We must remember, above all, that these men would not be training in order to win a war, but in order to prevent one.

I call your attention particularly to the problem of effective administration within the Government, where matters of unprecedented magnitude and complexity confront the public servant.

Free and inquiring minds, with unlimited access to the sources of knowledge, can be the architects of a peaceful and prosperous world.

There can be no greater service to mankind, and no nobler mission, than devotion to world peace.

Princeton University has conferred an honor upon me for which I am deeply grateful.

That task is more important today than at any previous time in our national history.

I consider such a program vital to the national welfare.

In the task of finding and training men and women who will add strength to the public service, universities have a particular responsibility.

He should try sitting in my chair for about an hour and a half!

In the face of these facts, common prudence demands a realistic and conservative management of the fiscal affairs of the Government.

If H.R. 1 were to become law, the inequity of its provisions would be frozen into the tax structure.

Under H.R. 1, tax savings to the average family with an income of $2500 would be less than $30, while taxes on an income of $50,000 would be reduced by nearly $5000, and on an income of $500,000 by nearly $60,000.

The time for tax reduction will come when general inflationary pressures have ceased and the structure of prices is on a more stable basis than now prevails.

A time of high employment and high prices, wages, and profits, such as the present, calls for a surplus in Government revenue over expenditures and the application of all or much of this surplus to the reduction of the public debt.

Despite many gloomy predictions, there is no convincing evidence that a recession is imminent.

As long as business, employment, and national income continue high, we should maintain tax revenues at levels that will not only meet current expenditures but also leave a surplus for retirement of the public debt.

The timing of such a program is highly important to achieve economic stability, to promote the investment of capital, and to maintain employment, purchasing power and high levels of production.

Tax reduction now would increase inflationary pressures.