We will serve all the Nation, not one section or one sector, or one group, but all Americans. These are the United States-a united people with a unit… - Lyndon B. Johnson

Almost all general statements about the world are wrong. They are not necessarily false; they seem to me just to be inadequate. It is true, for example, that communism is a deadly danger, but Russia is a different kind of danger from Yugoslavia. A small Communist Party in Africa is a different danger from the Government of Red China. These different dangers require different policies and different actions, and different replies. As President, I have no special gift or prophecy. But I do have a special perspective, and a very special responsibility to anticipate the dangers and the opportunities of the future.

I was informed this afternoon by the distinguished Secretary of the Treasury that his preliminary estimates indicate that our balance of payments deficit has been reduced from $2.8 billion in 1964 to $1.3 billion, or less, in 1965. This achievement has been made possible by the patriotic voluntary cooperation of businessmen and bankers working with your government. We must now work together with increased urgency to wipe out this balance of payments deficit altogether in the next year. And as our economy surges toward new heights we must increase our vigilance against the inflation which raises the cost of living and which lowers the savings of every family in this land. It is essential, to prevent inflation, that we ask both labor and business to exercise price and wage restraint, and I do so again tonight. I believe it desirable, because of increased military expenditures, that you temporarily restore the automobile and certain telephone excise tax reductions made effective only 12 days ago. Without raising taxes—or even increasing the total tax bill paid—we should move to improve our withholding system so that Americans can more realistically pay as they go, speed up the collection of corporate taxes, and make other necessary simplifications of the tax structure at an early date.

It is a source of great pride to be invited by His Eminence Francis Cardinal Spellman to participate in this dinner in honor of one of America's greatest men--Alfred E. Smith. I am particularly proud to say that in 1928, although I was not old enough to vote, I campaigned for his election to the Presidency of the United States. And it is with the deepest pride that I participated in helping our late beloved President, John Fitzgerald Kennedy, prove to the world that there are no religious bars to the highest office in our land. And what I say to you tonight represents what I believe Al Smith would have endorsed had he been here tonight, because he was a man of true compassion.