There are other proposals before Congress for amending the transportation acts. One of these contemplates a revision of the method of valuation for rate-making purposes to be followed by a renewed valuation of the railways. The valuations instituted by the Interstate Commerce Commission 10 years ago have not yet been completed. They have cost the Government an enormous sum, and they have imposed great expenditure upon the railways, most of which has in effect come out of the public in increased rates. This work should not be abandoned or supplanted until its results are known and can be considered.

Nothing in the world can take the place of persistence. Talent will not; nothing is more common than unsuccessful men with talent. Genius will not; unrewarded genius is almost a proverb. Education will not; the world is full of educated derelicts. Persistence and determination alone are omnipotent. The slogan "press on" has solved and always will solve the problems of the human race.

The Continental Congress was not only composed of great men, but it represented a great people. While its members did not fail to exercise a remarkable leadership, they were equally observant of their representative capacity. They were industrious in encouraging their constituents to instruct them to support independence. But until such instructions were given they were inclined to withhold action.

It is a great advantage to a President, and a major source of safety to the country, for him to know that he is not a great man. When a man begins to feel that he is the only one who can lead in this republic, he is guilty of treason to the spirit of our institutions.

The Constitution and laws of our country are adopted and enacted through the direct action of the people, or through their duly chosen representatives. They reflect the enlightened conscience of our country. They ought always to speak with the true and conscientious voice of the people. Such voice has from time immemorial had the authority of divine sanction. In their great fundamentals they do not change. As new light arrives they may be altered in their details, but they represent the best that we know at any given time. To support the Constitution, to observe the laws, is to be true to our own higher nature. That is the path, and the only path, towards liberty. To resist them and violate them is to become enemies to ourselves and instruments of our own destruction. That is the path towards servitude. Obedience is not for the protection of someone else, but for the protection of ourselves. It needs to be remembered that it has to be secured not through the action of others, but through our own actions. Liberty is not collective, it is personal. All liberty is individual liberty.

The importance of the lesson which this Society was formed to teach would be hard to overestimate. Its main purpose is to impress upon the people the necessity for reverence. This is the beginning of a proper conception of ourselves, of our relationship to each other, and our relationship to our Creator. Human nature cannot develop very far without it. The mind does not unfold, the creative faculty does not mature, the spirit does not expand, save under the influence of reverence. It is the chief motive of an obedience. It is only by a correct attitude of mind begun early in youth and carried through maturity that these desired results are likely to be secured. It is along the path of reverence and obedience that the race has reached the goal of freedom, of self-government, of a higher morality, and a more abundant spiritual life.

No one can examine this record and escape the conclusion that in the great outline of its principles the Declaration was the result of the religious teachings of the preceding period. The profound philosophy which Jonathan Edwards applied to theology, the popular preaching of George Whitefield, had aroused the thought and stirred the people of the Colonies in preparation for this great event. No doubt the speculations which had been going on in England, and especially on the Continent, lent their influence to the general sentiment of the times. Of course, the world is always influenced by all the experience and all the thought of the past. But when we come to a contemplation of the immediate conception of the principles of human relationship which went into the Declaration of Independence we are not required to extend our search beyond our own shores. They are found in the texts, the sermons, and the writings of the early colonial clergy who were earnestly undertaking to instruct their congregations in the great mystery of how to live. They preached equality because they believed in the fatherhood of God and the brotherhood of man. They justified freedom by the text that we are all created in the divine image, all partakers of the divine spirit.

Wealth comes from industry and from the hard experience of human toil. To dissipate it in waste and extravagance is disloyalty to humanity. This is by no means a doctrine of parsimony. Both men and nations should live in accordance with their means and devote their substance not only to productive industry, but to the creation of the various forms of beauty and the pursuit of culture which give adornments to the art of life.

Men and women, in and of themselves, are desirable. There can not be too many inhabitants of the right kind, distributed in the right place. Great work, there is for each and every one of them to perform. The country needs all the intelligence, and skill, and strength of mind and body it can get. whether we draw such from those within our gates, or from those without, seeking entrance. But since we are confronted by the clamor of multitudes who desire the opportunity offered by American life, we must face the situation unflinchingly, determined to relinquish not one iota of our obligations to others, yet not so sentimental as to overlook our obligations to ourselves.

Undoubtedly one of the most important provisions in the preparation for national defense is a proper and sound selective service act. Such a law ought to give authority for a very broad mobilization of all the resources of the country, both persons and materials. I can see some difficulties in the application of the principle, for it is the payment of a higher price that stimulates an increased production, but whenever it can be done without economic dislocation such limits ought to be established in time of war as would prevent so far as possible all kinds of profiteering. There is little defense which can be made of a system which puts some men in the ranks on very small pay and leaves others undisturbed to reap very large profits. Even the income tax, which recaptured for the benefit of the National Treasury alone about 75 per cent of such profits, while local governments took part of the remainder, is not a complete answer. The laying of taxes is, of course, in itself a conscription of whatever is necessary of the wealth of the country for national defense, but taxation does not meet the full requirements of the situation. In the advent of war, power should be lodged somewhere for the stabilization of prices as far as that might be possible in justice to the country and its defenders.

The success with which we have met in all of these undertakings is a matter of universal knowledge. We are at peace with all the world. Those of this generation who passed through the World War have had an experience which will always cause them to realize what an infinite blessing peace is. We are in an era of unbounded prosperity. The financial condition of our National Government is beginning to be more easy to be borne. While many other nations and many localities within our own country are struggling with a burden of increased debts and rising taxes, which makes them seek for new sources from which by further taxation they can secure new revenues, we have made large progress toward paying off our national debt, have greatly reduced our national taxes, and been able to relieve the people by abandoning altogether many sources of national revenue. We are not required to look altogether to the future for our rewards and find in our lot nothing but sacrifices for the present. Now, here, to-day, we are all able to enjoy those benefits which come from universal peace and nation-wide prosperity.