fallacy has hindered us from recognizing our old foes as soon as we
should have done. Then, again, these vices and passions take good care
here to deck themselves out in the trappings of democratic watchwords
and phrases, so that they are more often greeted with cheers than with
opposition when they first appear. The plan of electing men to
represent us who systematically surrender public to private interests,
and then trying to cure the mischief by newspaper and platform
declamation against capital and corporations, is an entire failure.

The new foes must be met, as the old ones were met--by institutions and
guarantees. The problem of civil liberty is constantly renewed. Solved
once, it re-appears in a new form. The old constitutional guarantees
were all aimed against king and nobles. New ones must be invented to
hold the power of wealth to that responsibility without which no power
whatever is consistent with liberty. The judiciary has given the most
satisfactory evidence that it is competent to the new duty which
devolves upon it. The courts have proved, in every case in which they
have been called upon, that there are remedies, that they are adequate,
and that they can be brought to bear upon the cases. The chief need
seems to be more power of voluntary combination and co-operation among
those who are aggrieved. Such co-operation is a constant necessity
under free self-government; and when, in any community, men lose the
power of voluntary co-operation in furtherance or defense of their own
interests, they deserve to suffer, with no other remedy than newspaper
denunciations and platform declamations. Of course, in such a state of
things, political mountebanks come forward and propose fierce measures
which can be paraded for political effect. Such measures would be
hostile to all our institutions, would destroy capital, overthrow
credit, and impair the most essential interests of society. On the side
of political machinery there is no ground for hope, but only for fear.