 that ships were carrying eager passengers toward the shores of a new nation that was just in the building. Our forefathers were constructing the foundation of this nation by interlocking inseparably the blocks of our political and economic freedoms. This established on this foundation of freedoms drew people from the far corners of the earth and all those who set foot on these shores had the opportunity to build a better life for themselves. Even young Jonathan, an unskilled lad from across the sea, hoped to find a job where he could progress according to his ability and enterprise. Jonathan's earnings increased, but he still felt that for a man of his skill it was about time for another raise. Mr. Blessbrave, am I not the best crown-rounder and brim-trimmer in your business? And verily, me thinks I am worth more moolah. That you are, Jonathan. Sorry, lad. No raise, Mr. Blessbrave. Off it's down to fooling. I could run your business better myself. Hey, why not, my own business? Oh, you need a little capital, a little push and an idea. Yeah, an idea. So I said to him, I wouldn't wear that hat to a dog fight. Why, there isn't a decent hat in the entire village. And such pricy. Imagine paying that much for a Pope Barnard. Why not? Women's hats. Fortunately, Jonathan was thrifty enough to keep a little nest egg for such an emergency. Also, the building took care of the nest egg. And there was nothing left to pay for the necessary tools and equipment. But happily, Jonathan had a good reputation. And, as his idea promised to profit, his friends and neighbors were willing to invest some of their savings in his new business. The nick of time and enterprising chap showed up with the raw materials to make hats. And before long, Jonathan was open for business. He had to advertise. Shop at Fontan, it's the spot. Twelve new hats are that's a lot. Ladies, get that new hat drill. Thirty days to pay your bills. As an expert salesman, Jonathan demonstrated the superior style and quality of his product. He set a price for his creations that the consumer was willing to pay, and sales dollars poured in from satisfied customers. Jonathan had big dreams of the wonderful rewards of being in business for himself. But before he could buy what he wanted, his employees' wages had to be paid. He had to pay taxes. And his friends who helped finance the business had to be paid a return on their investment. When all of his bills were paid, Jonathan had to exchange his big dream for a little drink. It is the privilege of Alphonse. Hat style is the only grandest of Europe to bring you hats with styles so chic, a quality magnifique, and a price wound a lot. To meet competition, Jonathan had to plow part of his profits back into the business to develop a better hat. If customers approved the quality, style, and price of Jonathan's new designs, he still could make his dreams come true. With the passing years, this strong foundation of freedoms protected the dignity of the individual and his family, gave everyone the right to worship as he pleased, and promised anyone with ability and enterprise the opportunity to participate in the building of the American way of life as we know it today. A way of life that depends upon millions of thrifty Americans who send a portion of their savings to work in our business system each year. People from all walks of life, workers, farmers, housewives, all of us send our dollars to work in our business system in the hope of earning dividends or interest on our investment. Anyone who has an insurance policy, a bank deposit, or a share of stock is helping to finance our business system. A constant stream of savings dollars must flow into big and small business each year. These dollars help to buy the land, the buildings, the tools and equipment, and create new job opportunities for our expanding population. The goods we produce are distributed to main streets all over the country. While the main street of today doesn't look much like the main street of Jonathan's time, the principles of our business system remain the same, but businessmen still compete with one another for the consumer's supply of spendable dollars. And Mrs. Consumer is still mighty critical of everything she buys. Uh-oh, competition. Management of every business has a continuing problem to improve their product to stay ahead of competition or else. Quick chills got the ball. We've got to get it back. Given that new product play, more style, better quality, new features, and at the right price, hit the line, man. Let's go. Flight rule. In addition to creating a better product, management develops new tools and more efficient methods to help workers turn out more boxes to sell at a price Mrs. Consumer will pay. Point out its competitive advantages. Each of that is new, and extra space all over the place for other riders new. In the auto, man, see your dealer ride away, Jennifer. Permafreas is your kind of refrigerator. High, high quality at a low, low price. Sales dollars from satisfied customers once again flow back to Permafreas. A successful business must have enough sales dollars coming in to enable management to pay the expenses of doing business such as salaries and wages, materials and supplies, research and product development, plant maintenance and repair. In addition to all of these bills, management has to pay taxes to local, state, and federal governments. Any money that's left over is known as profit. Wise management plows part of it