However, the advisability of Municipal Ownership under present conditions is a purely academic question, for the reason that the capitalist will never give us a chance to try it. The capitalist is in possession, and he “stands pat.” When you talk about “reform,” he will make you as many fine speeches and deliver you as many moral discourses as you wish; but when it comes to giving up any dollars—he has spent all his lifetime learning to hold on to his dollars. You are thinking, perhaps, of President Roosevelt, who is hailed as a successful reformer. In the first place, it is of importance to point out that President Roosevelt is a complete anomaly in our political life; he was probably the last Republican in the country who would have been selected to rule us. He made himself governor by a shrewd device called “the Rough Riders;” he was made President for the first time by the bullet of an assassin, and the second time by the death of Mark Hanna. By a series of such blind chances as these the people have been given a chance to vote for what they want, and they of course have seized the chance. But assuredly it was no part of the “System’s” plan to ask them what they wanted, nor even to let them find out what they wanted themselves. Under the peculiar circumstances, there has been nothing for the “System” to do but make sure that the President accomplishes nothing; and that it has done as a matter of course. In saying this, let me remind the reader once more of my distinction between moral revolt and economic remedy. I have no wish to under-estimate the tremendous importance of President Roosevelt’s services in awakening the people; but I say that so far as actual concrete accomplishment is concerned, he might just as well never have lifted a finger. In one case, that of the suit against the Paper Trust, he did effect a lowering of prices; but in that case he was simply a pawn in the struggle between two trusts—of which the Newspaper Trust proved to be the stronger. In no case where the people alone were concerned has he effected any economic change whatever. The Northern Securities decision was evaded by another device; the Beef Trust and the Standard Oil suits ended with nominal fines. Over the rate regulation question we had two years’ agitation—and not one single rate has been lowered. In the struggle for life-insurance reform, to which the President gave all his moral support, a few grafting officials were hounded to death; but the real and vital evil, the exploitation of the surplus for purposes of stock-manipulation, was scarcely even touched upon. And then came the Chicago packing-house scandals—and I can speak with some knowledge of them. Sometimes, when I look back upon them, it seems like a dream—I can hardly believe that I ever played my part in that cosmic farce. Only think of it—we had the President and Congress and all the newspapers of the country discussing