Shortly after I was elected, in Nineteen Hundred and Forty-eight, I made up my mind that I would not seek another term. I have seen a great many men in public life, and one of their besetting sins is to stay in office too long. Nowadays, in such organizations as the Army and the civil service and industry, there is compulsory retirement, but no such regulations prevail in politics. I decided that I would not be guilty of this common failing, and that I should make way for younger menand the Constitutional Amendment Number twenty-two, the two-term amendment, does not apply to me. The people responsible for the 22nd amendment thought I was not worth considering and that Id be beaten in 1948 so I was exempted.

Summary

This quote is explaining the decision made by the speaker, most likely a political figure, to not seek another term in office after their initial election in 1948. The speaker states that one common mistake among politicians is to stay in office for too long, emphasizing the importance of creating opportunities for younger individuals to take their place. The speaker highlights that while there are regulations for compulsory retirement in organizations like the Army and civil service, no such regulations exist in politics. The speaker mentions the Twenty-second Amendment, which limits presidents to two terms, but claims that they were exempted from it as they were believed to be unworthy of consideration and likely to be defeated in the 1948 election.