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argument is needed to commend them to your favorable consideration. They demonstrate themselves. The time and the occasion only give emphasis to their importance. We need them now and we shall continue to need them.

(EDITORIAL NOTE: In response to this Address, Congress passed the Adamson bill, and the President signed it on September 3. It enacted into law only two of the recommendations—the eight-hour day and the authorization of a commission to study the matter and report to Congress. The eight-hour law provides for a standard eight-hour work day for railway train employees, and for payment for overtime at not less than the pro-rata rate. The railway employees had demanded time and one-half for all overtime. The opposition contended that the effect of the law was not to shorten hours of work, but rather to increase wages. The statute was, however, upheld by the Supreme Court, by a 5 to 4 decision.)

(Address delivered at Long Branch, N. J.,

September 2, 1916.) [EDITORIAL Note: President Wilson and Vice-President Marshall had been renominated by acclamation in the Democratic National Convention at St. Louis, on June 15, 1916. Five days earlier the Republican National Convention at Chicago had chosen Charles Evans Hughes, of New York, for President, and Charles Warren Fairbanks, of Indiana, for Vice-President.

The formal notification ceremonies were held at the President's summer home. United States Senator Ollie M. James, of Kentucky, made the notification speech.] Senator James, Gentlemen of the Notification Committee,

Fellow-Citizens: I cannot accept the leadership and responsibility which the National Democratic Convention has again, in such generous fashion, asked me to accept without first expressing my profound gratitude to the party for the trust it reposes in me after four years of fiery trial in the midst of affairs of unprecedented difficulty, and the keen sense of added responsibility with which this honour fills (I had almost said burdens) me as I think of the great issues of national life and policy involved in the present and immediate future conduct of our Government. I shall seek, as I have always sought, to justify the extraordinary confidence thus reposed in me by striving to purge my heart and purpose of every personal and of every misleading party motive and devoting every energy I have to the seryvice of the nation as a whole, praying that I may continue to have the counsel and support of all forward-looking men at every turn of the difficult business.

For I do not doubt that the people of the United States will wish the Democratic Party to continue in control of the Government. They are not in the habit of rejecting those who have actually served them for those who are making doubtful and conjectural promises of service. Least of all are they likely to substitute those who promised to render them particular services and proved false to that promise for those who have actually rendered those very services.

Boasting is always an empty business, which pleases nobody but the boaster, and I have no disposition to boast of what the Democratic Party has accomplished. It has merely done its duty. It has merely fulfilled its explicit promises. But there can be no violation of good taste in calling attention to the manner in which those promises have been carried out or in adverting to the interesting fact that many of the things accomplished were what the opposition party had again and again promised to do but had left undone. Indeed that is manifestly part of the business of this year of reckoning and assessment. There is no means of judging the future except by assessing the past. Constructive action must be weighed against destructive comment and reaction. The Democrats either have or have not understood „he varied interests of the country. The test is contained in the record.

What is that record? What were the Democrats called into power to do? What things had long waited to be done, and how did the Democrats do them? It is a record of extraordinary length and variety, rich in elements of many kinds, but consistent in principle throughout and susceptible of brief recital.

The Republican party was put out of power because of failure, practical failure and moral failure; because it had served special interests and not the country at large; because, under the leadership of its preferred and established guides, of those who still make its choices, it had lost touch with the thoughts and the needs of the nation and was living in a past age and under a fixed illusion, the illusion of greatness. It had framed tariff laws based upon a fear of foreign trade, a fundamental doubt as to American skill, enterprise, and capacity, and a very tender regard for the profitable privileges of those who had gained control of domestic markets and domestic credits; and yet had enacted anti-trust laws which hampered the very things they meant to foster, which were stiff and inelastic, and in part unintelligible. It had permitted the country throughout the long period of its control to stagger from one financial crisis to another under the operation of a national banking law of its own framing which made stringency and panic certain and the control of the larger business operations of the country by the bankers of a few reserve centres inevitable; had made as if it meant to reform the law but had faint-heartedly failed in the attempt, because it could not bring itself to do the one thing necessary to make the reform genuine and effectual, namely, break up the control of small groups of bankers. It had been oblivious, or indifferent, to the fact that the farmers, upon whom the country depends for its food and in the last analysis for its prosperity, were without standing in the matter of commercial credit, without the protection of standards in their market transactions, and without systematic knowledge of the markets themselves; that the labourers of the country, the great army of men who man the industries it was professing to father and promote, carried their labour as a mere commodity to market, were subject to restraint by novel and drastic process in the courts, were without assurance of compensation for industrial accidents, without federal assistance in accommodating labour disputes, and without national aid or advice in finding the places and the industries in which their labour was most needed. The country had no national system of road construction and development. Little intelligent attention was paid to the army, and not enough to the navy. The other republics of America distrusted us, because they found that we thought first of the profits of American investors and only as an afterthought of impartial justice and helpful friendship. Its policy was provincial in all things; its purposes were out of harmony with the temper and purpose of the people and the timely development of the nation's interests.

So things stood when the Democratic Party came into power. How do they stand now? Alike in the domestic field and in the wide field of the commerce of the world, American business and life and industry have been set free to move as they never moved before.

The tariff has been revised, not on the principle of repelling foreign trade, but upon the principle of encouraging it, upon something like a footing of equality with our own in respect of the terms of competition, and a Tariff Board has been created whose function it will be to keep the relations of American with foreign business and industry under constant observation, for the guidance alike of our business men and of our Congress. American energies are now directed towards the markets of the world. The laws against trusts have been clarified by definition, with a view to making it plain that they were not directed against big business but only against unfair business and the pretense of competition where there was none; and a Trade Commission has been created with powers of guidance and accommodation which have relieved business men of unfounded fears and set them upon the road of hopeful and confident enterprise.

By the Federal Reserve Act the supply of currency at the disposal of active business has been rendered elastic, taking its volume, not from a fixed body of investment securities, but from the liquid assets of daily trade; and these assets are assessed and accepted, not by distant groups of bankers in control of unavailable reserves, but by bankers at the many centres of local exchange who are in touch with local conditions everywhere.

Effective measures have been taken for the re-creation of an American merchant marine and the revival of the American carrying trade indispensable to our emancipation from the control which foreigners have so long exercised over the opportunities, the routes, and the methods of our commerce with other countries.

The Interstate Commerce Commission has been reorganized to enable it to perform its great and important functions more promptly and more efficiently. We have created, extended and improved the service of the parcels post.

So much we have done for business. What other party has understood the task so well or executed it so intelligently and energetically? What other party has attempted it at all? The Republican leaders, apparently, know of no means of assisting business but "protection.” How to stimulate it and put it upon a new footing of energy and enterprise they have not suggested.

For the farmers of the country we have virtually created commercial credit, by means of the Federal Reserve Act and the Rural Credits Act. They now have the standing

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