d with a chemical and to be taken with the usual combination of
chlorine and sodium.

Mr. Clews explains that the stocks underlying our old railroad
properties in the United States were aforetime "held locally," and
that they were transferred "more frequently by executors than by
brokers on the stock exchange"--as though that were an evil. Then
"there were but few opportunities for dealing in shares"--as though
_that_ were an evil! It thus became necessary for Wall Street to get
the old stocks belonging to the people out of the people's hands and
into the hands of the Street--as though _that_ were a good. Our public
improvements were in the first place made by the people, but the
people were not fit to own them. Our railways were constructed with
capital subscribed by the people, generally by those through whose
country the given improvement was extended. The people themselves then
owned their own, and controlled it. Until Wall Street reached out and
clutched such properties--first putting down the prices of the shares
to nothing and then pulling the given stocks to par--the people were
able to protect themselves; but never afterwards.

The same was true of all other securities, whether public or private.
Nearly all bonded debts were at first local; but the holding of
securities _locally_ has always been a thing abhorrent to Wall Street.
The idea of the Street is that all stocks and all securities belong,
not to the public, but to itself. Of course the _money capital_ of the
country belongs to the Street. And if, with the consent of public
authority, the _stocks_ of the country also can be held by the Street,
then a humble peasantry, paying perennial rents and compound interest,
can be created and kept under forever throughout the domains of the
great Republic. It may ultimately require arsenals to do it, but these
we can supply.

The next stage in the game was the creation by Wall Street of
fictitious enterprises for the distinct purpose of getting possession
of the stocks on which such enterprises were based, and of speculating
in the shares of such properties. When the _existing_ stocks of
railways were not sufficient--when the bonds of States and of the
general government were insufficient in quantity to fill the maw of
the benevolent being called Wall Street--then an _artificial_ supply
must be created; that is, some scheme of debts must be invented by
which the people might be made to pay tribute to the good Wa