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the end of the first third of the nineteenth century--say, up to the thirties or forties. This was the period during which the power of capital in private hands had not as yet shown itself seriously aggressive. The moneyed class was small and the accumulations of capital petty. The vastness of the natural resources of the virgin country defied as yet the lust of greed. The ample lands to be had for the taking guaranteed independence to all at the price of labor. With this resource no man needed to call another master. This may be considered the idyllic period of the republic, the time when De Tocqueville saw and admired it, though not without prescience of the doom that awaited it. The seed of death was in the state in the principle of private capitalism, and was sure in time to grow and ripen, but as yet the conditions were not favorable to its development. All seemed to go well, and it is not strange that the American people indulged in the hope that their republic had indeed solved the social question.

"'From about 1830 or 1840, speaking of course in a general way as to date, we consider the republic to have entered on its second phase--namely, that in which the growth and concentration of capital began to be rapid. The moneyed class now grew powerful, and began to reach out and absorb the natural resources of the country and to organize for its profit the labor of the people. In a word, the growth of the plutocracy became vigorous. The event which gave the great impulse to this movement, and fixed the time of the transition from the first to the second period in the history of the nation, was of course the general application of steam to commerce and industry. The transition may indeed be said to have begun somewhat earlier, with the introduction of the factory system. Of course, if neither steam nor the inventions which made the factory system possible had ever been introduced, it would have been merely a question of a longer time before the capitalist class, proceeding in this case by landlordism and usury, would have reduced the masses to vassalage, and overthrown democracy even as in the ancient republics, but the great inventions amazingly accelerated the plutocratic conquest. For the first time in history the capitalist in the subjugation of his fellows had machinery for his ally, and a most potent one it was. This was the mighty factor which, by multiplying the power of capital and relatively dwarfing the importance of the workingman, accounts for the extraordinary rapidity with which, during the second and third periods the conquest of the republic by the plutocracy was carried out.

"'It is a fact creditable to Americans that they appear to have begun to realize as early as the forties that new and dangerous tendencies were affecting the republic and threatening to falsify its promise of a wide diffusion of welfare. That decade is notable in American history for the popular interest taken in the discussion of the possibility of a better social order, and for the numerous experiments undertaken to test the feasibility of dispensing with the private capitalist by co-operative industry. Already the more intelligent and public-spirited citizens were beginning to observe that their so-called popular government did not seem to interfere in the slightest degree with the rule of the rich and the subjection of the masses to economic masters, and to wonder, if that were to continue to be so, of exactly how much value the so-called republican institutions were on which they had so prided themselves.

"'This nascent agitation of the social question on radical lines was, however, for the time destined to prove abortive by force of a condition peculiar to America--namely, the existence on a vast scale of African chattel slavery in the country. It was fitting in the evolution of complete human liberty that this form of bondage, cruder and more brutal, if not on the whole more cruel, than wage slavery, should first be put out of the way. But for this necessity and the conditions that produced it, we may believe that the great Revolution would have occurred in America twenty-five years earlier. From the period of 1840 to 1870 the slavery issue, involving as it did a conflict of stupendous forces, absorbed all the moral and mental as well as physical energies of the nation.

"'During the thirty or forty years from the serious beginning of the antislavery movement till the war was ended and its issues disposed of, the nation had no thought to spare for any other interests. During this period the concentration of capital in few hands, already alarming to the far-sighted in the forties, had time, almost unobserved and quite unresisted, to push its conquest of the country and the people. Under cover of the civil war, with its preceding and succeeding periods of agitation over the issues of the war, the capitalists may be said to have stolen a march upon the nation and intrenched themselves in a commanding position.

"'Eighteen seventy-three is the point, as near as any date, at which the country, delivered at last from the distracting ethical, and sectional issues of slavery, first began to open its eyes to the irrepressible conflict which the growth of capitalism had forced--a conflict between the power of wealth and the democratic idea of the equal right of all to life, liberty, and happiness. From about this time we date, therefore, the beginning of the final or revolutionary period of the pseudo-American Republic which resulted in the establishment of the present system.

"'History had furnished abundant previous illustrations of the overthrow of republican societies by the growth and concentration of private wealth, but never before had it recorded a revolution in the economic basis of a great nation at once so complete and so swiftly effected. In America before the war, as we have seen, wealth had been distributed with a general effect of evenness never previously known in a large community. There had been few rich men and very few considerable fortunes. It had been in the power neither of individuals nor a class, through the possession of overwhelming capital, to exercise oppression upon the rest of the community. In the short space of twenty-five to thirty years these economic conditions had been so completely reversed as to give America in the seventies and eighties the name of the land of millionaires, and make it famous to the ends of the earth as the country of all others where the vastest private accumulations of wealth existed. The consequences of this amazing concentration of wealth formerly so equally diffused, as it had affected the industrial, the social, and the political interests of the people, could not have been other than revolutionary.

