WEBVTT Kind: captions; Language: en 00:00:00.000 --> 00:00:15.000 [...] 00:00:15.000 --> 00:00:16.000 [...] 00:00:30.000 --> 00:00:32.000 [...] 00:00:32.000 --> 00:00:44.000 [...] 00:00:44.000 --> 00:00:50.001 [...] 00:01:04.000 --> 00:01:09.000 The. It wasn't so long ago in the history of man's voids toward a better world 00:01:09.000 --> 00:01:13.000 that ships were carrying eager passengers toward the shores of a new 00:01:13.000 --> 00:01:14.001 nation that was just in the building. 00:01:16.000 --> 00:01:21.000 Our forefathers were constructing the foundation of this nation by interlocking 00:01:21.000 --> 00:01:24.001 inseparably the blocks of our political and economic freedom. 00:01:52.001 --> 00:01:58.000 The way of life our forefathers established on this foundation of freedom drew 00:01:58.000 --> 00:01:59.001 people from the far corners of the earth. 00:02:00.001 --> 00:02:04.000 And all those who set foot on these shores had the opportunity 00:02:04.000 --> 00:02:05.001 to build a better life for themselves. 00:02:07.001 --> 00:02:13.000 Even young Jonathan and unskilled glad from across the sea hope to find a job 00:02:13.000 --> 00:02:15.001 where he could progress according to his ability and enterprise. 00:02:27.000 --> 00:02:34.000 As the years passed, Jonathan's earnings increased, but he still felt that for 00:02:34.000 --> 00:02:37.000 a man of his skill it was about time for another race. 00:02:41.000 --> 00:02:42.000 [...] 00:02:42.001 --> 00:02:46.001 Bless gravy. Am I not the best crown rounder and brim trimmering your business? 00:02:47.001 --> 00:02:53.001 And verily me thinks I'm worth more moolah that you are Jonathan. 00:02:55.000 --> 00:03:01.001 I'm sorry lad. No raise Mr. 00:03:01.001 --> 00:03:03.001 Bless gravy. I quit. 00:03:05.001 --> 00:03:10.000 Sales and profits down fully. I could run you business better myself. 00:03:10.001 --> 00:03:14.001 Hey why not my own business. All you need is a little capital 00:03:14.001 --> 00:03:16.001 a little push and an idea. 00:03:19.000 --> 00:03:22.001 So I said to him I wouldn't wear that hat to a dogfight. Why there 00:03:22.001 --> 00:03:24.000 isn't a decent hat in the entire village. 00:03:25.001 --> 00:03:27.001 Imagine paying that much for a poke bar. 00:03:29.000 --> 00:03:32.000 Why not women's hats. My old business. 00:03:35.000 --> 00:03:42.000 Fortunately Jonathan was thrifty enough to keep a 00:03:42.000 --> 00:03:43.001 little nest egg for such an emergency. 00:03:45.001 --> 00:03:50.000 Well the cost of the building took care of the nest egg. 00:03:52.000 --> 00:03:55.000 And there was nothing left to pay for the necessary tools and equipment. 00:03:58.001 --> 00:04:05.000 But happily Jonathan had a good reputation and as his idea promised to profit his 00:04:05.000 --> 00:04:07.000 friends and neighbors were willing to invest some of 00:04:07.000 --> 00:04:09.000 their savings in his new business. 00:04:23.000 --> 00:04:27.000 In the nick of time an enterprising chap showed up with 00:04:27.000 --> 00:04:28.001 the raw materials to make hats. 00:04:30.000 --> 00:04:35.000 And before long Jonathan was open for business. First he had to advertise. 00:04:36.000 --> 00:04:41.000 Shop at Boncon at this spot. Twelve new hats out that's a lot. Ladies get that 00:04:41.000 --> 00:04:43.001 new hat drill. Thirty days to pay your bill. 00:04:45.001 --> 00:04:48.001 As an expert salesman Jonathan demonstrated the superior 00:04:48.001 --> 00:04:50.001 style and quality of his product. 00:04:53.000 --> 00:04:59.001 He set a price for his creations that the consumer was willing to pay and sales 00:04:59.001 --> 00:05:02.000 dollars poured in from satisfied customers. 00:05:05.000 --> 00:05:08.000 Jonathan had big dreams of the wonderful rewards 00:05:08.000 --> 00:05:09.001 of being in business for himself. 00:05:11.000 --> 00:05:15.001 But before he could buy what he wanted his employees wages had to be paid. 00:05:17.001 --> 00:05:19.000 He had to pay taxes. 00:05:22.001 --> 00:05:26.001 And his friends who helped finance the business had to be 00:05:26.001 --> 00:05:28.000 paid a return on their investment. 00:05:29.000 --> 00:05:34.001 When all of his bills were paid Jonathan had to exchange his big dream 00:05:34.001 --> 00:05:37.000 for a little dream. 00:05:37.001 --> 00:05:43.001 Mademoiselle it is the privilege of Alphonse. 