Read it through once

The organization seemed indestructible. It was the tightest monopoly in the world. By the United States law, no man could become a pilot unless two duly licensed pilots signed his application; and now there was nobody outside of the association competent to sign. Consequently the making of pilots was at an end. Every year some would die and others become incapacitated by age and infirmity; there would be no new ones to take their places. In time, the association could put wages up to any figure it chose; and as long as it should be wise enough not to carry the thing too far and provoke the national government into amending the licensing system, steamboat owners would have to submit, since there would be no help for it.