FDR: “It seems only equitable, therefore, to adjust our tax system in accordance with economic capacity, advantage and fact.”

Trade is fundamental to the prosperity of Nations, as it is of individuals.

The point in history at which we stand is full of promise and of danger.

This year we give as well in necessity—necessity for our own.

By virtue of the authority vested in me by the Constitution and the statutes of the United States, it is hereby ordered as follows: