the men of that age will arrange their affairs accordingly. There are
no such men now, and those of us who live now cannot arrange our
affairs by what men will be a hundred generations hence.

There is every indication that we are to see new developments of the
power of aggregated capital to serve civilization, and that the new
developments will be made right here in America. Joint-stock companies
are yet in their infancy, and incorporated capital, instead of being a
thing which can be overturned, is a thing which is becoming more and
more indispensable. I shall have something to say in another chapter
about the necessary checks and guarantees, in a political point of
view, which must be established. Economically speaking, aggregated
capital will be more and more essential to the performance of our
social tasks. Furthermore, it seems to me certain that all aggregated
capital will fall more and more under personal control. Each great
company will be known as controlled by one master mind. The reason for
this lies in the great superiority of personal management over
management by boards and committees. This tendency is in the public
interest, for it is in the direction of more satisfactory
responsibility. The great hindrance to the development of this
continent has lain in the lack of capital. The capital which we have
had has been wasted by division and dissipation, and by injudicious
applications. The waste of capital, in proportion to the total capital,
in this country between 1800 and 1850, in the attempts which were made
to establish means of communication and transportation, was enormous.
The waste was chiefly due to ignorance and bad management, especially
to State control of public works. We are to see the development of the
country pushed forward at an unprecedented rate by an aggregation of
capital, and a systematic application of it under the direction of
competent men. This development will be for the benefit of all, and it