made. As Governor, I was chargeable with responsibility both for appropriations and for expenditures.
My fundamental idea of both private and public business came first from my father. He had the strong New England trait of great repugnance at seeing anything wasted. He was a generous and charitable man, but he regarded waste as a moral wrong.
Wealth comes from industry and from the hard experience of human toil. To dissipate it in waste and extravagance is disloyalty to humanity. This is by no means a doctrine of parsimony. Both men and nations should live in accordance with their means and devote their substance not only to productive industry, but to the creation of the various forms of beauty and the pursuit of culture which give adornments to the art of life.
When I became President it was perfectly apparent that the key by which the way could be opened to national progress was constructive economy. Only by the use of that policy could the high rates of taxation, which were retarding our development and
