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

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

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

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

Salary limitations prevent the Government, in many instances, from securing the kind of executives required to manage its vital activities.

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.

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

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.

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

To maintain the integrity of the public debt, we must now reduce it by substantial amounts.

There is no justification now for tax reduction.

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

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.

A good tax reduction bill would give a greater proportion of relief to the low income group.

Tax reduction now would increase inflationary pressures.

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.

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.