America represented to prospective immigrants as the country of work has actually become a fool's paradise, where the native Americans at any rate live on their wits, and everything is being imported from Europe. The American only works till he has enough to start speculating. This desire to become rich without labor also appears in Germany, but there the firmer social structure keeps the greed of the individual in bounds.

While America gets quite absurdly excited about monarchy, aristocracy and other forms of government that are here quite impossible, there is growing up a power which threatens to overshadow the U. S. which might destroy the moral and material existence of the State much more thoroughly than all the emperors, kings and junkers of Europe: namely, Speculation outgrowing productive labor and the big money corporations.