"'It was during this period, when the economic distress of the masses was creating industrial war and making revolutionists of the most contented and previously prosperous agricultural population in history, that the vastest private fortunes in the history of the world were being accumulated. The millionaire, who had been unknown before the war and was still an unusual and portentous figure in the early seventies, was presently succeeded by the multimillionaire, and above the multimillionaires towered yet a new race of economic Titans, the hundred millionaires, and already the coming of the billionaire was being discussed. It is not difficult, nor did the people of the time find it so, to see, in view of this comparison, where the wealth went which the masses were losing. Tens of thousands of modest competencies disappeared, to reappear in colossal fortunes in single hands. Visibly as the body of the spider swells as he sucks the juices of his victims, had these vast aggregations grown in measure as the welfare of the once prosperous people had shrunk away. "'The social consequences of so complete an overthrow of the former economic equilibrium as had taken place could not have been less than revolutionary. In America, before the war, the accumulations of wealth were usually the result of the personal efforts of the possessor and were consequently small and correspondingly precarious. It was a saying of the time that there were usually but three generations from shirt-sleeves to shirt-sleeves--meaning that if a man accumulated a little wealth, his son generally lost it, and the grandson was again a manual laborer. Under these circumstances the economic disparities, slight at most and constantly fluctuating, entirely failed to furnish a basis for class distinctions. There were recognized no laboring class as such, no leisure class, no fixed classes of rich and poor. Riches or poverty, the condition of being at leisure or obliged to work were considered merely temporary accidents of fortune and not permanent conditions. All this was now changed. The great fortunes of the new order of things by their very magnitude were stable acquisitions, not easily liable to be lost, capable of being handed down from generation to generation with almost as much security as a title of nobility. On the other hand, the monopolization of all the valuable economic opportunities in the country by the great capitalists made it correspondingly impossible for those not of the capitalist class to attain wealth. The hope of becoming rich some day, which before the war every energetic American had cherished, was now practically beyond the horizon of the man born to poverty. Between rich and poor the door was henceforth shut. The way up, hitherto the social safety valve, had been closed, and the bar weighted with money bags.