s--value of
property owned--had increased from 1,192 millions to 2,624 millions of
dollars; the gain in surplus, during the four years, was 1,941
millions; the increase in "working capital" was 1,876 millions. These
corporations, representing only a small fraction of the total business
of the country, had added billions to their property values during the
four years.

These various items,--up-keep; depreciation; insurance; taxes; interest;
dividends and surplus,--are recognized universally by legislatures and
courts as "legitimate" outlays. They, therefore, are elements that are
always present in the computation of a "fair" price. The cost to the
consumer of coffee, shoes, meat, blankets, coal and transportation are
all figured on such a basis. Hence, it will be seen that each time the
consumer buys a pair of shoes or a pound of meat, he is paying, with
part of his money, for the stabilizing of property.

Fifth. Property titles under this system are rendered immortal. A
thousand dollars, invested in 1880 in 5 per cent. 40 year bonds, will
pay to the owner $2,000 in interest by 1920, at which time the owner
gets his original thousand back again to be re-invested so long as he
and his descendants care to do so. The dollar, invested in the business
of the steel corporation, by the technical processes of bookkeeping, is
constantly renewed. Not only does it pay a return to the owner, but
literally, it never dies.

The community is built upon labor. Its processes are continued and its
wealth is re-created by labor. The men who work on the railroad keep the
road operating; those who own the railroad owe to it no personal fealty,
and perform upon it no personal service. If the worker dies, the train
must stop until he is replaced; if the owner dies, the clerk records a
change of name in the registry books.

The well-ordered society will encourage work. It will aim to develop
enthusiasm, to stimulate activity. Nevertheless, in "practical America"
a scheme of economic organization is being perfected under which the
cream of life goes to the owners. They have the amplest opportunities.
They enjoy the first fruits.

4. _Property Rights and Civilization_

Under these circumstances, it is easy to see how "the rights of
property" soon comes to mean the same thing as "civilization," and how
"the preservation of law and order" is always interpreted as the
protection of property. With a community organized on a basis which
rend