The government at Washington occupied a place in our consciousness similar to that of the government of the small town. It was charged with our national defense, a function of such little importance that we had hardly an army or a navy. It conducted our economic defense, against the foreigner, with laws written, however, by business itself, which naturally knew best how it wanted to be defended; you could not, in your proper senses, suppose that the Hayeses, Arthurs, and McKinleys were wiser than the Carnegies, Hills, Morgans, or Harrimans. For the rest it was told severely to let well enough alone. To make assurance doubly sure that it would do so it was rather openly given over to the great men who were creating the national wealth. Starting with the combination of the little speculatively built railroads into systems and the development of a security market to float the shares of stock in the new companies, business took on rapidly a more and more national character. Great bankers arose to finance the consolidations. An investing public with a wider horizon than that which used to put its money in local enterprises entrusted its funds in the hands of the great bankers or took its chances in the market for stocks. Industry went through a similar concentration. Stronger companies absorbed their weaker and less successful rivals. The same bankers who sat in the boards of directors of the railroads representing their investing public took their places in the directorate of manufacturing combinations. The railroads seeking the business of the big industrial companies and the big industrial companies desiring favors from the railroads placed representatives in each others' boards. This interlocking created a national organization of business dominated by a few striking and spectacular figures. The popular imagination was as much heated over the discovery of the United States as a single field of enterprise as the imagination of Europe had been centuries earlier over the discovery of the new world. The psychology of the local industry period carried over into this new period of national industry. The whole country became one vast small town. The masters of industry, banking, and the railroads were the leading citizens. They were "putting the United States on the map," as the local creator of wealth had put the small town on the map. They were doing something vast, from which we all undoubtedly benefited. Perhaps we could not trace our advantage so immediately as we could to the enterprise of the man who brought population to our town, swelling the price of our real estate or increasing the sales at our stores. But what had been a matter of experience on a small scale was a matter of belief on a large scale. The same consequences must follow, with manifold abundance. And the nation was demonstrably growing rapidly, immensely richer; surely cause and effect.