302 INDUSTRIAL REVOLUTION AND WAGES

interest in railroad stocks and at the same time proper returns
 would be assured to capital and charges to the public
 reduced.
A similar situation, he added, could also be brought
about in the anthracite coal-mining industry within ten
years, and in the bituminous branch of the industry within
fifteen years.
Of equal interest, from a standpoint of real democracy,
are his ideas relative to the functions and objects of the
banking institutions which have been developed as a part of
the Mitten Plan. In a recent interview in The Savings
Bank Journal, he said :*

The labor bank of the future, to be increasingly useful to
the community, should consider labor in the broader sense.
By that I mean the combination of brains with brawn, management
 with men. . . . The success of the Mitten Bank has
been due to a judicious mingling of the efforts of trained
management and constructive labor, which in turn has been
made possible by the confidence engendered by years of
working together toward a mutual end.
The forces of labor in this country, aggressively led, could
within one generation control the entire financial structure
of the country. To the conservative old-line banker such a
possibility smacks of socialism. But there is an adequate
safety-valve in that labor could never acquire such an influence
 except by following such a forward-looking policy of
cooperation with management that the resultant good to
all concerned would banish forever the possibility that the
forces of labor would use their power toward destructive
ends.

The point of underlying interest and significance in the
present connection, however, cannot be over-emphasized.
It is that a constructive program, recognizing the accepted
1 Quoted from Service Talks, Mitten Management, Inc., March 27, 1928.
Vol. 9. No. 6.