Abstract
Custom ordains that the incoming President shall open his term of office with an Address. This, it is surprising to discover, has not always been our practice. In fact, the first specific Presidential Address was not delivered until 1880 when Bailey initiated a series of Addresses unbroken since that date. Both you and the President are, however, more fortunate than our predecessors for, between 1880 and 1890, the President was expected—or, it may be, permitted—to deliver an allocution at the beginning of each Session falling within his term of office. Thus, Sprague, the last President who held office for more than the now conventional period of two years—subject always, of course, to re-election—holds the record of having delivered no fewer than four Addresses, all exhibiting, in matters actuarial and managerial, his redoubtable sagacity and authority.
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