Bearing in mind the far-reaching influence of the disappearance of unlimited resources open to all men for the taking, and considering the recoil of the common man when he saw the outcome of the completive struggle for these resources as the supply came to its end over most of the nation, we can understand the reaction against individualism and in favor of drastic assertion of the powers of government. Legislation is taking the place of the free lands as the means of preserving the ideal of democracy. But at the same time it is endangering the other pioneer ideal of creative and competitive individualism. Both were essential and constituted what was best in America's contribution to history and to progress. Both must be preserved if the nation would be true to its past, and would fulfill its highest destiny. It would be a grave misfortune if these people so rich in experience, in self confidence and aspiration, in creative genius, should turn to some Old World discipline of socialism or plutocracy, or despotic rule, whether by people or by dictator. Nor shall we be driven to these alternatives. Our ancient hopes, our courageous faith, our underlying good humor and love of fair play will triumph in the end. There will be give and take in all directions. There will be disinterested leadership, under loyalty to the best American ideals. Nowhere is this leadership more likely to arise than among the men trained in the Universities, aware of the promise of the past and the possibilities of the future. The times call for new ambitions and new motives. In a most suggestive essay on the Problems of Modern Democracy, Mr. Godkin has said: "M. de Tocqueville and all his followers take it for granted that the great incentive to excellence, in all countries in which excellence is found, is the patronage and encouragement of an aristocracy; that democracy is generally content with mediocrity. But where is the proof of this? The incentive to exertion which is widest, most constant, and most powerful in its operations in all civilized countries, is the desire of distinction; and this may be composed either of love of fame or love of wealth or of both. In literary and artistic and scientific pursuits, sometimes the strongest influence is exerted by a love of the subject. But it may safely be said that no man has ever labored in any of the higher colleges to whom the applause and appreciation of his fellows was not one of the sweetest rewards of his exertions.