00:05:44.000 --> 00:05:47.001 Hat style is to all the grand hats of Europe to bring you hats 00:05:47.001 --> 00:05:49.000 with style so chic. 00:05:49.000 --> 00:05:56.000 The quality manual and the price. So low. Come one 00:05:56.000 --> 00:05:58.000 come all to the grand opening. 00:05:59.001 --> 00:06:06.001 To meet competition Jonathan had to plow part of his profits back into the 00:06:06.001 --> 00:06:08.000 business to develop a better hat. 00:06:10.001 --> 00:06:17.001 If customers approve the quality style and price of Jonathan's new designs he 00:06:17.001 --> 00:06:19.001 still could make his dreams come true. 00:06:20.000 --> 00:06:26.001 With the passing years this strong foundation of freedoms 00:06:26.001 --> 00:06:30.000 protected the dignity of the individual and his family. 00:06:31.000 --> 00:06:36.001 Gave everyone the right to worship as he pleased. And promised anyone with 00:06:36.001 --> 00:06:41.000 ability and enterprise the opportunity to participate in the building of the 00:06:41.000 --> 00:06:44.000 American way of life as we know it today. 00:06:46.000 --> 00:06:50.000 A way of life that depends upon millions of thrifty Americans who send a portion 00:06:50.000 --> 00:06:53.000 of their savings to work in our business system each year. 00:06:56.001 --> 00:07:03.000 People from all walks of life workers farmers housewives all of 00:07:03.000 --> 00:07:07.001 us send our dollars to work in our business system in the hope of earning 00:07:07.001 --> 00:07:10.000 dividends or interest on our investment. 00:07:20.001 --> 00:07:25.001 Anyone who has an insurance policy a bank deposit or a share of stock is helping 00:07:25.001 --> 00:07:30.000 to finance our business system. A constant stream of savings dollars must flow 00:07:30.000 --> 00:07:32.000 into big and small business each year. 00:07:32.001 --> 00:07:39.001 These dollars help to buy the land the buildings the tools and equipment 00:07:39.001 --> 00:07:43.001 and create new job opportunities for our expanding population. 00:07:45.001 --> 00:07:49.001 The goods we produce are distributed to main streets all over the country. 00:07:53.000 --> 00:07:56.001 While the main street of today doesn't look much like the main street of 00:07:56.001 --> 00:08:00.001 Jonathan's time the principles of our business system remain the same. 00:08:00.001 --> 00:08:04.001 The businessmen still compete with one another for the consumers supply of 00:08:04.001 --> 00:08:08.000 spendable dollars. And Mrs. Consumer is still mighty 00:08:08.000 --> 00:08:10.000 critical of everything she buys. 00:08:10.000 --> 00:08:13.001 [...] 00:08:31.001 --> 00:08:37.000 The management of every business has a continuing problem to improve their 00:08:37.000 --> 00:08:40.001 product to stay ahead of competition or else. 00:08:59.000 --> 00:09:03.000 The game and this is it quick chills got the ball we've got to get it back given 00:09:03.000 --> 00:09:07.001 that new product play more style better quality new features and at the right 00:09:07.001 --> 00:09:09.001 price at the line man let's go. 00:09:15.001 --> 00:09:21.000 Micrometer rent file developer flight rule. 00:09:21.001 --> 00:09:28.000 In addition to creating a better product management develops new tools and more 00:09:28.000 --> 00:09:32.001 efficient method to help workers turn out more boxes to sell at a 00:09:32.001 --> 00:09:34.000 price Mrs. Consumer will pay. 00:09:59.001 --> 00:10:02.001 The new features about this better product are advertised 00:10:02.001 --> 00:10:04.001 point out its competitive advantage. 00:10:12.000 --> 00:10:18.001 Magic. With plenty of room for groceries. The automatic. 00:10:19.000 --> 00:10:26.000 With the [... ] Just press the button for your right. 00:10:26.000 --> 00:10:32.000 A feature that is new and extra space all over the place for other items do in 00:10:32.000 --> 00:10:37.001 the automatic [...] see you need a ride away. 00:10:38.000 --> 00:10:44.001 Yes dear lady perma freezes 00:10:44.001 --> 00:10:50.001 your kind of refrigerator high high quality at a low low 00:10:50.001 --> 00:10:55.000 price sales dollars from satisfied customers. 