Supposing the system of private enterprise in industry were without any of the great leaks I have mentioned; that there were no waste on account of misdirected effort growing out of mistakes as to the demand, and inability to command a general view of the industrial field.

Suppose, also, there were no neutralizing and duplicating of effort from competition.

Suppose, also, there were no waste from business panics and crises through bankruptcy and long interruptions of industry, and also none from the idleness of capital and labor.

Supposing these evils, which are essential to the conduct of industry by capital in private hands, could all be miraculously prevented, and the system yet retained; even then the superiority of the results attained by the modern industrial system of national control would remain overwhelming.
"You used to have some pretty large textile manufacturing establishments, even in your day, although not comparable with ours.

No doubt you have visited these great mills in your time, covering acres of ground, employing thousands of hands, and combining under one roof, under one control, the hundred distinct processes between, say, the cotton bale and the bale of glossy calicoes.