r this republic the rewards of industry belong to those
who earn them. The only constitutional tax is the tax which ministers to
public necessity. The property of the country belongs to the people of
the country. Their title is absolute. They do not support any privileged
class; they do not need to maintain great military forces; they ought
not to be burdened with a great array of public employees. They are not
required to make any contribution to Government expenditures except
that which they voluntarily assess upon themselves through the action of
their own representatives. Whenever taxes become burdensome a remedy can
be applied by the people; but if they do not act for themselves, no one
can be very successful in acting for them.

The time is arriving when we can have further tax reduction, when,
unless we wish to hamper the people in their right to earn a living, we
must have tax reform. The method of raising revenue ought not to impede
the transaction of business; it ought to encourage it. I am opposed to
extremely high rates, because they produce little or no revenue, because
they are bad for the country, and, finally, because they are wrong.
We can not finance the country, we can not improve social conditions,
through any system of injustice, even if we attempt to inflict it upon
the rich. 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