As I have said, I cannot name a panacea, or dispose in a few rounded paragraphs of the problems that confront us. Personally I am convinced that many measures to which my class is to-day unalterably opposed will within the next few years take their places as laws upon our statute books. I am persuaded that sooner or later the solid opposition of the Eastern states to a graduated income tax will be broken down. I fully expect to see before I die the inauguration of inheritance taxes and legacy taxes in this country that will tend at least to level in the course of time the tremendous discrepancies that have grown up under our present system of taxation. I do not expect to see a general triumph of pure Socialism. It may be that ultimately we shall experiment with government ownership of railroads and public utilities, but I should look forward with terror to any such experiment. It may be that in the remedying of the defects of our civilization we as a nation shall be impelled into excesses of this sort for at least a brief period of our history. If it be so, the nation will be quick to remedy its mistakes when once it has tried them out and found them wanting. I do not expect to see the great industrial consolidations destroyed. I do expect to see in the very near future a period in which the wholesale exploitation of the raw materials of wealth--both labour and the products with which it works--will be curtailed. I do expect to see a very decided limitation placed upon the growth of tremendous industrial fortunes. Granting such limitation, and granting patience upon the part of the people, I know that many of our defects will cure themselves. It is an old saying in this land that it is but three generations from shirt-sleeves to shirt-sleeves. That phrase is no mere generalization. It is based upon scientific data. Twenty years ago, in the old city of Worcester, Massachusetts, Mr. Joseph H. Walker carried on an investigation along this line. He discovered that out of seventy-five manufacturers in that city in 1850 only thirty died or retired with property; while of the sons of these manufacturers only six, in 1890, held any property or had died in the meantime in possession of such. In 1878 there were one hundred and seventy-six men engaged in the ten leading manufacturing trades of that city, and of these only fifteen had inherited the trade that they were carrying on. Give us time and we shall solve all the problems of the age. The makers of America to-day are almost without exception men who have made themselves. That is an American tradition that we shall carry on throughout the ages. I cannot help but hope, even against the evidence of my own eyes and ears, that this plutocracy which to-day threatens the very life of the nation can be passed into American history without an epoch-marking revolution. Only, we of the wealthy class have many things to learn, and we must learn them faithfully, sitting at the feet of the historians.