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324 of time the men-on-the-curbstone and the newspapers have a set of feelings in their minds. Just now it is a notion that some men are becoming too rich; that we are threatened by the tyranny of corporations; and that the great masters of industry need restraint. This is dignified with the name of public opinion and the will of the people, which it is not only erroneous but wicked to contradict. This is the tyranny which we need to fear: the tyranny of a vague impression, held by everybody and by nobody, impossible to formulate or argue, but endowed with authority. A public man who catches it up, and pretends to satisfy it, gets excessive power without any real responsibility. All sorts of schemers hide behind these floating notions and use them for their interests in the battle with other interests, just as the walking delegate blackmails a contractor and dupes the loyalty of his followers. If we are very angry and mean to hit somebody, the next thing to do is to find out who is our enemy. The reason why my political pessimism offsets my economic optimism is that I cannot see how, under existing conditions, industry can be set free from political control, and I do not see how economics and politics can be reconciled so that industry can prosper and law can be respected, both at the same time.

All our social order consists of institutions, customs, and usages in which old conflicts of interest have been reduced to harmony. Men have fought them out and reached adjustments which were equitable. Our courts of justice, our financial institutions, our methods of trade, and our schools of all grades are examples of social harmonies which found their form by long conflict, and settled down to smooth action by custom. The financial institutions and the methods of trade belong to the