fe of the nation in times of
peace.

We have been called together to consider the industrial problem. Only as
each of us discharges his duties as a member of this conference in the same
high spirit of patriotism, of unselfish allegiance to right and justice, of
devotion to the principles of democracy and brotherhood with which we
approached the problems of the war, can we hope for success in the solution
of the industrial problem which is no less vital to the life of the nation.
There are pessimists who say that there is no solution short of revolution
and the overturn of the existing social order. Surely the men and women who
have shown themselves capable of such lofty sacrifice, who have actually
given themselves so freely, gladly, unreservedly, as the people of this
great country have during these past years, will stand together as
unselfishly in solving this great industrial problem as they did in dealing
with the problems of the war if only right is made clear and the way to a
solution pointed out.

The world position which our country holds to-day is due to the wide vision
of the statesmen who founded these United States and to the daring and
indomitable persistence of the great industrial leaders, together with the
myriads of men who with faith in their leadership have cooeperated to rear
the marvelous industrial structure of which our country is justly so proud.
This result has been produced by the cooeperation of the four factors in
industry, labor, capital, management and the public, the last represented
by the consumer and by organized government. No one of these groups can
alone claim credit for what has been accomplished. Just what is the
relative importance of the contribution made to the success of industry by
these several factors and what their relative rewards should be are
debatable questions. But however views may differ on these questions it is
clear that the common interest cannot be advanced by the effort of any one
party to dominate the other, to dictate arbitrarily the terms on which
alone it will cooperate, to threaten to withdraw if any attempt is made to
thwart the enforcement of its will. Such a position is as un-American as it
is intolerable.

Almost countless are the suggested solutions of the industrial problem
which have been brought forth since industry first began to be a problem.
Most of these are impracticable; some are unjust; some are selfish and
therefore unworthy; some of them