Each proposal must be weighed in the light of a broader consideration: the need to maintain balance in and among national programs - balance between the private and the public economy, balance between cost and hoped for advantage - balance between the clearly necessary and the comfortably desirable; balance between our essential requirements as a nation and the duties imposed by the nation upon the individual; balance between action of the moment and the national welfare of the future.

The lessons of history, confirmed by the evidence immediately before me, show conclusively that continued dependence upon relief induces a spiritual and moral disintegration fundamentally destructive to the national fiber.

We have come to a clear realization of the fact that true individual freedom cannot exist without economic security and independence.

Do not let any calamity-howling executive with an income of $1,000 a day, who has been turning his employees over to the Government relief rolls in order to preserve his company's undistributed reserves, tell you ...that a wage of $11.00 a week is going to have a disastrous effect on all American industry.

Different from a great part of the world, we in America persist in our belief in individual enterprise and in the profit motive.

We realize we must continually seek improved practices to insure the continuance of reasonable profits, together with scientific progress, individual initiative, opportunities for the little fellow, fair prices, decent wages and continuing employment.