any punctuation at the end of a sentence that is in quotations should go inside the quotations which would look like the following; the president declares, "Henceforth you are well-educated men and women," when he

It is not clear whether the commas should be used. I plugged the sentences into the Microsoft Word grammar checker and it accepted both. One mistake, though: If you keep the commas, they should be inside the quotes, since the quotes are direct quotes.

Henceforth is an archaic term, it's still correct today but it came from the days of thee and thou, and it appears in books such as the King James translation of the bible. Because a lot of early americans had the bible as their only book, the style of this KJ version influenced american's ideas of what formal speech was like (unlike the british, who were far more influenced by Horace) Normal spoken english would be: "From now on you are well-educated men and women." And in this case as in the other- "You are great masters from now on..." the subject and verb are not contracted (although they could be) because this gives them a quality more like a formal statement or announcement, and allows a little more emphasis on 'you' as a separate word. I think style-wise it's much better to do without the commas. (and btw, comma use is one of the only places I'm not inclined to trust Word as a grammar checker- it's too forgiving IMHO on just this one point)