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Rh humbler sets of people, and about the greed and arrogance of plutocrats, must not be taken to apply any further than it does apply, and the facts are to be taken only as one's knowledge will warrant. I am discussing forces and tendencies, and the magnitude attained as yet by those forces and tendencies ought not to be exaggerated. I regard plutocracy, however, as the most sordid and debasing form of political energy known to us. In its motive, its processes, its code, and its sanctions it is infinitely corrupting to all the institutions which ought to preserve and protect society. The time to recognize it for what it is, in its spirit and tendency, is when it is in its germ, not when it is full green.

Here, then, in order to analyze plutocracy further, we must make some important distinctions. Plutocracy ought to be carefully distinguished from "the power of capital." The effect of the uncritical denunciations of capital, and monopoly, and trust, of which we hear so much, is, as I shall try to show further on, to help forward plutocracy.