e stability of the industrial situation, so
that the output of the national industries greatly varied in different
years. But for the same reason that the amount of capital employed at
times of special insecurity was far less than at times of somewhat
greater security, a very large proportion was never employed at all,
because the hazard of business was always very great in the best of
times.

"It should be also noted that the great amount of capital always
seeking employment where tolerable safety could be insured terribly
embittered the competition between capitalists when a promising
opening presented itself. The idleness of capital, the result of its
timidity, of course meant the idleness of labor in corresponding
degree. Moreover, every change in the adjustments of business, every
slightest alteration in the condition of commerce or manufactures, not
to speak of the innumerable business failures that took place yearly,
even in the best of times, were constantly throwing a multitude of men
out of employment for periods of weeks or months, or even years. A
great number of these seekers after employment were constantly
traversing the country, becoming in time professional vagabonds, then
criminals. 'Give us work!' was the cry of an army of the unemployed at
nearly all seasons, and in seasons of dullness in business this army
swelled to a host so vast and desperate as to threaten the stability
of the government. Could there conceivably be a more conclusive
demonstration of the imbecility of the system of private enterprise as
a method for enriching a nation than the fact that, in an age of such
general poverty and want of everything, capitalists had to throttle
one another to find a safe chance to invest their capital and workmen
rioted and burned because they could find no work to do?

"Now, Mr. West," continued Dr. Leete, "I want you to bear in mind that
these points of which I have been speaking indicate only negatively
the advantages of the national organization of industry by showing
certain fatal defects and prodigious imbecilities of the systems of
private enterprise which are not found in it. These alone, you must
admit, would pretty well explain why the nation is so much richer than
in your day. But the larger half of our advantage over you, the
positive side of it, I have yet barely spoken of. Supposing the system
of private enterprise in industry were without any of the great leaks
I have mentioned; that t