If the country is to flourish, capital must be invested in enterprise. But those who seek to draw upon other people's money must be wholly candid regarding the facts on which the investor's judgment is asked.

More striking still, it appeared that, if the process of concentration goes on at the same rate, at the end of another century we shall have all American industry controlled by a dozen corporations and run by perhaps a hundred men. Put plainly, we are steering a steady course toward economic oligarchy, if we are not there already.

Taxation according to income is the most effective instrument yet devised to obtain just contribution from those best able to bear it and to avoid placing onerous burdens upon the mass of our people.

From his understanding of wealth and poverty came his understanding of labor and capital, which led him to the solution of trusteeship based on the belief that there is no private ownership of capital; it is given in trust for redistribution and equalization. Similarly, while recognizing differential aptitudes and talents, he holds that these are gifts from God to be used for the collective good.

A people... who are possessed of the spirit of commerce, who see and who will pursue their advantages may achieve almost anything.

The individual does not create the product of his industry with his own hands; he utilizes the many processes and forces of mass production to meet the demands of a national and international market.