The principles which Lincoln applied to the solution of the problems of his day are those which we must apply if we expect successfully to solve the different problems of our own day—problems which are so largely industrial. Exactly as it is impossible to develop a high morality unless we have as a foundation those qualities which give at least a certain minimum of material prosperity, so it is impossible permanently to keep material prosperity unless there is back of it a basis of right living and right thinking. In the last analysis, of course, the dominant factor in obtaining this good conduct must be the individual character of the average citizen. If there is not this condition of individual character in the average citizenship of the country, all effort to supply its place by the wisest legislation and administration will in the end prove futile. But given this average of individual character, then wise laws and the honest administration of the laws can do much to supplement it. If either the business world or the world of labor loses its head, then it has lost something which can not be made good by any governmental effort. Our faith in the future of the Republic is firm, because we believe that on the whole and in the long run our people think clearly and act rightly. Unquestionably, however, the great development of industrialism means that there must be an increase in the supervision exercised by the Government over business enterprises. This supervision should not take the form of violent and ill-advised interference; and assuredly there is danger lest it take such form if the business leaders of the business community confine themselves to trying to thwart the effort at regulation instead of guiding it aright. Such men as the members of this club should lead in the effort to secure proper supervision and regulation of corporate activity by the Government, not only because it is for the interest of the community as a whole that there should be this supervision and regulation, but because in the long run it will be in the interest above all of the very people who often betray alarm and anger when the proposition is first made.