"'History had furnished abundant previous illustrations of the overthrow of republican societies by the growth and concentration of private wealth, but never before had it recorded a revolution in the economic basis of a great nation at once so complete and so swiftly effected. In America before the war, as we have seen, wealth had been distributed with a general effect of evenness never previously known in a large community. There had been few rich men and very few considerable fortunes. It had been in the power neither of individuals nor a class, through the possession of overwhelming capital, to exercise oppression upon the rest of the community. In the short space of twenty-five to thirty years these economic conditions had been so completely reversed as to give America in the seventies and eighties the name of the land of millionaires, and make it famous to the ends of the earth as the country of all others where the vastest private accumulations of wealth existed. The consequences of this amazing concentration of wealth formerly so equally diffused, as it had affected the industrial, the social, and the political interests of the people, could not have been other than revolutionary. "'Free competition in business had ceased to exist. Personal initiative in industrial enterprises, which formerly had been open to all, was restricted to the capitalists, and to the larger capitalists at that. Formerly known all over the world as the land of opportunities, America had in the time of a generation become equally celebrated as the land of monopolies. A man no longer counted chiefly for what he was, but for what he had. Brains and industry, if coupled with civility, might indeed win an upper servant's place in the employ of capital, but no longer could command a career. "'The concentration of the economic administration of the country in the hands of a comparatively small body of great capitalists had necessarily consolidated and centralized in a corresponding manner all the functions of production and distribution. Single great concerns, backed by enormous aggregations of capital, had appropriated tracts of the business field formerly occupied by innumerable smaller concerns. In this process, as a matter of course, swarms of small businesses were crushed like flies, and their former independent proprietors were fortunate to find places as underlings in the great establishments which had supplanted them. Straight through the seventies and eighties, every month, every week, every day saw some fresh province of the economic state, some new branch of industry or commerce formerly open to the enterprise of all, captured by a combination of capitalists and turned into an intrenched camp of monopoly. The words _syndicate_ and _trust_ were coined to describe these monstrous growths, for which the former language of the business world had no name.