Unworthy as I am of your honor, I deeply appreciate your generosity. The torch of John Kennedy that I picked up when he faltered I shall proudly carr… - Lyndon B. Johnson

While our primary goal is to maintain the most powerful military force in the world at the lowest possible cost, we will never be unmindful of those communities and individuals who are temporarily affected by changes in the pattern of Defense spending. Men and women, who have devoted their lives and their resources to the needs of their country, are entitled to help and consideration in making the transition to other pursuits. We will continue to help local communities by mobilizing and coordinating all the resources of the Federal Governments to overcome temporary difficulties created by the curtailment of any Defense activity. We will phase out unnecessary Defense operations in such a way as to lessen the impact on any community, and we will work with local communities to develop energetic programs of self-help, calling on the resources of state and local governments--and of private industry--as well as those of the Federal Government. There is ample evidence that such measures can succeed. Former military bases are now in use throughout the country in communities which have not only adjusted to necessary change, but have created greater prosperity for themselves as a result. Their accomplishments are a tribute to the ingenuity of thousands of our citizens, and a testimony to the strength and resiliency of our economy and our system of government.

When I came to Washington in 1932, corporation profits were nonexistent. They had a loss that year of $3,400 million. In 1942, 10 years later, we got it up to $9½ billion. In 1952, 10 years later, we got it up to $17.2 billion. In 1962 we got it up to $24.6 billion. In 1963 we got it up to $27.1 billion, and the Chairman of the Council of Economic Advisers tells me we are not only not going to lose $3,400 million this year, as we did 32 years ago when I came here, but our profits this year are going to be $31 billion after taxes--these high taxes. Labor has gotten about $52 billion more in wages than they got in 1961 Their wages have increased $51 billion or $52 billion in 3 years. Corporation profits have increased from a $3.4 billion loss in 1932 to $31 billion after taxes. Now, those groups--the capitalists who make the investments, the managers who manage it, and the workers who produce it-have got to be concerned about these taxeaters. There is an increasing proof that we can at long last break this unemployment stalemate that has marked our economic life month in and month out for several years.

In far-flung corners of this strife-girdled globe ambitious adversaries continually test our tenacity and seek to erode our endurance. American strength is engaged and American blood is being shed. It requires patience and understanding to continue the search for peace while our adversaries so beset us. But this is what we must do. It is what, God willing, I intend to do. If we are successful in that search it will be because you, and men like you, gave their lives to duty that our children might live their lives in freedom. So let us hope that this Nation can someday, not too distant, lay aside its awesome power, and direct all its genius to the betterment of man. Let us hope that we may soon be able to say "The night is far spent, the day is at hand; let us therefore cast off the works of darkness and let us put on the armor of light."