like in the domestic field and in the wide field of the
commerce of the world, American business and life and industry have been
set free to move as they never moved before.

The tariff has been revised, not on the principle of repelling foreign
trade, but upon the principle of encouraging it, upon something like a
footing of equality with our own in respect of the terms of competition,
and a Tariff Board has been created whose function it will be to keep
the relations of American with foreign business and industry under
constant observation, for the guidance alike of our business men and of
our Congress. American energies are now directed towards the markets of
the world.

The laws against trusts have been clarified by definition, with a view
to making it plain that they were not directed against big business but
only against unfair business and the pretense of competition where there
was none; and a Trade Commission has been created with powers of
guidance and accommodation which have relieved business men of unfounded
fears and set them upon the road of hopeful and confident enterprise.

By the Federal Reserve Act the supply of currency at the disposal of
active business has been rendered elastic, taking its volume, not from a
fixed body of investment securities, but from the liquid assets of daily
trade; and these assets are assessed and accepted, not by distant groups
of bankers in control of unavailable reserves, but by bankers at the
many centers of local exchange who are in touch with local conditions
everywhere.

Effective measures have been taken for the re-creation of an American
merchant marine and the revival of the American carrying trade
indispensable to our emancipation from the control which foreigners have
so long exercised over the opportunities, the routes, and the methods of
our commerce with other countries.

The Interstate Commerce Commission is about to be reorganized to enable
it to perform its great and important functions more promptly and more
efficiently. We have created, extended and improved the service of the
parcels post.

So much we have done for business. What other party has understood the
task so well or executed it so intelligently and energetically? What
other party has attempted it at all? The Republican leaders, apparently,
know of no means of assisting business but "protection." How to
stimulate it and put it upon a new footing of energy and enterprise they
have not sugge