Herbert Croly, The Promise of American Life — Chapter VII (1909)
“ Americans are just beginning to learn that the great freedom which the individual property-owner has enjoyed is having the inevitable result of all unrestrained exercise of freedom. It has tended to create a powerful but limited class whose chief object it is to hold and to increase the power which they have gained; and this unexpected result has presented the American democracy with the most difficult and radical of its problems. Is it to the interest of the American people as a democracy to permit the increase or the perpetuation of the power gained by this aristocracy of money? ”
