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The "dignity of labor" and the "power of capital" are therefore both products of the same modern movement. They go together; it is the power of capital which has made labor cease to be servile; it is the power of capital which has set women free from the drudgery of the grain-mill and the spinning-room; it is the power of capital which has enabled modern men to carry on mining and quarrying without misery, although in the classical times those forms of labor were so crushing that only the worst criminals or the lowest order of slaves were condenmed to them. Every high civilization is unnatural, inasmuch as it is the product of art and effort. It is, therefore, unstable—ready to fall again to the original level, if the force and intelligence by which it is produced and maintained should fail. Our civilization is supported by capital and by modern science; if either of these fail—if we exhaust our capital, or if our science is not adequate to the tasks which fall upon it, our civilization will decline.

The dignity of capital is correlative with the dignity of labor. The capitalist has not simply fallen under the ban from which the laborer has escaped; the modern times have produced classes of men, masters of industry and accumulators of capital, who are among the most distinct and peculiar products of modern times. At what other epoch in history has any such class of men existed? There have, in earlier times, been great merchants, who have shown that the notion of a merchant as a man who cheats in weights and bets on differences, is a contemptible and ignorant calunmy; the great masters of industry, however, are something entirely modern, and the vituperation of such a class as parasites, plunderers, speculators, and monopolists, is as ignorant and inexcusable as the older misconceptions of laborers which