Greeting to the Economics Club of New York.

Dear David:

I regret exceedingly that I cannot be with you on the occasion of the one hundred and thirty-fourth dinner of the Economics Club of New York and the first under your guidance as President. A tremendous opportunity for useful service is yours.

I know of no greater objective any organization can have than the stated purpose of your club "to aid in the creation and expression of an enlightened public opinion on economic and social subjects." I like particularly the inclusion of social subjects in the discussion of economics. The two belong together. You and I know that in order to maintain our American system of private initiative and private enterprise, it must function as a system that will do the greatest good for the greatest number. It is only by keeping our economy socially conscious that we can keep it free.

The determination that we shall remain free, economically, socially and politically, must spring from the will of our people. That is why the tradition of the American town meeting—a tradition older than the Constitution itself, is close to the hearts of all of us. The free and frank discussion of national problems in open meeting, as in the public forum of the Economics Club of New York, helps to create an enlightened public opinion. It invokes the spiritual strength of a free people. It helps to make human liberty a flaming reality, notwithstanding the fact that for the time being liberty lies prostrate in a large part of the world.

I congratulate the Economics Club for having chosen this year, as the first topic for discussion "National Unity for Defense." No subject is of more vital concern to every man, woman and child in this nation. The very discussion of this problem in an open forum highlights the contrast between the totalitarian and democratic concepts of Government. In the totalitarian scheme such a discussion has no place. There can be no real unity where the people have no voice. In a democratic order, national unity is the voluntary expression of the mind and spirit of a free people. Such unity gives our democracy an unshakeable strength.

The freedoms that we must and will protect in the United States are the freedoms which will make the individual paramount in a true democracy. In our American way of life political and economic freedom go hand in hand. Our freedoms must include freedom from want, freedom from insecurity, and freedom from fear. I firmly believe that we can best secure these freedoms by Government and private enterprise working together for these common objectives. In this joint effort there must be provided proper reward for labor, proper incentive for enterprise, and a proper return on investment.

Today the challenge which we as a democracy must meet is the challenge to make the best possible use of our vast resources, and to achieve speedily the common purpose of national defense and national progress. It is a challenge to Government, to labor, to industry, and to capital alike. I have unbounded faith that we shall succeed in this task.

Very sincerely yours,

Mr. David Sarnoff,

President,

Economics Club of New York,

New York, N. Y.