00:10:58.000 --> 00:11:03.000 The successful business must have enough sales dollars coming in to enable 00:11:03.000 --> 00:11:08.000 management to pay the expenses of doing business such as salaries and wages 00:11:08.000 --> 00:11:13.000 materials and supplies research and product development 00:11:13.000 --> 00:11:15.000 plant maintenance and repair. 00:11:16.001 --> 00:11:22.001 In addition to all of these bills. Management has to pay taxes to local state and 00:11:22.001 --> 00:11:28.000 federal governments. Any money that's left over is known as profit wise 00:11:28.000 --> 00:11:31.000 management plows part of it back into the business. 00:11:32.001 --> 00:11:35.001 The remainder of the profit is paid out as dividend. 00:11:45.000 --> 00:11:51.001 The dividends are sent back to investors as a reward for risking their savings in 00:11:51.001 --> 00:11:55.000 the American business system. Although occasionally some of 00:11:55.000 --> 00:11:57.000 us pick a lemon and have to take a loss. 00:11:58.001 --> 00:12:05.000 The constant investment of our savings through good times and bad has enabled our 00:12:05.000 --> 00:12:09.001 competitive business system to continue to increase the production of more and 00:12:09.001 --> 00:12:13.000 better goods to meet the demands of our rising population 00:12:13.000 --> 00:12:15.000 for a better standard of living. 00:12:16.000 --> 00:12:21.001 For example it was only a little more than half a century ago that the average 00:12:21.001 --> 00:12:26.000 worker had only inefficient tools to help him turn out a product. 00:12:27.001 --> 00:12:30.001 Low production meant low wages. 00:12:32.001 --> 00:12:39.001 In 1900 many men had to work 10 hours a day six days a week to earn 00:12:39.001 --> 00:12:45.001 enough money to provide their families with the bare essentials. Hand labor was 00:12:45.001 --> 00:12:48.000 the rule in the home as well as the factory. 00:12:49.001 --> 00:12:54.001 In many families the youngsters had to work to add their earnings to the family 00:12:54.001 --> 00:13:00.001 budget and forego the opportunity to get an education. And with most families in 00:13:00.001 --> 00:13:03.001 those days the standard of living left much to be desired. 00:13:06.000 --> 00:13:11.001 A half century later we have invested enough in our business system to provide 00:13:11.001 --> 00:13:16.000 the average worker with efficient and expensive buildings and machinery to enable 00:13:16.000 --> 00:13:22.000 him to produce enough in a 40 hour week to earn twice as much as the 1900 worker 00:13:22.000 --> 00:13:23.001 earned in a 60 hour week. 00:13:24.001 --> 00:13:30.000 This shorter work week gives us all more leisure time to enjoy a standard of 00:13:30.000 --> 00:13:35.001 living beyond the wildest dreams of anyone who lived a half century ago. The more 00:13:35.001 --> 00:13:40.000 we earn the more our families have to spend for the things they need and want. 00:13:41.000 --> 00:13:45.001 Young people today have leisure time for fun and enjoy educational opportunities 00:13:45.001 --> 00:13:48.000 denied their fathers and grandfathers. 00:13:54.001 --> 00:14:00.000 And fortunately we have been able to raise our standard of living without 00:14:00.000 --> 00:14:03.000 sacrificing the spiritual side of life which means 00:14:03.000 --> 00:14:04.001 so much to the American family. 00:14:06.001 --> 00:14:11.000 Our business system has continued to provide a better life for our increasing 00:14:11.000 --> 00:14:16.001 population in spite of destructive forces which have pounded against our 00:14:16.001 --> 00:14:18.001 foundation of freedoms with no avail. 00:14:20.001 --> 00:14:25.001 However wars or the threat of wars interrupt the normal operations of our 00:14:25.001 --> 00:14:32.001 competitive business system and may 00:14:32.001 --> 00:14:36.000 result in government controls which crack essential blocks 00:14:36.000 --> 00:14:37.001 in our foundation of freedoms. 00:14:38.000 --> 00:14:42.001 In World War Two wages were controlled. 00:14:45.000 --> 00:14:51.000 Many workers were frozen to their jobs farm prices were controlled 00:14:51.000 --> 00:14:58.000 and profits of business were limited raw materials 00:14:58.000 --> 00:15:02.000 were allocated between essential and non-essential business. 00:15:04.000 --> 00:15:09.001 On Main Street USA many of us found less to buy because a good portion of our 00:15:09.001 --> 00:15:12.000 productive capacity went to the war effort. 