back into the business. The remainder of the profit is paid out as dividends. These dividends are sent back to investors as a reward for risking their savings in the American business system. Although occasionally some of us pick a lemon and have to take a loss. The constant investment of our savings through good times and bad has enabled our competitive business system to continue to increase the production of more and better goods to meet the demands of our rising population for a better standard of living. For example, it was only a little more than half a century ago that the average worker had only inefficient tools to help him turn out a product. Low production meant low wages. In 1900, many men had to work ten hours a day, six days a week. There weren't enough money to provide their families with the bare essentials. And labor was the rule in the home as well as the factory. In many families, the youngsters had to work to add their earnings to the family budget and forego the opportunity to get an education. And with most families in those days, the standard of living left much to be desired. Half a century later, we had invested enough in our business system to provide the average worker with efficient and expensive buildings and machinery to enable him to produce enough in a 40-hour week to earn twice as much as the 1900 worker earned in a 60-hour week. This shorter work week gives us all more leisure time to enjoy a standard of living beyond the wildest dreams of anyone who lived a half century ago. The more we earn, the more our families have to spend for the things they need and want. Young people today have leisure time for fun and enjoy educational opportunities denied their fathers and grandfathers. And fortunately, we have been able to raise our standard of living without sacrificing the spiritual side of life which means so much to the American family. Our business sim has continued to provide a better life for our increasing population in spite of destructive forces which have pounded against our foundation of freedoms with no avail. However, wars or the threat of wars interrupt the normal operations of our competitive business system and may result in government controls which crack essential blocks in our foundation of freedoms. In World War II, wages were controlled, many workers were frozen to their jobs, farm prices were controlled, and profits of business were limited. Raw materials were allocated between essential and non-essential business. On Main Street, USA, many of us found less to buy because a good portion of our productive capacity went to the war effort. Prices were fixed and the available supply of goods was rationed. In war emergencies, we allow government to restrict certain of our freedoms. But we Americans have learned to remove government controls as quickly as possible and to repair the blocks in the foundation of our freedoms to allow our business system to resume its normal operations. While we invest part of our savings to help finance the world's most efficient business system, at the same time we pay taxes to government to finance many kinds of services which also contribute to our way of life. For example, our taxes must provide the necessary funds to improve and expand our school system. Our taxes must be sufficient to pay for city streets, health, fire, and police protection. And of course, aid to the needy. Our state taxes help pay for highways, educational institutions, and among other things help to finance important experiments to increase the productivity of our farms. Our federal taxes pay for irrigation and reclamation projects. For national parks, postal services, the weather bureau, and many other services. Our taxes have to pay for the enormous cost of past wars and provide the funds for a defense program which will ensure the safety of our country. In addition, all of us should be willing to pay whatever taxes are necessary to enable efficient government to improve or expand any essential service. But with our present tax load, we should avoid pressuring government for any new services that aren't absolutely necessary. Because we all know the more our government provides, the more taxes it's forced to collect. And all of us have to pay our share. Demanding more and more from government could create a tax burden heavy enough to crack essential blocks in the foundation of our business system. Therefore, we shouldn't let our taxes reach a point where they destroy our ability to save and invest. For as we have seen, our rising standard of living depends upon a constant flow of savings dollars into our business system each year. In the future of our country, waves of destructive forces will continue to batter against our foundation. When any force weakens the interlocked blocks of our political and economic freedoms, as good citizens we must be quick to use the tools our Constitution gives us and repair any cracks that may appear. As long as we keep the foundation of our business system strong, we shall be able to maintain and improve the way of life our forefathers conceived and established. A way of life which gave everyone who came to this country the chance to progress according to his ability and enterprise. Like the youth of yesterday, the young people of today deserve the same opportunity to earn success and accomplishment. And on this foundation of freedoms continue to build a better life for themselves and their fellow man in the world of tomorrow.