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 hinderance 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 develop-
