or the days of peace. Machinery will be
reconstructed, agencies for the sale of goods must be established, and
foreign trade sought as a possible market for the enlarged production.

THE REORGANIZATION OF LABOR.--American working people, whether they be
managers of plants or workmen at the machine, have been wonderfully
loyal to the nation during the war. They have shifted their work, their
homes, and their aspirations to meet the needs of the war. When peace
returns all this talent and skill must be turned into other channels.
This we hope can be accomplished without unemployment on a large scale,
and without any loss of time or pay. But it will require great directing
ability, and a friendly attitude of employees and employers toward each
other.

FINANCIAL RECONSTRUCTION.--The finances of the government, of
corporations, and of business men have been greatly changed during the
course of the war. There may never be a complete return to the old
conditions. But it is certain that peace will create problems of finance
almost as serious as those of war.

LEGISLATIVE CHANGES.--Our legislative bodies, particularly the
Congress, will be called upon to pass many laws to aid the country to
resume its peaceful life and occupations. All of the problems mentioned
here, as well as many others, will require the enactment of new laws. We
shall need congressmen and state legislators of wisdom, patriotism, and
special knowledge to act intelligently for the people on these problems.
The international settlements mentioned below also may require the
action of the Senate upon treaties, and the action of both houses where
laws are necessary to carry out our international agreements. The war
has called for statesmanship of the highest order; the coming peace will
make equal demands upon the wisdom and self-control of our statesmen and
politicians.

II. INTERNATIONAL PROBLEMS

President Wilson, on January 8, 1918, addressed Congress in a speech
which was designed to set forth the war aims and peace terms of the
United States. Every American should be familiar with the terms of this
"fourteen-point speech." Each one of the terms advocated by the
President is given below in the President's own words, and a short
explanatory paragraph is added to each.

1. _Open covenants of peace, openly arrived at, after which there shall
be no private international understandings of any kind, but diplomacy
shall proceed always frankly and in the pub