"'Free competition in business had ceased to exist. Personal initiative in industrial enterprises, which formerly had been open to all, was restricted to the capitalists, and to the larger capitalists at that. Formerly known all over the world as the land of opportunities, America had in the time of a generation become equally celebrated as the land of monopolies. A man no longer counted chiefly for what he was, but for what he had. Brains and industry, if coupled with civility, might indeed win an upper servant's place in the employ of capital, but no longer could command a career.

"'The concentration of the economic administration of the country in the hands of a comparatively small body of great capitalists had necessarily consolidated and centralized in a corresponding manner all the functions of production and distribution. Single great concerns, backed by enormous aggregations of capital, had appropriated tracts of the business field formerly occupied by innumerable smaller concerns. In this process, as a matter of course, swarms of small businesses were crushed like flies, and their former independent proprietors were fortunate to find places as underlings in the great establishments which had supplanted them. Straight through the seventies and eighties, every month, every week, every day saw some fresh province of the economic state, some new branch of industry or commerce formerly open to the enterprise of all, captured by a combination of capitalists and turned into an intrenched camp of monopoly. The words syndicate and trust were coined to describe these monstrous growths, for which the former language of the business world had no name.

"'Of the two great divisions of the working masses it would be hard to say whether the wage-earner or the farmer had suffered most by the changed order. The old personal relationship and kindly feeling between employee and employer had passed away. The great aggregations of capital which had taken the place of the former employers were impersonal forces, which knew the worker no longer as a man, but as a unit of force. He was merely a tool in the employ of a machine, the managers of which regarded him as a necessary nuisance, who must unfortunately be retained at the least possible expense, until he could be invented wholly out of existence by some new mechanical contrivance.

"'The economic function and possibilities of the farmer had similarly been dwarfed or cut off as a result of the concentration of the business system of the country in the hands of a few. The railroads and the grain market had, between them, absorbed the former profits of farming, and left the farmer only the wages of a day laborer in case of a good crop, and a mortgage debt in case of a bad one; and all this, moreover, coupled with the responsibilities of a capitalist whose money was invested in his farm. This latter responsibility, however, did not long continue to trouble the farmer, for, as naturally might be supposed, the only way he could exist from year to year under such conditions was by contracting debts without the slightest prospect of paying them, which presently led to the foreclosure of his land, and his reduction from the once proud estate of an American farmer to that of a tenant on his way to become a peasant.

"'From 1873 to 1896 the histories quote some six distinct business crises. The periods of rallying between them were, however, so brief that we may say a continuous crisis existed during a large part of that period. Now, business crises had been numerous and disastrous in the early and middle epoch of the republic, but the business system, resting at that time on a widely extended popular initiative, had shown itself quickly and strongly elastic, and the rallies that promptly followed the crashes had always led to a greater prosperity than that before enjoyed. But this elasticity, with the cause of it, was now gone. There was little or slow reaction after the crises of the seventies, eighties, and early nineties, but, on the contrary, a scarcely interrupted decline of prices, wages, and the general prosperity and content of the farming and wage-earning masses.

"'There could not be a more striking proof of the downward tendency in the welfare of the wage-earner and the farmer than the deteriorating quality and dwindling volume of foreign immigration which marked the period. The rush of European emigrants to the United States as the land of promise for the poor, since its beginning half a century before, had continued with increasing volume, and drawn to us a great population from the best stocks of the Old World. Soon after the war the character of the immigration began to change, and during the eighties and nineties came to be almost entirely made up of the lowest, most wretched, and barbarous races of Europe--the very scum of the continent. Even to secure these wretched recruits the agents of the transatlantic steamers and the American land syndicates had to send their agents all over the worst districts of Europe and flood the countries with lying circulars. Matters had come to the point that no European peasant or workingman, who was yet above the estate of a beggar or an exile, could any longer afford to share the lot of the American workingman and farmer, so little time before the envy of the toiling world.

"'While the politicians sought, especially about election time, to cheer the workingman with the assurance of better times just ahead, the more serious economic writers seem to have frankly admitted that the superiority formerly enjoyed by American workingmen over those of other countries could not be expected to last longer, that the tendency henceforward was to be toward a world-wide level of prices and wages--namely, the level of the country where they were lowest. In keeping with this prediction we note that for the first time, about the beginning of the nineties, the American employer began to find himself, through the reduced cost of production in which wages were the main element, in a position to undersell in foreign markets the products of the slave gangs of British, Belgian, French, and German capitalists.

"'It was during this period, when the economic distress of

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