I am unequivocally committed to the right kind of tax reduction at the right time.

It is hard for me to find the proper words with which to describe the character of your service to our country.

Since the veto of H.R. 1, income payments to individuals have continued to rise, and the general level of business activity is establishing new high records.

There is an urgent need at this time for an evaluation of the course which the United States should follow in order to obtain, for itself and the world, the greatest possible benefits from aviation.

Your letter of this date leaves me no choice but to accept your resignation as Secretary of War, effective at the close of business July twenty-fourth.

I am creating a temporary Air Policy Commission to make an objective inquiry into national aviation policies and problems.

Necessary Government expenditures are still high.

How well you acquitted yourself in that vital task is attested by the results.

Your recommendation seems to me well taken.

Never have I accepted a resignation from the Government service with more poignant regret.

Because of your knowledge of our national needs and our industrial capabilities, as well as your public-spirited concern for the national welfare, I ask you to serve on this Commission.

The present bill is not consistent with sound fiscal policy.

H.R. 3950 is at complete variance with the fundamental requirements of a good tax bill.

This is still the wrong kind of tax reduction and this is still the wrong time to provide for tax reduction.

There is no justification for tax reduction so long as price stability at sound levels has not been secured and business, employment, and national income continue at peak levels.

I return herewith, without my approval, H.R. 3950, entitled 'An Act to reduce individual income tax payments.'

Until we are better able to estimate the cost of our investment in world peace and collective security, it is unwise to make so large a cut in our Government's future income that our ability to meet our needs would be impaired.

That role is to study and investigate the present organization, methods, and operations of all executive agencies in order to determine what changes are necessary to promote economy and efficiency, and to improve service in the transaction…