This Administration has come into power
with a very clear and definite mandate from the people. The
expression of the popular will in favor of maintaining our
constitutional guarantees was overwhelming and decisive. There was
a manifestation of such faith in the integrity of the courts that
we can consider that issue rejected for some time to come.
Likewise, the policy of public ownership of railroads and certain
electric utilities met with unmistakable defeat. The people
declared that they wanted their rights to have not a political but
a judicial determination, and their independence and freedom
continued and supported by having the ownership and control of
their property, not in the Government, but in their own hands. As
they always do when they have a fair chance, the people
demonstrated that they are sound and are determined to have a
sound government.
When we turn from what was rejected to inquire what was accepted,
the policy that stands out with the greatest clearness is that of
economy in public expenditure with reduction and reform of
taxation. The principle involved in this effort is that of
conservation. The resources of this country are almost beyond
computation. No mind can comprehend them. But the cost of our
combined governments is likewise almost beyond definition.
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