The great gains of a great capitalist in a modern state must be put under the head of wages of superintendence. Anyone who believes that any great enterprise of an industrial character can be started without labor must have little experience of life. Let anyone try to get a railroad built, or to start a factory and win reputation for its products, or to start a school and win a reputation for it, or to found a newspaper and make it a success, or to start any other enterprise, and he will find what obstacles must be overcome, what risks must be taken, what perseverance and courage are required, what foresight and sagacity are necessary. Especially in a new country, where many tasks are waiting, where resources are strained to the utmost all the time, the judgment, courage, and perseverance required to organize new enterprizes and carry them to success are sometimes heroic. Persons who possess the necessary qualifications obtain great rewards. They ought to do so. It is foolish to rail at them. Then, again, the ability to organize and conduct industrial, commercial, or financial enterprises is rare; the great captains of industry are as rare as great generals. The great weakness of all co-operative enterprises is in the matter of supervision. Men of routine or men who can do what they are told are not hard to find; but men who can think and plan and tell the routine men what to do are very rare. They are paid in proportion to the supply and demand of them. If Mr. A.T. Stewart made a great fortune by collecting and bringing dry-goods to the people of the United States, he did so because he understood how to do that thing better than any other man of his generation. He proved it, because he carried the business through commercial crises and war, and kept increasing its dimensions. If, when he died, he left no competent successor, the business must break up, and pass into new organization in the hands of other men. Some have said that Mr. Stewart made his fortune out of those who worked for him or with him. But would those persons have been able to come together, organize themselves, and earn what they did earn without him? Not at all. They would have been comparatively helpless. He and they together formed a great system of factories, stores, transportation, under his guidance and judgment. It was for the benefit of all; but he contributed to it what no one else was able to contribute--the one guiding mind which made the whole thing possible. In no sense whatever does a man who accumulates a fortune by legitimate industry exploit his employes, or make his capital "out of" anybody else. The wealth which he wins would not be but for him.