It is, perhaps, too early to determine the full significance of the return of the Democratic party to power, or to tell just how that return to power came about. One thing must be admitted, and that is that the power and vitality of the Democratic party have been vastly underrated. It has indulged in vices and crimes enough to have killed a dozen ordinary parties, and yet it lives. At times it has really seemed to be dead. Some said it had died by opposing the war for the Union, but it was not so. We thought the life had gone out of it when it took our late friend, Horace Greely, for its candidate for the Presidency and adopted a Republican platform, but it was not so. It was the same old party in a new dress, and time has shown that it was as full of life and power as ever. The fact is, it was never either honestly dead or securely buried. Even when it slept it had one eye open, and saw better with that one eye than did the Republican party with its two. Our mistakes concerning it have been made abundantly clear by the late election and the dazzling splendor of the recent inauguration. We thought the Democratic party dead when it was alive, and the Republican party alive and strong when it was half dead. Long continuance in power had developed rival ambitions, personal animosities, factional combinations in the Republican party that were fatal to its success and even endangered its life. One great lesson taught by Republican defeat is familiar to all. It is the folly of relying upon past good behavior for present success. Parties, like men, must act in the living present or fail. It is not what they have done or left undone in the past that turns the scale, but what they are doing, and mean to do now. The result shows that neither the past good conduct of the Republican party nor the past bad conduct of the Democratic party has had much to do with the late election. Americans have too little memory for good or bad political conduct. The people have said in the late election, “We care nothing for your past; but what is your present character and work?” And in rendering judgment they have said, “We see little ground for preferring one to the other.” But, fellow-citizens, it is consoling to think that this change in the political front justly implies no real change for the worse in the moral convictions of the American people. On the great questions that divided the parties during the periods of war and reconstruction there has been no change whatever. Upon all the great measures of justice, liberty, and civilization, originated and carried through Congress by the Republican party, I believe the heart of the nation to be still safe and sound. If the measures then in controversy between the parties were now submitted to the American people, I fully believe they would sustain them one and all by an overwhelming vote.