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 brought in plutocracy. Plutocracy is a political system in which the ruling force is wealth. The denunciation of capital which we hear from all the reformers is the most eloquent proof that the greatest power in the world to-day is capital. They know that it is, and confess it most when they deny it most strenuously. At present the power of capital is social and industrial, and only in a small degree political. So far as capital is political, it is on account of political abuses, such as tariffs and special legislation on the one hand and legislative strikes on the other. These conditions exist in the democracy to which it is proposed to transfer the industries. What does that mean except bringing all the power of capital once for all into the political arena and precipitating the conflict of democracy and plutocracy at once? Can anyone imagine that the masterfulness, the overbearing disposition, the greed of gain, and the ruthlessness in methods, which are the faults of the master of industry at his worst, would cease when he was a functionary of the State, which had relieved him of risk and endowed him with authority? Can anyone imagine that politicians would no longer be corruptly fond of money, intriguing, and crafty when they were charged, not only with patronage and government contracts, but also with factories, stores, ships, and railroads? Could we expect anything except that, when the politician and the master of industry were joined in one, we should have the vices of both unchecked by the restraints of either? In any socialistic state there will be one set of positions which will offer chances of wealth beyond the wildest dreams of avarice; viz., on the governing committees. Then there will be rich men whose wealth will indeed be a menace to social interests, and instead of industrial peace there will be such war as no one has dreamed of yet: