The picture of industrial organization and its possibilities is too simple to suggest that he had caught any far reaching glimpse into the future.

Industry, for him, is still in the last stage of handicraft; it is a matter of skillful workmanship and not of mechanical appliance.

Capital is still the laborious result of parsimony.

Credit is spoken of rather in the tones of one who sees it less as a new instrument of finance than a dangerous attempt by the aspiring needy to scale the heights of wealth.

Profits are always a justified return for productive labor; interest the payment for the use of the owner's past parsimony.