President expressed his own feelings with reference to the defeat of the Democratic party at the Congressional elections a few months before. Discussing this defeat, he said: Personally, I am not in the least discouraged by the results of the last Congressional election. Any party which carries out through a long series of years a great progressive and constructive programme is sure to bring about a reaction, because while in the main the reforms that we have accomplished have been sound reforms, they have necessarily in the process of being made touched a great many definite interests in a way that distressed them, in a way that was counter to what they deemed their best and legitimate interests. So that there has been a process of adaptation in the process of change. There is nothing apparently to which the human mind is less hospitable than change, and in the business world that is particularly true because if you get in the habit of doing your business a particular way and are compelled to do it in a different way, you think that somebody in Washington does not understand business, and, therefore, there has been a perfectly natural reaction against the changes we have made in the public policies of the United States. In many instances, as in the banking and currency reform, the country is entirely satisfied with the wisdom and permanency of the change, but even there a great many interests have been disappointed and many of their plans have been prevented from being consummated. So that, there is that natural explanation. And then I do not think that we ought to conceal from ourselves the fact that not the whole body of our partisans are as cordial in the support of some of the things that we have done as they ought to be.