The year that is about to close marks the hundredth anniversary of the independence of many of the republics of the American continent. The long struggle which began in 1808, and which did not reach full fruition until the beginning of the third decade of the nineteenth century, possesses all the characteristics of a great epic; marked by a degree of devotion to the ideals of liberty and independence which will ever constitute the great heritage of the people of this continent.

Within these last twelve months we have also seen the republican system of government fully organized in some of the older monarchies of Europe and in the new and independent states established by the Treaty of Versailles. The period that has elapsed is much too short to permit of any adequate estimate of the permanence of the political systems that have been established, or of the manner of their operation. On the other hand, the development of democracy in the republics of America has extended over a period sufficiently long to make possible an inventory of its strength and weakness and some formulation of the requisites for further progress.