ORGANIZATION OF MANUFACTURERS 281 



Thus we see that the world moves on step by step toward 

 better conditions. Just as the mechanical world has changed 

 and improved, so has advanced the world of labor from the 

 slavery of the laborer to the day of his absolute independence, 

 and now to this day when he begins to take his proper place 

 as the capitalist partner of his employer. We may look for- 

 ward with hope to the day when it shall be the rule that the 

 workman is partner with capital, the man of affairs giving his 

 business experience, the workingman in the mill giving his 

 mechanical skill to the company, both owners in the shares 

 and so far equally interested in the success of their joint efforts, 

 each indispensable, without whose co-operation success were 

 impossible. It is a splendid vista along which we are per- 

 mitted to gaze. 



Perhaps I may be considered much too sanguine in this 

 forecast, which no doubt will take time to realize, but as 

 the result of my experience I am convinced that the huge 

 combination, and even the moderate corporations, have no 

 chance in competition with the partnership which embraces 

 the principal officials and has adopted the system of payment 

 by bonus or reward throughout its works. The latter may 

 be relied upon as a rule to earn handsome dividends in times 

 of depression, during which the former, conducted upon the 

 old plan, will incur actual loss and perhaps land in financial 

 embarrassment. In speaking of corporations we must not 

 forget, however, that there are many who are corporations in 

 name only, their management being the life work of their few 

 owners. These rank with partnerships, having all the ad- 

 vantages of this form. The true corporation is that whose 

 shares are upon the stock exchange and whose real owners 

 change constantly and are often unknown even to the presi- 

 dent and directors, while to the workmen they are mere ab- 

 stractions. It is impossible to infuse through their ranks the 

 sentiment of personal regard and loyalty in all its wonderful 

 power. 



The idea of making every workman a capitalist and of 

 sharing large percentages of the profits among those rendering 

 exceptional service will probably encounter the opposition of 

 the extremists on both sides, the violent revolutionist of 



