The Twentieth Century

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Excerpt from The Twentieth Century: An Address Delivered Before the Graduating Classes at the Seventy-First Anniversary of Yale Law School, on June 24th, 1895The consolidating in¿uence Of which I have spoken is not less manifest in matters of internal economy, and is as potent in business as in politics. In fact it may be said to have revolutionized the whole system of production. Where transportation is slow and expensive, each state becomes a manufacturing community of its own, where it is cheap, local manufacturers and dealers are driven to the wall by the competition Of the great producers, who manufacture only where it can be done to the best advan tage. The results are ilarge enterprises, only rendered possible by combinations of capital, - great corporations monopolizing the production of all the comforts and many of the necessaries of life, -immense farms and pastures ¿ooding the markets of Europe with cheap meats and grain, curtailing the rents Of the landlords and depressing the value of their lands, - the crushing out of small produ cers and the centralizing of production where labor and material can be Obtained the cheapest.We may lament the disappearance Of the small em ployer - the man who worked with his hands as well as his brains and was little more than the most skillful Of a dozen workmen - we may even become pathetic over the loss of the spinning wheel and the loom of our grand mothers, but we may find consolation in the thought that the cost Of production has been steadily growing less.About the PublisherForgotten Books publishes hundreds of thousands of rare and classic books. Find more at www.forgottenbooks.comThis book is a reproduction of an important historical work. Forgotten Books uses state-of-the-art technology to digitally reconstruct the work, preserving the original format whilst repairing imperfections present in the aged copy. In rare cases, an imperfection in the original, such as a blemish or missing page, may be replicated in our edition. We do, however, repair the vast majority of imperfections successfully, any imperfections that remain are intentionally left to preserve the state of such historical works.