our State is in a strong and healthy condition. I certainly am not trying
to leave the impression that I, or my Administration, have any control
over the business cycle. Most of the credit for our economic achievement
quite clearly must go to private enterprise and the people of the State.
Your State government does not make steel, raise cattle or tong oysters.

On the other hand, I do not believe it can be said that it is by mere
accident that Maryland ranks among the highest of the States in per
capita income, in the value of its products and services. Businessmen
simply do not build new manufacturing plants and expand those already
in existence in an unfriendly and unwholesome economic environment.
The strength and the stability of our business community in Maryland
is not just a product of chance either. There are good and valid reasons
why this condition prevails. Let me quote a paragraph from the report
by the Federal Reserve Bank of Richmond on the question of Mary-
land's reaction to the business cycle, which, as one of my economist
friends likes to quip, "has never been repealed. "

"The State, " the report states, meaning Maryland, "is somewhat less
sensitive to the business cycle than the nation, since in each of the post-
war business cycles Maryland's personal income showed a larger increase.

"In the first of the recessions, 1948-1949, personal income rose in the
State while it fell in the nation. In the last three recessions both
national and state totals increased, but in each case the State out-
distanced the nation. "

These are not ballyhoo phrases uttered by over-enthusiastic Maryland
boosters. These are the words of sober, tough-minded bankers and
economists. To my mind, perhaps the most gratifying aspect of the
situation is that during the past few years Maryland has proved that it
is possible to make enormous economic strides within the framework of
a democratic society by placing heavy emphasis upon private investment.

In the light of the progress we have made, the threats by communist
leaders that they are going to "bury" us seem somewhat less than con-
vincing. As I have said, most of the credit for our accomplishments goes
to our business leaders and to Maryland people as a whole. Our respon-
sibility in government is to try to create the best possible economic climate
in which business enterprises may flourish. That has been my aim and
my objective as Governor of the State, and I think I can say, without too
much immodesty, that we have enjoyed a fair measure of success.

On this note, an economist of national stature said, in a recent inter-
view with a newspaper reporter, that Maryland has shown more sen-

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