If our civilization is destroyed, . . . it will not be by . . . barbarians from below. Our barbarians come from above. Our great money-makers have sprung in one generation into seats of power kings do not know. The forces and the wealth are new, and have been the opportunity of new men. Without restraints of culture, experience, the pride, or even the inherited caution of class or rank, these men, intoxicated, think they are the wave instead of the float, and that they have created the business which has created them. To them science is but a never-ending repertoire of investments stored up by nature for the syndicates, government but a fountain of franchises, the nations but customers in squads, and a million the unit of a new arithmetic of wealth written for them. They claim a power without control, exercised through forms which make it secret, anonymous, and perpetual. . . .

. . . In casting about for the cause of our industrial evils, public opinion has successively found it in “competition,” “combination,” the “corporations,” “conspiracies,” “trusts.” But competition has ended in combination, and our new wealth takes as it chooses the form of corporation or trust, or corporation again, and with every change grows greater and worse. Under these kaleidoscopic masks we begin at last to see progressing to its terminus a steady consolidation, the end of which is one-man power. The conspiracy ends in one, and one cannot conspire with himself. When this solidification of many into one has been reached, we shall be at last face to face with the naked truth that it is not only the form but the fact of arbitrary power, of control without consent, of rule without representation that concerns us.

Business motivated by the self-interest of the individual runs into monopoly at every point it touches the social life—land monopoly, transportation monopoly, trade monopoly, political monopoly in all its forms, from contraction of the currency to corruption in office. The society in which in half a lifetime a man without a penny can become a hundred times a millionaire is as over-ripe, industrially, as was, politically, the Rome in which the most popular bully could lift himself from the ranks of the legion on to the throne of the Caesars. Our rising issue is with business. Monopoly is business at the end of its journey. It has got there. The irrepressible conflict is now as distinctly with business as the issue so lately met was with slavery. Slavery went first only because it was the cruder form of business. . . .

Our system, so fair in its theory and so fertile in its happiness and prosperity in its first century, is now, following the fate of systems, becoming artificial, technical, corrupt; and, as always happens in human institutions, after noon, power is stealing from the many to the few. Believing wealth to be good, the people believed the wealthy to be good. But, again in history, power has intoxicated and hardened its possessors, and Pharaohs are bred in counting-rooms as they were in palaces. Their furniture must be banished to the world-garret [attic], where lie the out-worn trappings of the guilds and slavery and other old lumber of human institutions.

Source: Henry Demarest Lloyd, Wealth against Commonwealth (New York: Harper and Brothers, 1902), 510–12, 515.