Delegates to the 1928 Democratic National Convention nominated New York Governor Alfred E. Smith, who was described by Smith ally Franklin D. Roosevelt as 'the Happy Warrior of the political battlefield.' Hoover campaigned for efficiency and the Republican record of prosperity. In no nation are the fruits of accomplishment more secure. In no nation is the government more worthy of respect. No country is more loved by its people. I have an abiding faith in their capacity, integrity and high purpose. Economists William D. Lastrapes and George Selgin conclude that the check tax was 'an important contributing factor to that period's severe monetary contraction'. Despite the passage of the Revenue Act, the federal government continued to run a budget deficit.
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