of wealth is a force of peculiar social significance. It
might perhaps be referred to as the class consciousness of the wealthy
except that it manifests itself among people who have recently acquired
wealth, more violently, in some cases, than it appears among those whose
families have possessed wealth for generations. Then, the cohesion of
wealth is not always an intelligent force. In the case of some persons
it is largely instinctive.

Originally, the cohesion of wealth expresses itself instinctively among
a group of wealth owners. They may be competing fiercely as in the case
of a group of local banks, department stores, or landlords, but let a
common enemy appear, with a proposition for currency reform, labor
legislation or land taxation and in a twinkling the conflicting
interests are thrown to the winds and the property owners are welded
into a coherent, unified group. This is the beginning of a wealth
cohesion which develops rapidly into a wealth consciousness.

American business, a generation ago, was highly competitive. Each
business man's hand was raised against his neighbor and the downfall of
one was a matter of rejoicing for all. The bitter experience of the
nineties drove home some lessons; the struggles with labor brought some
more; the efforts at government regulations had their effect; but most
of all, the experience of meeting with men in various lines of business
and discussing the common problems through the city, state and national
and business organizations led to a realization of the fact that those
who owned and managed business had more in common than they had in
antagonism. By knifing one another they made themselves an easy prey for
the unions and the government. By pooling ideas and interests they
presented a solid front to the demands of organized labor and the
efforts of the public to enforce regulation.

"Plutocracy" means control by those who own wealth. The "plutocratic
class" consists of that group of persons who control community affairs
because they own property. This class, because of its property
ownership, is compelled to devote time and infinite pains to the task of
safeguarding the sacred rights of property. It is to that task that the
leaders of the American plutocracy have committed themselves, and it is
from the results of that accomplished work that they are turning to new
labors.

FOOTNOTES:

[41] Speech in the Senate, June 20, 1832. Works Colvin Colton, ed. New
York,