So things stood when the Democratic Party came into power.  How do they stand now?  Alike 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 suggested.