Circumstances are tending towards the organization of
the commercial and industrial classes into federal companies or
affiliated monopolies, which, operating in conjunction with the great
landed interest, will reduce the middle and laboring classes to a state
of commercial vassalage, and by the influence of combined action become
the masters of the productive industry of entire nations. The small
operators will be reduced to the position of mere agents working for
the mercantile coalition. We shall then see the reappearance of
feudalism in an inverse order, founded on mercantile leagues and
answering to the baronial leagues of the middle ages.
"Everything is concurring to produce this result. The spirit of
commercial speculation and financial monopoly has extended to all
classes. Public opinion prostrates itself before the bankers and
financiers who share authority with the governments and devise every
day new means for the monopoly and control of industry.
"We are marching with rapid strides towards a commercial feudalism and
to the fourth phase of our civilization. The economists accustomed to
reverence everything which comes in the name and under the sanction of
commerce, will see this new order spring up without alarm, and will
consecrate their servile pens to the celebration of its praises.
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