er our institutions their rights are supreme. It is not
property but the right to hold property, both great and small, which our
Constitution guarantees. All owners of property are charged with a
service. These rights and duties have been revealed, through the
conscience of society, to have a divine sanction. The very stability of
our society rests upon production and conservation. For individuals or
for governments to waste and squander their resources is to deny these
rights and disregard these obligations. The result of economic
dissipation to a nation is always moral decay.

These policies of better international understandings, greater economy,
and lower taxes have contributed largely to peaceful and prosperous
industrial relations. Under the helpful influences of restrictive
immigration and a protective tariff, employment is plentiful, the rate
of pay is high, and wage earners are in a state of contentment seldom
before seen. Our transportation systems have been gradually recovering
and have been able to meet all the requirements of the service.
Agriculture has been very slow in reviving, but the price of cereals at
last indicates that the day of its deliverance is at hand.

We are not without our problems, but our most important problem is not
to secure new advantages but to maintain those which we already possess.
Our system of government made up of three separate and independent
departments, our divided sovereignty composed of Nation and State, the
matchless wisdom that is enshrined in our Constitution, all these need
constant effort and tireless vigilance for their protection and support.

In a republic the first rule for the guidance of the citizen is
obedience to law. Under a despotism the law may be imposed upon the
subject. He has no voice in its making, no influence in its
administration, it does not represent him. Under a free government the
citizen makes his own laws, chooses his own administrators, which do
represent him. Those who want their rights respected under the
Constitution and the law ought to set the example themselves of
observing the Constitution and the law. While there may be those of high
intelligence who violate the law at times, the barbarian and the
defective always violate it. Those who disregard the rules of society
are not exhibiting a superior intelligence, are not promoting freedom
and independence, are not following the path of civilization, but are
displaying the traits of ig