As long as the economic opportunities of American life consisted chiefly in the appropriation and improvement of uncultivated land, the average energetic man had no difficulty in obtaining his fair share of the increasing American economic product; but the time came when such opportunities, although still important, were dwarfed by other opportunities, incident to the development of a more mature economic system.  These opportunities, which were, of course, connected with the manufacturing, industrial, and technical development of the country, demanded under American conditions a very special type of man—­the man who would bring to his task not merely energy, but unscrupulous devotion, originality, daring, and in the course of time a large fund of instructive experience.  The early American industrial conditions differed from those of Europe in that they were fluid, and as a result of this instability, extremely precarious.  Rapid changes in markets, business methods, and industrial machinery made it very difficult to build up a safe business.  A manufacturer or a merchant could not secure his business salvation, as in Europe, merely by the adoption of sound conservative methods.  The American business man had greater opportunities and a freer hand than his European prototype; but he was also beset by more severe, more unscrupulous, and more dangerous competition.  The industrious and thrifty farmer could be tolerably sure of a modest competence, due partly to his own efforts, and partly to the increased value of his land in a more populous community; but the business man had no such security.  In his case it was war to the knife.  He was presented with a choice between aggressive daring business operations, and financial insignificance or ruin.

No doubt this situation was due as much to the temper of the American business man as to his economic environment.  American energy had been consecrated to economic development.  The business man in seeking to realize his ambitions and purposes was checked neither by government control nor social custom.  He had nothing to do and nothing to consider except his own business advancement and success.  He was eager, strenuous, and impatient.  He liked the excitement and the risk of large operations.  The capital at his command was generally too small for the safe and conservative conduct of his business; and he was consequently obliged to be adventurous, or else to be left behind in the race.  He might well be earning enormous profits one year and skirting bankruptcy the next.  Under such a stress conservatism and caution were suicidal.  It was the instinct of self-preservation, as well as the spirit of business adventure, which kept him constantly seeking for larger markets, improved methods, or for some peculiar means of getting ahead of his competitors.  He had no fortress behind which he could hide and enjoy his conquests.  Surrounded as he was by aggressive enemies and undefended frontiers, his best means of