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in another way in peace time? Is it necessary for us to go back to the
old party narrowness and bickerings?"
"In a sense all great national problems are crises of peace time, and
today we face as many as ever. Their solution will inevitably affect
the future generations of Americans. Think for a moment of what you
and I have to lay hold of, and wrestle with, and solve even today -
the disposition of the railroads, of the telegraphs, in fact of all
so-called public utilities; the extension of our commerce in American
ships upon the seas; matters of combinations among great industries;
relations of capital, labor and the national interests; the
development of natural resources above and below the surface; the
distribution of population so as to prevent unhealthy congestion; the
control of wealth through taxation. Every one of these is very truly
an emergency in the great and permanent well-being of our country as
affecting itself and ourselves at home. In addition we have taken on
for all time a new relationship, recognized by our entry into the war
for civilization, the duty we owe to other peoples and nations and
which they owe to us. Some of us are slow to grasp the fact, yet it is
clear as the sun that the United States would commit a grievous wrong
to itself and to all mankind if it were even to attempt to go backward
toward an old Chinese-wall policy of isolation. And even though we may
consider the actual fighting as ended, there will be many crises in
international affairs for many years to come. In them the United
States cannot escape an important voice."
There were only forty-four in the graduating class, with two
exceptions the smallest class in two decades. The traditional
Commencement activities were resumed, however, and the program of the
week, including the alumni reunion, was designed as a victory
celebration. Partly for this reason and partly because the
administration had an important message to convey, a large attendance
of alumni was sought and gained. At the dinner meeting President
Hollis and Charles G. Washburn presented preliminary sketches of the
financial
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