preponderance of probability that any particular business venture would end in failure. There was no time when, if security could have been guaranteed it, the amount of capital devoted to productive industry could not have been greatly increased. The proportion of it so employed underwent constant extraordinary fluctuations, according to the greater or less feeling of uncertainty as to the stability of the industrial situation, so that the output of the national industries greatly varied in different years. But for the same reason that the amount of capital employed at times of special insecurity was far less than at times of somewhat greater security, a very large proportion was never employed at all, because the hazard of business was always very great in the best of times.
“It should be also noted that the great amount of capital always seeking employment where tolerable safety could be insured terribly embittered the competition between capitalists when a promising opening presented itself. The idleness of capital, the result of its timidity, of course meant the idleness of labor in corresponding degree. Moreover, every change in the adjustments of business, every slightest alteration in the condition of commerce or manufactures, not to speak of the innumerable business failures that took place yearly, even in the best of times, were constantly throwing a multitude of men out of employment for periods of weeks or months, or even years. A great number of these seekers after employment were constantly traversing the country, becoming in time professional vagabonds, then criminals. ‘Give us work!’ was the cry of an army of the unemployed at nearly all seasons, and in seasons of dullness in business this army swelled to a host so vast and desperate as to threaten the stability of the government. Could there conceivably be a more conclusive demonstration of the imbecility of the system of private enterprise as a method for enriching a nation than the fact that, in an age of such general poverty and want of everything, capitalists had to throttle one another to find a safe chance to invest their capital and workmen rioted and burned because they could find no work to do?
“Now, Mr. West,” continued Dr. Leete, “I want you to bear in mind that these points of which I have been speaking indicate only negatively the advantages of the national organization of industry by showing certain fatal defects and prodigious imbecilities of the systems of private enterprise which are not found in it. These alone, you must admit, would pretty well explain why the nation is so much richer than in your day. But the larger half of our advantage over you, the positive side of it, I have yet barely spoken of. Supposing the system of private enterprise in industry were without any of the great leaks I have mentioned; that there were no waste on account of misdirected effort growing out of mistakes as to the demand, and inability to command a general view of the industrial field. Suppose, also, there were no neutralizing and duplicating of effort from competition. Suppose, also, there were no waste from business panics and crises through bankruptcy and long interruptions of industry, and also none from the idleness of capital and labor. Supposing these evils, which are essential to the conduct of industry by capital in private hands, could all be miraculously prevented, and the system yet retained; even then the superiority of the results attained by the modern industrial system of national control would remain overwhelming.
“You used to have some pretty large textile manufacturing establishments, even in your day, although not comparable with ours. No doubt you have visited these great mills in your time, covering acres of ground, employing thousands of hands, and combining under one roof, under one control, the hundred distinct processes between, say, the cotton bale and the bale of glossy calicoes. You have admired the vast economy of labor as of mechanical force resulting from the perfect interworking with the rest of every wheel and every hand. No doubt you have reflected how much less the same force of workers employed in that factory would accomplish if they were scattered, each man working independently. Would you think it an exaggeration to say that the utmost product of those workers, working thus apart, however amicable their relations might be, was increased not merely by a percentage, but many fold, when their efforts were organized under one control? Well now, Mr. West, the organization of the industry of the nation under a single control, so that all its processes interlock, has multiplied the total product over the utmost that could be done under the former system, even leaving out of account the four great wastes mentioned, in the same proportion that the product of those millworkers was increased by cooperation. The effectiveness of the working force of a nation, under the myriad-headed leadership of private capital, even if the leaders were not mutual enemies, as compared with that which it attains under a single head, may be likened to the military efficiency of a mob, or a horde of barbarians with a thousand petty chiefs, as compared with that of a disciplined army under one general—such a fighting machine, for example, as the German army in the time of Von Moltke.”
“After what you have told me,” I said, “I do not so much wonder that the nation is richer now than then, but that you are not all Croesuses.”
“Well,” replied Dr. Leete, “we are pretty well off. The rate at which we live is as luxurious as we could wish. The rivalry of ostentation, which in your day led to extravagance in no way conducive to comfort, finds no place, of course, in a society of people absolutely equal in resources, and our ambition stops at the surroundings which minister to the enjoyment of life. We might, indeed, have much larger incomes, individually, if we chose so to use the surplus of our product, but we prefer to expend it upon public works and pleasures in which all share, upon public halls and buildings, art galleries, bridges, statuary, means of transit, and the conveniences of our cities, great musical and theatrical exhibitions, and in providing on a vast scale for the recreations of the people. You have not begun to see how we live yet, Mr. West. At home we have comfort, but the splendor of our life is, on its social side, that which we share with our fellows. When you know more of it you will see where the money goes, as you used to say, and I think you will agree that we do well so to expend it.”
“I suppose,” observed Dr. Leete, as we strolled homeward from the dining hall, “that no reflection would have cut the men of your wealth-worshiping century more keenly than the suggestion that they did not know how to make money. Nevertheless that is just the verdict history has passed on them. Their system of unorganized and antagonistic industries was as absurd economically as it was morally abominable. Selfishness was their only science, and in industrial production selfishness is suicide. Competition, which is the instinct of selfishness, is another word for dissipation of energy, while combination is the secret of efficient production; and not till the idea of increasing the individual hoard gives place to the idea of increasing the common stock can industrial combination be realized, and the acquisition of wealth really begin. Even if the principle of share and share alike for all men were not the only humane and rational basis for a society, we should still enforce it as economically expedient, seeing that until the disintegrating influence of self-seeking is suppressed no true concert of industry is possible.”
CHAPTER 23
That evening, as I sat with Edith in the music room, listening to some pieces in the programme of that day which had attracted my notice, I took advantage of an interval in the music to say, “I have a question to ask you which I fear is rather indiscreet.”
“I am quite sure it is not that,” she replied, encouragingly.
“I am in the position of an eavesdropper,” I continued, “who, having overheard a little of a matter not intended for him, though seeming to concern him, has the impudence to come to the speaker for the rest.”
“An eavesdropper!” she repeated, looking puzzled.
“Yes,” I said, “but an excusable one, as I think you will admit.”
“This is very mysterious,” she replied.
“Yes,” said I, “so mysterious that often I have doubted whether I really overheard at all what I am going to ask you about, or only dreamed it. I want you to tell me. The matter is this: When I was coming out of that sleep of a century, the first impression of which I was conscious was of voices talking around me, voices that afterwards I recognized as your father’s, your mother’s, and your own. First, I remember your father’s voice saying, “He is going to open his eyes. He had better see but one person at first.” Then you said, if I did not dream it all, “Promise me, then, that you will not tell him.” Your father seemed to hesitate about promising, but you insisted, and your mother interposing, he finally