A presidential address given at a monument dedication argues that the early settlers' stern virtues shaped national character and remain essential to modern life. The speaker praises the Puritan combination of individual initiative, communal cooperation, and practical common sense; warns against complacent pursuit of ease and the glamorization of wrongdoing; and urges citizens to prize duty and achievable ideals. He calls for pragmatic federalism, supports government regulation when necessary for the public weal, and urges adapting those enduring virtues to meet contemporary social and industrial challenges, including oversight of large corporate power.