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If competition was displaced by combinations of a genuinely cooperative character in which the whole gain of improved economies passed, either to the workers in wages, or to large bodies of investors in dividends, the expansion of demand in the home markets would be so great as to give full employment to the productive powers of concentrated capital, and there would be no self-accumulating masses of profit expressing themselves in new credit and demanding external employment.
Of the hostility of nullification to the prosperity of the free states he thus speaks: "The root of the doctrine of nullification is that if the internal improvement of the country should be left to the legislative management of the national government, and the proceeds of the sales of the public lands should be applied as a perpetual and self-accumulating fund for that purpose, the blessings unceasingly showered upon the people by this process would so grapple the affections of the people to the national authority, that it would, in process of time, overshadow that of the state governments, and settle the preponderancy of power in the free states; and then the undying worm of conscience twinges with terror for the fate of the peculiar institution.
It is the ``monopoly'' profits of trusts and combines, taken either in construction, financial operation, or industrial working, that form a gathering fund of self-accumulating credit whose possession by the financial class implies a contracted demand for commodities and a correspondingly restricted employment for capital in American industries.
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