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 great. The captains of industry and the capitalists who operate on the conjuncture, therefore, if they are sucsessful [sic], win, in these days, great fortunes in a short time. There are no earnings which are more legitimate or for which greater services are rendered to the whole industrial body. The popular notions about this matter really assume that all the wealth accumulated by these classes of persons would be here just the same if they had not existed. They are supposed to have appropriated it out of the common stock. This is so far from being true that, on the contrary, their own wealth would not be but for themselves; and besides that, millions more of wealth, many-fold greater than their own, scattered in the hands of thousands, would not exist but for them.

Within the last two years I have traveled from end to end of the German Empire several times on all kinds of trains. I reached the conviction, looking at the matter from the passenger's standpoint, that, if the Germans could find a Vanderbilt and put their railroads in his hands for twenty-five years, letting him reorganize the system and make twenty-five million dollars out of it for himself in that period, they would make an excellent bargain.

But it is repeated until it has become a commonplace which people are afraid to question, that there is some social danger in the possession of large amounts of wealth by individuals. I ask, Why? I heard a lecture two years ago by a man who holds perhaps the first chair of political economy in the world. He said, among other things, that there was great danger in our day from great accumulations; that this danger ought to be met by taxation, and he referred to the fortune of the Rothschilds and to the great fortunes made in America to prove his point. He omitted, however, to state in what