“A somewhat similar case is the railroad legislation which Congress enacted under the Taft administration. That legislation represented the tearing to shreds and the subsequent recasting, patching up and ill-devised piecing together by Congress of a carefully thought out, though, in my opinion, by no means faultless measure, which had been introduced with the backing of the Administration. You all know the result. The spirit of enterprise in railroading was killed. Subjected to an obsolete and incongruous national policy, hampered, confined, harassed by incessant, minute, narrow, multifarious and sometimes contradictory regulations, that great industry began to fall away. Initiative on the part of those in charge became chilled, the free flow of investment of capital was halted, creative activity was stopped, growth was stifled, credit was crippled....” “What we business men protest against is ignorance, shallow thought or doctrinairism assuming the place belonging to expert opinion and tested practical ability. We protest against sophomorism rampant, strutting about in the cloak of superior knowledge, mischievously and noisily, to the disturbance of quiet and orderly mental processes and sane progress. We protest against sentimental, unseasoned, intolerant and cocksure ‘advanced thinkers’ being given leave to set the world by the ears and with their strident and ceaseless voices to drown the views of those who are too busy doing to indulge in much talking. And finally do we protest against demagogism, envy and prejudice, camouflaging under the flag of war necessity and social justice in order to wage a campaign through inflammatory appeal, misstatement and specious reasoning to punish success, despoil capital and harass business.” And further on: “We deny the suggestion that patriotism, virtue and knowledge reside primarily with those who have been unsuccessful, those who have no practical experience of business, or, be it said with all respect, with those who are politicians or office holders.”