se certificates,
more effectually perhaps than if they controlled the Treasury of the
United States. Nor does this power, vast as it is, at all represent the
supremacy which a few bankers enjoy over values, because of their
facilities for manipulating the currency and, with the currency, credit;
facilities, which are used or abused entirely beyond the reach of the
law.

Bankers, at their conventions and through the press, are wont to
denounce the American monetary system, and without doubt all that they
say, and much more that they do not say, is true; and yet I should
suppose that there could be little doubt that American financiers might,
after the panic of 1893, and before the administration of Mr. Taft, have
obtained from Congress, at most sessions, very reasonable legislation,
had they first agreed upon the reforms they demanded, and, secondly,
manifested their readiness, as a condition precedent to such reforms, to
submit to effective government supervision in those departments of their
business which relate to the inflation or depression of values. They
have shown little inclination to submit to restraint in these
particulars, nor, perhaps, is their reluctance surprising, for the
possession by a very small favored class of the unquestioned privilege,
whether actually used or not, at recurring intervals, of subjecting the
debtor class to such pressure as the creditor may think necessary, in
order to force the debtor to surrender his property to the creditor at
the creditor's price, is a wonder beside which Aladdin's lamp burns dim.

As I have already remarked, I apprehend that sovereignty is a variable
quantity of administrative energy, which, in civilizations which we
call advancing, tends to accumulate with a rapidity proportionate to the
acceleration of movement. That is to say, the community, as it
consolidates, finds it essential to its safety to withdraw, more or less
completely, from individuals, and to monopolize, more or less strictly,
itself, a great variety of functions. At one stage of civilization the
head of the family administers justice, maintains an armed force for war
or police, wages war, makes treaties of peace, coins money, and, not
infrequently, wears a crown, usually of a form to indicate his
importance in a hierarchy. At a later stage of civilization, companies
of traders play a great part. Such aggregations of private and
irresponsible adventurers have invaded and conquered empires, found