Our American government was the result of an effort to establish institutions under which the people as a whole should have the largest possible adva… - Calvin Coolidge

The magnitude of the service which you rendered to your country and to humanity is beyond estimation. Sharp outlines here and there we know, but the whole account of the World War would be on a scale so stupendous that it could never be recorded. In the victory which was finally gained by you and your foreign comrades, you represented on the battle field the united efforts of our whole people. You were there as the result of a great resurgence of the old American spirit, which manifested itself in a thousand ways, by the pouring out of vast sums of money in credits and charities, by the organization and quickening of every hand in our extended industries, by the expansion of agriculture until it met the demands of famishing continents, by the manufacture of an unending stream of munitions and supplies, by the creation of vast fleets of war and transport ships, and, finally, when the tide of battle was turning against our associates, by bringing into action a great armed force on sea and land of a character that the world had never seen before, which, when it finally took its place in the line, never ceased to advance, carrying the cause of liberty to a triumphant conclusion. You reaffirmed the position of this Nation in the estimation of mankind. You saved civilization from a gigantic reverse. Nobody says now that Americans can not fight.

The next most pressing problem was the better ordering of the finances of the Nation. Our Government was costing almost more than it was worth. It had more people on the pay roll than were necessary, all of which made expenses too much and taxes too high. This inflated condition contributed to the depression which began in 1920. But the Government expenditures have been almost cut in two, taxes have been twice reduced, and the incoming Congress will provide further reductions. Deflation has run its course and an era of business activity and general prosperity, exceeding anything ever before experienced in this country and fairly well distributed among all our people, is already at hand.

The idea that the people have a right to choose their own rulers was not new in political history. It was the foundation of every popular attempt to depose an undesirable king. This right was set out with a good deal of detail by the Dutch when as early as July 26, 1581, they declared their independence of Philip of Spain. In their long struggle with the Stuarts the British people asserted the same principles, which finally culminated in the Bill of Rights deposing the last of that house and placing William and Mary on the throne. In each of these cases sovereignty through divine right was displaced by sovereignty through the consent of the people. Running through the same documents, though expressed in different terms, is the clear inference of inalienable rights. But we should search these charters in vain for an assertion of the doctrine of equality. This principle had not before appeared as an official political declaration of any nation. It was profoundly revolutionary. It is one of the corner stones of American institutions.