Stephens served as a delegate to the Democratic National Convention in 1904, 1908, 1920, 1924, and 1932. When James P. Latta died in office, a special election was held and Stephens was elected to fill his seat in the Sixty-second Congress. He was reelected to the Sixty-third, Sixty-fourth, and Sixty-fifth Congresses serving from November 7, 1911, to March 3, 1919. He was an unsuccessful candidate for reelection in 1918. Stephens resumed his former business pursuits in Nebraska. He went on to become a member of the State board of education of Nebraska from 1923 to 1926. Stephens also served as president of the Stephens National Bank; president of the Stephens-Hammond Company; and vice-president of the Nebraska State Building and Loan Association. He died in Fremont, Nebraska, on January 13, 1939, and his remains were cremated.