THERE is an increasing feeling throughout the United States that there has developed in recent years a power with which the Government is unable to cope, and which is beyond the control of the public. The steps by which this power has been centred in the hands of a few men are little known or understood by the public at large, and the vast majority of the American people have no part in them, except that they are victims of a system by which they are legally robbed, and by which (if it is not stopped) they will be politically enslaved. There has been widespread inquiry, which has sought to get at the root of this hitherto undefined evil. It has been considered that the banking system in America was the basis upon which this evil was founded.

There has been a vast amount of legislation for the control of banks and banking, as a means by which the great aggregations of capital in the United States might be kept within reasonable bounds.

The difficulty with all of the inquiry and all of the legislation is that it has failed to measure the scope of this aggregated capital or to take adequate account of the means by which it has been concentrated.

Though not generally understood, it is a fact that the centralised control of capital through banks represents but a single unit in a huge system, and that the banks have been only one of the instruments employed to enable a relatively small number of men to gain a control which is almost inconceivable in its scope and power over the fortunes and the destiny of the commercial life of America.

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