Following the party process, Guild received the nomination for governor in 1905. The major issue within the party that year was reciprocity, or tariff reform equalizing trade with neighboring Canada. Guild stood in favor of reciprocity, but much of the more conservative party leadership did not, and the lieutenant governor nomination went to Eben Sumner Draper, a wealthy businessman and strong protectionist. The Republicans won a comfortable victory against a disorganized Democratic opposition. Guild served three one-year terms, before stepping back in favor of Draper.