contact with the markets of the world, and in the struggle that is always before us, the competition of trade, if we are to hold our own among the world's producers, we should encourage and not hinder those who by their energy, their capital and their labor have banded together for the purpose of meeting these new conditions--problems which our individual efforts alone cannot solve, but which require the concentrated force and genius of both capital and labor. Incentive for good citizenship would indeed be lacking if there were taken from us the opportunities for development, the opportunities for the young man to follow in the footsteps of those who have written their names in the history of our country as the great captains of industry. Success will always follow perseverance and genius. Every heresy, every doctrine which would teach the young man of this country differently, is an insult to the intelligence of our people, and is in the direction of building up a dangerous element in American society which in time would threaten not only the peace and prosperity we enjoy, but our very institutions themselves. When you have placed before the young man all of his possibilities, you have made it impossible to make of our Republic a plutocracy controlled by the few at the expense of the many. The individual should count for as much as the aggregation of individuals, because an injury to the one will lead to the destruction of the many. The question of adjusting and harmonizing the relations of capital and labor is the problem before us to-day and is one which will become more urgent in the future. Its solution must be along those lines of constitutional right which every citizen has been guaranteed. Every man is entitled in the prosecution of his work to the broadest possible liberty of action and the protection of law, of that law which is the outgrowth of necessity and which seeks to encourage and not to oppress. Such recognition can always be secured if there is a determination upon the part of those charged with the responsibility of government to have it. And who is not? Every man possessed of a ballot is responsible and has the power, not only to formulate but to criticise and to punish as well. If this right be properly exercised, an honest and efficient administration of our affairs can always be secured. To aid in this work we have given to the press the broadest possible liberty, a freedom which, however, should never be abused. It should never be used as the medium for the circulation of charges or of calumnies which are without foundation, and which please but the fancies of those in whose minds there always exists envy and discontent. Such a misuse of privileges should be condemned by all right-minded citizens. In its virtuous indignation with those who abuse public place and power, it should be careful to do exact justice because in our busy and active lives we have