Just been talking today out here to all the Senators investigating these stock swindles and overcapitalizations. There has been hundreds of millions lost. There ought to be some form of guardianship for people that buy all this junk. Education won't do it. The buyers are the ones we have educated up till they are just smart enough to fall for everything that comes along.
Borrowing money on what's called 'easy terms,' is a one-way ticket to the Poor House. If you think it ain't a Sucker Game, why is your Banker the richest man in your Town? Why is your Bank the biggest and finest building in your Town? Instead of passing Bills to make borrowing easy, if Congress had passed a Bill that no Person could borrow a cent of Money from any other person, they would have gone down in History as committing the greatest bit of Legislation in the World.
We never will have any prosperity that is free from speculation till we pass a law that every time a broker or person sells something, he has got to have it sitting there in a bucket, or a bag, or a jug, or a cage, or a rat trap, or something, depending on what it is he is selling. We are continually buying something that we never get from a man that never had it.
Ability is all right but if it is not backed up by honesty and public confidence you will never be a successful person. The best a man can do is to arrive at the top in his chosen profession. I have always maintained that one profession is deserving of as much honor as another provided it is honorable.
Here's another way of putting it. Roosevelt wants recovery to start at the bottom. In other words, by a system of high taxes, he wants business to help the little fellow to get started and get some work, and then pay business back by buying things when he's at work. Business says, 'Let everybody alone. Let business alone, and quit monkeying with us, and we'll get everything going for you, and if we prosper, naturally the worker will prosper.'