US Presidency
1928

It took Congress six years of constant discussion to even decide what the method of administration of Muscle Shoals should be. When the Federal Government undertakes to go into business, the state governments are at once deprived of control and taxation of that business; when a state government undertakes to go into business, it at once deprives the municipalities of taxation and control of that business. Municipalities, being local and close to the people, can, at times, succeed in business where Federal and State Governments must fail. We have trouble enough with log rolling in legislative bodies today. It originates naturally from desires of citizens to advance their particular section or to secure some necessary service. It would be multiplied a thousandfold were the Federal and state governments in these businesses. The effect upon our economic progress would be even worse. Business progressiveness is dependent on competition. New methods and new ideas are the outgrowth of the spirit of adventure, of individual initiative and of individual enterprise. Without adventure there is no progress.