; men, without a moment's hesitation, will quit their
business and devote their entire time and energy and effort to the
affairs of the Nation, as a great many have done and every one of us
stands ready to do, without any thought of compensation. But,
generally speaking, men will not take business risks, will not
venture, will not be enterprising and constructive, will not take upon
themselves the responsibilities, the chance of loss, the strain, the
wear and tear and worry and care of intense business activity i