to prejudice by using analogies drawn from democracy to affect sentiment about industrial relations. Industry may be republican; it never can be democratic, so long as men differ in productive power and in industrial virtue. In our time joint-stock companies, which are in form republican, are drifting over into oligarchies or monarchies because one or a few get greater efficiency of control and greater vigor of administration. They direct the enterprise in a way which produces more, or more economically. This is the purpose for which the organization exists and success in it outweighs everything else. We see the competent men refuse to join in the enterprise, unless they can control it, and we see the stockholders willingly put their property into the hands of those who are, as they think, competent to manage it successfully. The strongest and most effective organizations for industrial purposes which are formed nowadays are those of a few great capitalists, who have great personal confidence in each other and who can bring together adequate means for whatever they desire to do. Some such nucleus of individuals controls all the great joint-stock companies.
It is obvious that "concentration of wealth" can never be anything but a relative term. Between 1820 and 1830 Stephen Girard was a proverb for great wealth; to-day a man equally rich would not be noticed in New York for his wealth. In 1848 John Jacob Astor stood alone in point of wealth; to-day a great number surpass him. A fortune of $300,000 was then regarded as constituting wealth; it was taken as a minimum above which men were "rich." It is certain that before long some man will have a billion. It is impossible to criticize such a moving notion. The concentration of capital is also necessarily relative to the task to be performed; we
