a manifestation of such faith in the integrity of the
courts that we can consider that issue rejected for some time to come.
Likewise, the policy of public ownership of railroads and certain
electric utilities met with unmistakable defeat. The people declared
that they wanted their rights to have not a political but a judicial
determination, and their independence and freedom continued and
supported by having the ownership and control of their property, not in
the Government, but in their own hands. As they always do when they
have a fair chance, the people demonstrated that they are sound and are
determined to have a sound government.

When we turn from what was rejected to inquire what was accepted, the
policy that stands out with the greatest clearness is that of economy in
public expenditure with reduction and reform of taxation. The principle
involved in this effort is that of conservation. The resources of this
country are almost beyond computation. No mind can comprehend them.
But the cost of our combined governments is likewise almost beyond
definition. Not only those who are now making their tax returns, but
those who meet the enhanced cost of existence in their monthly bills,
know by hard experience what this great burden is and what it does. No
matter what others may want, these people want a drastic economy. They
are opposed to waste. They know that extravagance lengthens the hours
and diminishes the rewards of their labor. I favor the policy of
economy, not because I wish to save money, but because I wish to save
people. The men and women of this country who toil are the ones who bear
the cost of the Government. Every dollar that we carelessly waste means
that their life will be so much the more meager. Every dollar that we
prudently save means that their life will be so much the more abundant.
Economy is idealism in its most practical form.

If extravagance were not reflected in taxation, and through taxation
both directly and indirectly injuriously affecting the people, it would
not be of so much consequence. The wisest and soundest method of solving
our tax problem is through economy. Fortunately, of all the great
nations this country is best in a position to adopt that simple remedy.
We do not any longer need wartime revenues. The collection of any taxes
which are not absolutely required, which do not beyond reasonable
doubt contribute to the public welfare, is only a species of legalized
larceny. Unde