What is the Time Traveller's original assumption about the relationship between the Eloi and the Morlocks in The Time Machine?

When the Time Traveller discovers the existence of the
Morlocks, he believes that humanity has evolved into two distinct life forms after aeons
of having two castes of humans: the haves and the have nots. The Morlocks, as the
laboures in this scenario, have been distanced and kept separate from the Eloi, who he
thinks are the aristocracy. The "widening gulf" that exists between the haves and the
have nots, which the Time Traveller can find a disturbing parallel with in his own
world, would have widened ever further as culture and customs keep them separate, until
eventually you have two different species evolving:

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So, in the end, above ground you must have the
Haves, pursuing pleasure and comfort and beauty, and below ground the Have-nots, the
workers getting continually adapted to the conditions of their
labour.

The Time Traveller
concludes that the Have-nots would then have to pay some sort of rent to the Haves as
they would be in bondage to the Haves. It is of course in this that he is disturbingly
mistaken, as the rest of the novel goes on to show and as he learns more about the
Morlocks.