Short form (varies)
"I now present you with the lambskin or white leather apron. It is an emblem of innocence and the badge of a Mason: more ancient than the Golden Fleece or Roman Eagle, and when worthily worn, more honorable than the Star and Garter, or any other Order that can be conferred upon you at this or any future period by king, prince, potentate, or any other person, except he be a Mason and within the Body of a just and legally constituted Lodge of such."
Long form (varies)
"It may be that, in the years to come, upon your head shall rest the laurel wreaths of victory; pendant from your breast may hang jewels fit to grace the diadem of an eastern potentate; yea, more than these:
...for with the coming light your ambitious feet may tread round after round the ladder that leads to fame in our mystic circle, and even the purple of our Fraternity may rest upon your honored shoulders;
...but never again by mortal hands, never again until your enfranchised spirit shall have passed upward and inward through the gates of pearl, shall any honor so distinguished, so emblematic of purity and all perfection, be bestowed upon you as this, which I now confer.
It is yours; yours to wear through an honorable life, and at your death to be placed upon the coffin which contains your earthly remains, and with them laid beneath the silent clods of the valley."
"Let its pure and spotless surface be to you an ever-present reminder of purity of life, of rectitude of conduct, a never-ending argument for higher thoughts, for nobler deeds, for greater achievements; and when at last your weary fee shall have reached the end of their toilsome journey,
...and from your nerveless grasp forever drop the working tools of a busy life, may the record of your life and conduct be as pure and spotless as this fair emblem which I place within your hands tonight;
...and when your trembling soul shall stand naked and alone before the great white throne, there to receive judgment for the deeds done while here in the body, may it be your portion to hear from Him who sitteth as Judge Supreme these welcome words:
'Well done, thou good and faithful servant, enter thou into the joy of thy Lord.'"
"I charge you-take it, wear it with pleasure to yourself and honor to the Fraternity."