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Precisely such a phenomenon occurred in this country a few years ago. Behind a dam of long-established customs of simplicity and frugality, concentrated private wealth had been rising for a generation with amazing rapidity. Suddenly it overflowed in a waterfall of luxurious living; and to-day the waterfall has become a Niagara.

The dam that has pent and narrowed the streams of national wealth is the concentration of property that has come about through the imperfect working of the law of combination which steam and electricity established. That imperfection has produced the multi-millionaire, the plutocrat, as the crowning inequality in a succession of inequalities. First, the man with a million or so; then the man with ten millions or so; then the man with fifty millions or so; now, the man with a hundred, with five hundred, with nearly a thousand millions. Every city has its plutocrats. In New York is the capital of plutocracy. As businesses combine, as wealth concentrates, the directors of business, the masters of wealth, segregate. Thus, New York is denuding the rest of the country of its plutocrats. Most of them live in New York now; the rest must soon come.