dertakings without a profit, so long can they not be taken
seriously. Profit consists in part of the salary of direction, in part
of the earnings set aside for effecting the necessary alterations,
improvements, and extensions, and for forming a reserve fund for
making losses good, &c. Therefore abandonment of profit would mean the
decline and decay of the national capital.

FOOTNOTES:

[729] Davidson, _Free Trade_ v. _Fettered Transport_, p. 9.

[730] _Ibid._ p. 7.

[731] _Reformers' Year Book_, 1907, pp. 119, 120.

[732] Hyndman, _Real Reform_, p. 14.

[733] _Fabianism and the Fiscal Question_, p. 17.

[734] Macdonald, _Labour and the Empire_, p. 96.

[735] _Reformers' Year Book_, 1907, p. 120.

[736] _Independent Labour Party Report, Annual Conference_, 1907, p.
50.

[737] _Socialism and Labour Policy_, p. 14.

[738] Blatchford, _Britain for the British_, p. 86.

[739] Sorge, _Socialism and the Worker_, p. 13.

[740] Davidson, _Free Trade and Fettered Transport_, p. 17.

[741] