"Apart from the waste of labor and capital by misdirected industry, and that from the constant bloodletting of your industrial warfare, your system was liable to periodical convulsions, overwhelming alike the wise and unwise, the successful cut-throat as well as his victim. I refer to the business crises at intervals of five to ten years, which wrecked the industries of the nation, prostrating all weak enterprises and crippling the strongest, and were followed by long periods, often of many years, of so-called dull times, during which the capitalists slowly regathered their dissipated strength while the laboring classes starved and rioted. Then would ensue another brief season of prosperity, followed in turn by another crisis and the ensuing years of exhaustion. As commerce developed, maki
