understood how to do that thing better than any other man of his
generation. He proved it, because he carried the business through
commercial crises and war, and kept increasing its dimensions. If, when
he died, he left no competent successor, the business must break up,
and pass into new organization in the hands of other men. Some have
said that Mr. Stewart made his fortune out of those who worked for him
or with him. But would those persons have been able to come together,
organize themselves, and earn what they did earn without him? Not at
all. They would have been comparatively helpless. He and they together
formed a great system of factories, stores, transportation, under his
guidance and judgment. It was for the benefit of all; but he
contributed to it what no one else was able to contribute--the one
guiding mind which made the whole thing possible. In no sense whatever
does a man who accumulates a fortune by legitimate industry exploit his
employés, or make his capital "out of" anybody else. The wealth which
he wins would not be but for him.

The aggregation of large fortunes is not at all a thing to be
regretted. On the contrary, it is a necessary condition of many forms
of social advance. If we should set a limit to the accumulation of
wealth, we should say to our most valuable producers, "We do not want
you to do us the services which you best understand how to perform,
beyond a certain point." It would be like killing off our generals in
war. A great deal is said, in the cant of a certain school about
"ethical views of wealth," and we are told that some day men will be
found of such public spirit that, after they have accumulated a few
millions, they will be willing to go on and labor simply for the
pleasure of paying the taxes of their fellow-citizens. Possibly this is
true. It is a prophecy. It is as impossible to deny it as it is silly
to affirm it. For if a time ever comes when there are men of this kind,