Samuel p. orth

Three momentous things symbolize the era that begins its cycle with the memorable year of 1776: the Declaration of Independence, the steam engine, and Adam Smith's book, "The Wealth of Nations." The Declaration gave birth to a new nation, whose millions of acres of free land were to shift the economic equilibrium of the world; the engine multiplied man's productivity a thousandfold and uprooted in a generation the customs of centuries; the book gave to statesmen a new view of economic affairs and profoundly influenced the course of international trade relations....

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The party system is an essential instrument of Democracy. Wherever government rests upon the popular will, there the party is the organ of expression and the agency of the ultimate power. The party is, moreover, a forerunner of Democracy, for parties have everywhere preceded free government. Long before Democracy as now understood was anywhere established, long before the American colonies became the United States, England was divided between Tory and Whig.

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