Translation Needed

Back around 1992 or so, I was visiting my grandmother in Austin, TX.  Their next-door neighbor, Mr. Zahner, gave me this nice Japanese calligraphy in a rolled up poster tube.  Along with the calligraphy was a translation, including a bit of history of the original meaning of the words.

Unfortunately, when my wife or my mother took it to get it framed as a Christmas present, the original translation slip was lost forever.  There's no telling what happened to it. >:(

So, does anybody out there know:

1. if it's upside down or right side up? (I hope it's right side up.  Although I took Japanese for 2 years, I don't really recognize any of the characters, and they never taught me how to read the cursive Kanji). 
2. What the meaning of this? 
3. Do you have any history about it?  Like who originally said it? 

I'd really appreciate anybody with anything to say about this.