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was that politicians like Mr. Calvin, who were themselves farmers long since expropriated, captured the farmers and threw their political strength away in a vain campaign.

β€œThe poor farmers,” Ernest once laughed savagely; β€œthe trusts have them both coming and going.”

And that was really the situation. The seven great trusts, working together, had pooled their enormous surpluses and made a farm trust. The railroads, controlling rates, and the bankers and stock exchange gamesters, controlling prices, had long since bled the farmers into indebtedness. The bankers, and all the trusts for that matter, had likewise long since loaned colossal amounts of money to the farmers. The farmers were in the net. All that remained to be done was the drawing in of the net. This the farm trust proceeded to do.

The hard times of 1912 had already caused a frightful slump in the farm markets. Prices were now deliberately pressed down to bankruptcy, while the railroads, with extortionate rates, broke the back of the farmer-camel. Thus the farmers were compelled to borrow more and more, while they were prevented from paying back old loans. Then ensued the great foreclosing of mortgages and enforced collection of notes. The farmers simply surrendered the land to the farm trust. There was nothing else for them to do. And having surrendered the land, the farmers next went to work for the farm trust, becoming managers, superintendents, foremen, and common laborers. They worked for wages. They became villeins, in short⁠—serfs bound to the soil by a living wage. They could not leave their masters, for their masters composed the Plutocracy. They could not go to the cities, for there, also, the Plutocracy was in control. They had but one alternative⁠—to leave the soil and become vagrants, in brief, to starve. And even there they were frustrated, for stringent vagrancy laws were passed and rigidly enforced.

Of course, here and there, farmers, and even whole communities of farmers, escaped expropriation by virtue of exceptional conditions. But they were merely strays and did not count, and they were gathered in anyway during the following year.79

Thus it was that in the fall of 1912 the socialist leaders, with the exception of Ernest, decided that the end of capitalism had come. What of the hard times and the consequent vast army of the unemployed; what of the destruction of the farmers and the middle class; and what of the decisive defeat administered all along the line to the labor unions; the socialists were really justified in believing that the end of capitalism had come and in themselves throwing down the gauntlet to the Plutocracy.

Alas, how we underestimated the strength of the enemy! Everywhere the socialists proclaimed their coming victory at the ballot-box, while, in unmistakable terms, they stated the situation. The Plutocracy accepted the challenge. It was the Plutocracy, weighing and balancing, that defeated us by dividing our strength. It was the Plutocracy, through its secret agents, that raised the cry that socialism was sacrilegious and atheistic; it was the Plutocracy that whipped the churches, and especially the Catholic Church, into line, and robbed us of a portion of the labor vote. And it was the Plutocracy, through its secret agents of course, that encouraged the Grange Party and even spread it to the cities into the ranks of the dying middle class.

Nevertheless the socialist landslide occurred. But, instead of a sweeping victory with chief executive officers and majorities in all legislative bodies, we found ourselves in the minority. It is true, we elected fifty Congressmen; but when they took their seats in the spring of 1913, they found themselves without power of any sort. Yet they were more fortunate than the Grangers, who captured a dozen state governments, and who, in the spring, were not permitted to take possession of the captured offices. The incumbents refused to retire, and the courts were in the hands of the Oligarchy. But this is too far in advance of events. I have yet to tell of the stirring times of the winter of 1912.

The hard times at home had caused an immense decrease in consumption. Labor, out of work, had no wages with which to buy. The result was that the Plutocracy found a greater surplus than ever on its hands. This surplus it was compelled to dispose of abroad, and, what of its colossal plans, it needed money. Because of its strenuous efforts to dispose of the surplus in the world market, the Plutocracy clashed with Germany. Economic clashes were usually succeeded by wars, and this particular clash was no exception. The great German warlord prepared, and so did the United States prepare.

The war-cloud hovered dark and ominous. The stage was set for a world-catastrophe, for in all the world were hard times, labor troubles, perishing middle classes, armies of unemployed, clashes of economic interests in the world-market, and mutterings and rumblings of the socialist revolution.80

The Oligarchy wanted the war with Germany. And it wanted the war for a dozen reasons. In the juggling of events such a war would cause, in the reshuffling of the international cards and the making of new treaties and alliances, the Oligarchy had much to gain. And, furthermore, the war would consume many national surpluses, reduce the armies of unemployed that menaced all countries, and give the Oligarchy a breathing space in which to perfect its plans and carry them out. Such a war would virtually put the Oligarchy in possession of the world-market. Also, such a war would create a large standing army that need never be disbanded, while in the minds of the people would be substituted the issue, β€œAmerica versus Germany,” in place of β€œSocialism versus Oligarchy.”

And truly the war would have done all these things had it not been for the socialists. A secret meeting of the Western leaders was held in our four tiny rooms in Pell Street. Here was first considered the stand the socialists were to take. It was not the first time we had

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