In our industrial system we must bring the great trusts under the rule of the people. They must be owned and controlled by all for all. I say that we "must" do this, because there is no other way by which the present evils may be remedied. Everybody who is not blinded to the real situation by vested interest must recognize that the present conditions are intolerable--and becoming worse and more intolerable every day. A handful of men have the nation's destiny in their greedy fingers and they gamble with it for their own profit. Something must be done. But what? We cannot go back if we would. I have shown you pretty clearly, I think, that if it were possible to undo the chain of evolution and to go back to primitive capitalism, with its competitive spirit, the development to monopoly would begin all over again. It is an inexorable law that competition breeds monopoly. So we cannot go back. What, then, is the outlook, the forward view? So far as I know, Jonathan, there are only two propositions for meeting the evil conditions of monopoly, other than the perfectly silly one of "going back to competition." They are (1) Regulation of the trusts; (2) Socialization of the trusts. Now, the first means that we should leave these great monopolies in the hands of their present owners and directors, but enact various laws curtailing their powers to exploit the people. Laws are to be passed limiting the capital they may employ, the amount of profits they may make, and so on. But nobody explains how they expect to get the laws obeyed. There are plenty of laws now aiming at regulation of the trusts, but they are quite futile and inoperative. First we spend an enormous amount of money and energy getting laws passed; then we spend much more money and energy trying to get them enforced--and fail after all! I submit to your good judgment, Jonathan, that so long as we have a relatively small class in the nation owning these great monopolies through corporations there can be no peace. It will be to the interest of the corporations to look after their profits, to prevent the enactment of legislation aimed to restrict them and to evade the law as much as possible. They will naturally use their influence to secure laws favorable to themselves, with the inevitable result of corruption in the legislative branches of the government. Legislators will be bought like mackerel in the market, as Mr. Lawson so bluntly expresses it. Efforts will be made to corrupt the judiciary also and the power of the entire capitalist class will be directed to the capture of our whole system of government. Even more than to-day, we will have the government of the people by a privileged part of the people in the interests of the privileged part.