INTRODUCTORY. 



The genius of the American business man is respected the 

 world over. It is the natural product of American conditions: 

 great natural resources, a wide expanse of country, an aggressive 

 people, a democratic government, a great personal freedom, and 

 a high social approval of competitive success, are conditions 

 which foster big business achievement. It is probably natural 

 that a people thus successful should be so impressed with its 

 wonderful industrial and commercial organization that it forgets 

 or does not inquire about the origin and development of that 

 organization. 



But America has been a great business laboratory ; its industrial 

 and commercial history shows a rapid turn-over of inventions and 

 improved processes and devices. These have had a tremendous 

 effect on our social and political life. Adequate studies have never 

 been made of our mercantile system. This monograph is an 

 inquiry into the early history of one business device that was not 

 only basic in an economic way but also vitally affected national 

 policy and politics. Auctions are a very common device for sell- 

 ing goods. They, like other middleman devices, are so common- 

 place that one may w^onder with w^hat warrant can an historical 

 study be made of them. But these commonplace methods and 

 devices of business have exercised an influence too little known 

 and too little realized, upon our economic, social and political 

 history. 



