for outside capital to enlist against him are not all-powerful.
It seems to me that the proof that trusts are inevitable as a protection against the rising flood of capital is simply overwhelming both in theory and in fact.
It seems most palpable that every industry in this country must in time fall into the power of the trust. The trust with its enormous capital not only gives our domestic capitalists better opportunities for competition with foreigners in foreign neutral markets but it is itself, by damming up the old and natural domestic channels for investment, actually forcing itself to cut out new channels for its overflow.
The present immense flood of surplus capital in the United States is shown by the treasury balance showing the greatest stock of gold on hand ever known.
The banks are over-laden with money. Interest was never known to be at such a low rate. All this, too, with industries in a most healthy condition. What money will be worth when the "boom" is over is indeed a problem. For the first time in history American money is entering into the world's markets as a buyer of the bonds of foreign nations. When England had to borrow $50,000,000 to defray expenditures on account of the Boer war, America took half of the loan and would have taken it all if
