h extraordinary ability, by
business organizers, accountants, lawyers and bankers, who have
broadened the field of their endeavors until it includes not merely
"acquisitions," but all "property rights." Daniel Webster lived before
the era of corporations. He thought of "acquisitions" as property
secured through the personal efforts of the human being who possessed
it. To-day more than half of the total property and probably more than
three-quarters of productive wealth is owned by corporations. It
required ability and foresight to extend the right of "acquisitions" to
the rights of corporate stocks and bonds. The leaders among the property
owners possessed the necessary qualifications. They did their work
masterfully, and to-day corporate property rights are more securely
protected than were the rights of acquisitions a hundred years ago.

The safeguards that have been thrown about property are simple and
effective. They arose quite naturally out of the rapidly developing
structure of industrialism.

_First_--There was an immense increase in the amount of property and of
surplus in the hands of the wealth-owning class. After the new industry
was brought into being with the Industrial Revolution, economic life no
longer depended so exclusively upon agricultural land. Coal, iron,
copper, cement, and many other resources could now be utilized, making
possible a wider field for property rights. Again, the amount of surplus
that could be produced by one worker, with the assistance of a machine,
was much greater than under the agricultural system.

_Second_--The new method of conducting economic affairs gave the
property owners greater security of possession. Property holders always
have been fearful that some fate might overtake their property, forcing
them into the ranks of the non-possessors. When property was in the form
of bullion or jewels, the danger of loss was comparatively great. The
Feudal aristocracy, with its land-holdings, was more secure.
Land-holdings were also more satisfactory. Jewels and plate do not pay
any rent, but tenants do. Thus the owner of land had security plus a
regular income.

The corporation facilitated possession by providing a means (stocks and
bonds) whereby the property owner was under no obligation other than
that of clipping coupons or cashing interest checks upon "securities"
that are matters of public record; issued by corporations that make
detailed financial reports, and that are