00:15:13.001 --> 00:15:18.001 Prices were fixed and the available supply of goods was rationed. 00:15:19.000 --> 00:15:23.000 In war emergencies we allow government to restrict certain of our freedoms. 00:15:23.001 --> 00:15:28.000 But we Americans have learned to remove government controls as quickly as 00:15:28.000 --> 00:15:33.001 possible and to repair the blocks and the foundation of our freedoms to allow our 00:15:33.001 --> 00:15:36.000 business system to resume its normal operations. 00:15:38.000 --> 00:15:42.001 While we invest part of our savings to help finance the world's most efficient 00:15:42.001 --> 00:15:48.000 business system at the same time we pay taxes to government to finance many kinds 00:15:48.000 --> 00:15:51.000 of services which also contribute to our way of life. 00:15:54.001 --> 00:15:59.000 For example our taxes must provide the necessary funds to improve and 00:15:59.000 --> 00:16:01.000 expand our school system. 00:16:02.001 --> 00:16:09.000 Our taxes must be sufficient to pay for city streets, help, fire and police 00:16:09.000 --> 00:16:12.000 protection and of course aid to the needy. 00:16:19.000 --> 00:16:26.000 Our state taxes help pay for highways, educational institutions and among 00:16:26.000 --> 00:16:29.001 other things help to finance important experiments to increase the 00:16:29.001 --> 00:16:31.000 productivity of our farms. 00:16:34.000 --> 00:16:40.001 Our federal taxes pay for irrigation and reclamation projects, for national 00:16:40.001 --> 00:16:46.001 parks, postal services, the weather 00:16:46.001 --> 00:16:48.000 bureau and many other services. 00:16:49.000 --> 00:16:54.001 Our taxes have to pay for the enormous cost of past wars and provide the funds 00:16:54.001 --> 00:16:58.000 for a defense program which will ensure the safety of our country. 00:16:58.001 --> 00:17:03.001 In addition all of us should be willing to pay whatever taxes are necessary to 00:17:03.001 --> 00:17:08.001 enable efficient government to improve or expand any essential service. 00:17:10.000 --> 00:17:15.000 But with our present tax load we should avoid pressuring government for any new 00:17:15.000 --> 00:17:20.001 services that aren't absolutely necessary because we all know the more our 00:17:20.001 --> 00:17:24.001 government provides the more taxes it's forced to collect. 00:17:30.001 --> 00:17:36.000 None of us can escape big business, 00:17:40.000 --> 00:17:46.000 small business, farmers, 00:17:49.000 --> 00:17:52.001 workers. 00:17:58.000 --> 00:18:00.001 Our wives and all of us have to pay our share. 00:18:04.000 --> 00:18:09.000 Demanding more and more from government could create a tax burden heavy enough to 00:18:09.000 --> 00:18:12.000 crack essential blocks in the foundation of our business system. 00:18:15.000 --> 00:18:19.001 Therefore we shouldn't let our taxes reach a point where they destroy our 00:18:19.001 --> 00:18:21.000 ability to save and invest. 00:18:21.001 --> 00:18:27.000 For as we have seen our rising standard of living depends upon a constant flow of 00:18:27.000 --> 00:18:30.001 savings dollars into our business system each year. 00:18:39.000 --> 00:18:44.000 In the future of our country waves of destructive forces will continue 00:18:44.000 --> 00:18:46.000 to batter against our foundation. 00:18:47.001 --> 00:18:51.001 When any force weakens the interlocked blocks of our political and economic 00:18:51.001 --> 00:18:56.001 freedoms as good citizens we must be quick to use the tools our Constitution 00:18:56.001 --> 00:19:00.000 gives us and repair any cracks that may appear. 00:19:01.000 --> 00:19:07.001 As long as we keep the foundation of our business system strong we shall be able 00:19:07.001 --> 00:19:10.000 to maintain and improve the way of life our 00:19:10.000 --> 00:19:12.001 forefathers conceived and established. 00:19:13.001 --> 00:19:18.000 A way of life which gave everyone who came to this country the chance to progress 00:19:18.000 --> 00:19:20.000 according to his ability and enterprise. 00:19:21.000 --> 00:19:25.001 Like the youth of yesterday the young people of today deserve the same 00:19:25.001 --> 00:19:28.000 opportunity to earn success and accomplishment. 00:19:28.001 --> 00:19:34.000 And on this foundation of freedoms continue to build a better life for themselves 00:19:34.000 --> 00:19:38.001 and their fellow man in the world of tomorrow.