the poor man to be "thrifty" will perish. When the work is completed the workers engaged in producing new machinery of production will join the unemployed army in regiments. The trust will be as defenseless against this new phase in the industrial strife as was the armored knight of old against hunger and thirst. Political autocracy is possible but industrial autocracy, even if benevolent, is impossible. At present the trust is an invaluable and absolutely necessary weapon of defense for the capitalist in the industrial warfare, but when the enemy to be fought is not competing capital, but a complete cessation of demand for products owing to unemployed labor, it no longer protects the owner. On board ship in mid ocean if I have control of the water supply I can demand everything in exchange for, the indispensable fluid, but when at last I have gathered everything into my possession then my monopoly is of no more value, as there is nothing left to be given. If I am wise I will then peaceably give up control of the water and let it be taken over by the crew collectively. I will be in great luck if they do not get the fever of co-operation and come back after me for the good things they have already given up for the first water they were forced to buy. It is thus in the United States. The monopolists have unwittingly run both
