Though the state will enforce no private contracts of any sort, it does not forbid them. - Edward Bellamy

Your system was liable to periodical convulsions...business crises at intervals of five to ten years, which wrecked the industries of the nation.

The organization of society with you was such that officials were under a constant temptation to misuse their power for the private profit of themselves or others. Under such circumstances it seems almost strange that you dared entrust them with any of your affairs. Nowadays, on the contrary, society is so constituted that there is absolutely no way in which an official, however ill-disposed, could possibly make any profit for himself or any one else by a misuse of his power. Let him be as bad an official as you please, he cannot be a corrupt one. There is no motive to be. The social system no longer offers a premium on dishonesty.

The actual expense of your colleges appears to have been very low, and would have been far lower if their patronage had been greater. The higher education nowadays is as cheap as the lower, as all grades of teachers, like all other workers, receive the same support. We have simply added to the common school system of compulsory education, in vogue in Massachusetts a hundred years ago, a half dozen higher grades, carrying the youth to the age of twenty-one and giving him what you used to call the education of a gentleman, instead of turning him loose at fourteen or fifteen with no mental equipment beyond reading, writing, and the multiplication table.