In dealing with our present embarrassing situation as related to this subject we will be wise if we temper our confidence and faith in our national strength and resources with the frank concession that even these will not permit us to defy with impunity the inexorable laws of finance and trade.  At the same time, in our efforts to adjust differences of opinion we should be free from intolerance or passion, and our judgments should be unmoved by alluring phrases and unvexed by selfish interests.

I am confident that such an approach to the subject will result in prudent and effective remedial legislation.  In the meantime, so far as the executive branch of the Government can intervene, none of the powers with which it is invested will be withheld when their exercise is deemed necessary to maintain our national credit or avert financial disaster.

Closely related to the exaggerated confidence in our country’s greatness which tends to a disregard of the rules of national safety, another danger confronts us not less serious.  I refer to the prevalence of a popular disposition to expect from the operation of the Government especial and direct individual advantages.

The verdict of our voters which condemned the injustice of maintaining protection for protection’s sake enjoins upon the people’s servants the duty of exposing and destroying the brood of kindred evils which are the unwholesome progeny of paternalism.  This is the bane of republican institutions and the constant peril of our government by the people.  It degrades to the purposes of wily craft the plan of rule our fathers established and bequeathed to us as an object of our love and veneration.  It perverts the patriotic sentiments of our countrymen and tempts them to pitiful calculation of the sordid gain to be derived from their Government’s maintenance.  It undermines the self-reliance of our people and substitutes in its place dependence upon governmental favoritism.  It stifles the spirit of true Americanism and stupefies every ennobling trait of American citizenship.

The lessons of paternalism ought to be unlearned and the better lesson taught that while the people should patriotically and cheerfully support their Government its functions do not include the support of the people.

The acceptance of this principle leads to a refusal of bounties and subsidies, which burden the labor and thrift of a portion of our citizens to aid ill-advised or languishing enterprises in which they have no concern.  It leads also to a challenge of wild and reckless pension expenditure, which overleaps the bounds of grateful recognition of patriotic service and prostitutes to vicious uses the people’s prompt and generous impulse to aid those disabled in their country’s defense.

Every thoughtful American must realize the importance of checking at its beginning any tendency in public or private station to regard frugality and economy as virtues which we may safely outgrow.  The toleration of this idea results in the waste of the people’s money by their chosen servants and encourages prodigality and extravagance in the home life of our countrymen.