American history contains much matter for pride and congratulation, and much matter for regret and humiliation.

In the long run men inevitably become the victims of their wealth. They adapt their lives and habits to their money, not their money to their lives. It preoccupies their thoughts, creates artificial needs, and draws a curtain between them and the world.

Unless the great majority of Americans not only have, but believe they have, a fair chance, the better American future will be dangerously compromised.

The essential nature of a democracy compels it to insist that individual power of all kinds, political, economic, or intellectual, shall not be perversely and irresponsibly exercised.

The first phase of American political history was characterized by the conflict between the Federalists and the Republicans, and it resulted in the complete triumph of the latter.

The combination of Federalism and Republicanism which formed the substance of the system, did not constitute a progressive and formative political principle, but it pointed in the direction of a constructive formula.

The moral and social aspiration proper to American life is, of course, the aspiration vaguely described by the word democratic; and the actual achievement of the American nation points towards an adequate and fruitful definition of the democratic ideal.