Far from turning toward any conception of dictatorship of the proletariat, of surrendering power either into the hands of labor or of the trustees of labor, the new plan was to concentrate into a trusteeship of capital a new and far-reaching power which would dominate the government of the United States. This was not a petty bourgeois development, following the overthrow of agrarian feudalism in the South. It was, on the contrary, a new feudalism based on monopoly—but not monopoly of the agricultural possibilities of the land so much as of its wealth in raw material, in copper, iron, oil and coal, particularly monopoly of the transportation of these commodities on new public iron roads privately sequestered, and finally, of the manufacture of goods by new machines and privileged technique. This new feudalism was destined to crush the small capitalist as ruthlessly as it controlled labor, and even before the panic of 1873, it was beginning to consolidate its power.