"Early in the last century the evolution was completed by the final consolidation of the entire capital of the nation. The industry and commerce of the country, ceasing to be conducted by a set of irresponsible corporations and syndicates of private persons at their caprice and for their profit, were entrusted to a single syndicate representing the people, to be conducted for the common profit. That is to say, the nation organised itself as one great business corporation in which all other corporations were absorbed. It became the one capitalist, the sole employer, the final monopoly, in the profits and economies of which all citizens shared. The epoch of trusts ended in the Great Trust. In a word, the people of the United States concluded to assume the conduct of their own business, just as a hundred odd years earlier they had assumed the conduct of their own government. Strangely late in the world's history, the obvious fact was perceived that no business is so essentially the public business as the industry and commerce on which the people's livelihood depends, and that to entrust it to private persons to be managed for private profit is a folly similar in kind, though vastly greater in magnitude, to that of surrendering the functions of political government to kings and nobles to be conducted for their personal glorification." "So stupendous a change," said I, "did not, of course, take place without bloodshed and terrible convulsions?" "On the contrary, there was absolutely no violence. The great corporations had taught an entirely new set of ideas. The people had seen syndicates handling revenues; greater than those of states, and directing the labours of hundreds of thousands of men with an efficiency unattainable in smaller operations. It had come to be recognised as an axiom that the larger the business the simpler the principles that can be applied to it; that, as the machine is truer than the hand, so the system, which in a great concern does the work of the master's eye, in a small business turns out more accurate results. Thus, thanks to the corporations themselves, when it was proposed that the nation should assume their functions, the suggestion implied nothing that seemed impracticable." "In my day," said I, "it was considered that the proper functions of government, strictly speaking, were limited to keeping the peace and defending the people against the public enemy."