this statesmen must
address themselves with an earnest determination to serve the long
future and the true liberties of men." (My italics.)

Undoubtedly this is a great question; the establishment of a political
control over credit will mean a political and financial revolution. For
it will establish the power of the government over our whole economic
system and will lead rapidly to a common political and economic
organization of all classes of capitalists for the control of the
government, to a compromise between the group of capitalists that now
rules the business world and that far larger group which is bound to
rule the government. The financial magnates have seen this truth, and,
as Mr. Paul Warburg said to the American Association (New Orleans, Nov.
21, 1911), "Wall Street, like many an absolute ruler in recent years,
finds it more conducive to safety and contentment to forego some of its
prerogatives ... and to turn an oligarchy into a constitutional
democratic federation [_i.e._ a federation composed of capitalists]."

Mr. Roosevelt has announced a policy with regard to monopolies that
foreshadows even more distinctly than anything Mr. Woodrow Wilson has
said the solution of the differences between large and small
capitalists. He urges that a government commission should undertake
"supervision, regulation, and control of these great corporations" even
to the point of controlling "monopoly prices" and that this control
should "indirectly or directly extend to dealing with all questions
connected with their treatment of their employees, including the wages,
the hours of labor, and the like."[34]

This policy is in entire accord with the declarations of Andrew
Carnegie, Daniel Guggenheim, Judge Gary, Samuel Untermeyer,
Attorney-General Wickersham, and others of the large capitalists or
those who stand close to them. It is in equal accord with the
declarations of _La Follette's Weekly_ and the leading "Insurgent"
writers.

It is true that the private monopolies, as Mr. Bryan pointed out (_New
York Times_, Nov. 19, 1911), "will soon be in national politics more
actively than now, for they will feel it necessary to control Colonel
Roosevelt's suggested commission, and to do that they must control the
election of those who appoint the commission."

But the private monopolies will soon be more actively in politics no
matter what remedy is offered, even government ownership. The small
capitalist invest