"'Of the two great divisions of the working masses it would be hard to say whether the wage-earner or the farmer had suffered most by the changed order. The old personal relationship and kindly feeling between employee and employer had passed away. The great aggregations of capital which had taken the place of the former employers were impersonal forces, which knew the worker no longer as a man, but as a unit of force. He was merely a tool in the employ of a machine, the managers of which regarded him as a necessary nuisance, who must unfortunately be retained at the least possible expense, until he could be invented wholly out of existence by some new mechanical contrivance. "'The economic function and possibilities of the farmer had similarly been dwarfed or cut off as a result of the concentration of the business system of the country in the hands of a few. The railroads and the grain market had, between them, absorbed the former profits of farming, and left the farmer only the wages of a day laborer in case of a good crop, and a mortgage debt in case of a bad one; and all this, moreover, coupled with the responsibilities of a capitalist whose money was invested in his farm. This latter responsibility, however, did not long continue to trouble the farmer, for, as naturally might be supposed, the only way he could exist from year to year under such conditions was by contracting debts without the slightest prospect of paying them, which presently led to the foreclosure of his land, and his reduction from the once proud estate of an American farmer to that of a tenant on his way to become a peasant. "'From 1873 to 1896 the histories quote some six distinct business crises. The periods of rallying between them were, however, so brief that we may say a continuous crisis existed during a large part of that period. Now, business crises had been numerous and disastrous in the early and middle epoch of the republic, but the business system, resting at that time on a widely extended popular initiative, had shown itself quickly and strongly elastic, and the rallies that promptly followed the crashes had always led to a greater prosperity than that before enjoyed. But this elasticity, with the cause of it, was now gone. There was little or slow reaction after the crises of the seventies, eighties, and early nineties, but, on the contrary, a scarcely interrupted decline of prices, wages, and the general prosperity and content of the farming and wage-earning masses.