The bearing of these figures on our subject is now apparent. All of this property is disfranchised. It is, economically, to a very great extent disfranchised; politically, it is altogether disfranchised. What I mean by this is that the owners of this wealth, as owners, have very little to say, and nothing to do, about its care and management. Probably more than half of our people are directly or indirectly interested in it as owners. They have been attracted by a desire to share, however humbly, in big and famous enterprises, by the freedom from liability of the portion of their estates outside the particular investments, and by the freedom at death or withdrawal of associates from appraisals and accountings and probable closing of the business, as is the inevitable practice in mere partnerships. Two centuries ago people who saved money could hardly find ways to invest it. The practice of incorporation has enormously increased our wealth by putting a stop to hoarding without interest, stimulating saving, and broadening industry. The number of individual owners of the bonds and stocks of corporations is incalculable, and their holdings added to those of savings banks, insurance companies, trust companies and other fiduciary institutions, churches, hospitals, and colleges, make up a total of almost fabulous extent. It is true that large sums are loaned to persons, and on mortgages of real estate; but for most people such investments are not desirable or convenient, and they are altogether inadequate to absorb the vast sums that are available. In fact probably most investments of this character are now made by corporations who gather the savings of little depositors and premium payers; and it would cost much more to make them in any other way. * * * * *