bers, rather than to leave free the energies of mankind; it overdoes the quantity of government, as well as impairs its quality.
The truth is, that a skilled bureaucracy—a bureaucracy trained from early life to its special avocation—is, though it boasts of an appearance of science, quite inconsistent with the true principles of the art of business. That art has not yet been condensed into precepts, but a great many experiments have been made, and a vast floating vapour of knowledge floats through society. One of the most sure principles is, that success depends on a due mixture of special and nonspecial minds—of minds which attend to the means, and of minds which attend to the end. The success of the great joint-stock banks of London—the most remarkable achievement of recent business—has been an example of the use of this mixture. These banks are managed by a board of persons mostly not trained to the business, supplemented by, and annexed to, a body of specially trained officers, who have been bred to banking all their lives. These mixed banks have quite beaten the old banks, composed exclusively of pure bankers; it is found that the board of directors has greater and more flexible knowledge—more insight into the wants of a commercial community—knows when to lend and when not to lend, better than the old bankers, who had never looked at life, except out of the bank windows. Just so the most successful railways in Europe have been conducted—not by engineers or traffic managers—but by capitalists; by men of a certain business culture, if of no other. These capitalists buy and use the services
