Even when the lure of natural resources drew men from agriculture to industrial exploitation conditions did not change materially. The population of the new towns for a while kept at least one foot upon the soil. When at last the city possessed its people, aliens came out of Southeastern Europe to do the “dirty work,” and the native born passed up into administrative, clerical, or professional positions. The alternative of farm employment and the rapid expansion of industry fixed a rough minimum beneath which wages could not fall. The expanding machine technique with large scale production by quantity methods turned out an abundance of goods evidenced alike in lower prices and in higher standards of living. The “captains of industry” were regarded by the community as the creators of the jobs which they dispensed and as the efficient cause of the prosperity of the neighbourhood. The trickle of immigration that swelled to a “stream” and rose to a “tide” is an eloquent testimonial of the time paid by the peasantry of Europe to the success of the American system of letting the individual alone in his business. These conditions brought forth the lay economic theory acceptable to the national community. Its precepts came from experience, rather than from books; by intuition, rather than by reason. The welfare of the individual and the wealth of the nation were alike due to free institutions. In business and industry the individual was to be free to do as he pleased unless specifically forbidden by the State. The State was powerless to interfere with the individual unless granted specific “constitutional” authority to do so. Each knew what he wanted and was able to take care of himself. The interests of all were an aggregate of the interests of individuals. The prevailing scheme of institutions was accepted as a part of the immutable world of nature. Private property, if defended at all, was good because it gave the individual security and enabled him to enjoy the fruits of his own labour. The right of contract, exercised in a market characterized by “higgling,” gave one an occasional adventure beyond the horizon of a household economy. If perchance the individual stumbled into a bad bargain occasionally, so much the better. The mistake was a useful exercise in the development of the cardinal virtue of self-reliance. When the coming of industrialism made contract the basis of all industrial relations, the older justification was still used. Competition, with which it was always associated, was regarded as the prime agency in the organization of industry. It forced the elements of production into order and exercised a moral restraint over them. Under its régime men were rewarded in accordance with their deserts. In general, it was true beyond peradventure that “opportunity” knocked once “at every gate”; that there was “plenty of room at the top”; that each built the ladder by which he rose; and that even the humblest was “master of his fate.”