Heroism is not only in the man, but in the occasion. - Calvin Coolidge

Those who trust to chance must abide by the results of chance.

Only one conclusion appears to me possible. We shall not promote our welfare by a narrow and shortsighted policy. We can gain nothing by any destruction of govern- ment or society. That action which in the long run is for the advantage of the individual, as it is for the support of our Union, is best summed up in a single word — renunciation. It is only by surrendering a certain amount of our liberty, only by taking on new duties and assuming new obligations, that we make that progress which we characterize as civilization. It is only in like manner that the become partakers of its glory. That is the answer to every herald of discontent and to every preacher of destruction. While this is understood, American institutions and the American Union are secure.

Property is held and transferred on terms fixed by the States. In short, the structure of social and business relationship is built chiefly about the laws of the States. It depends upon the exercise by the States of that vastly greater share of Government power which resides in them, to the exclusion cf the Federal Government. In ordinary times nearly the entire burden of taxation represents State and local demands. Even now, despite the enormous increase of Federal taxes from pre-war years, State and local taxes far exceed the Federal requirements. Moreover, the national burden is being continually reduced, while that of the local units is growing and likely to continue to grow.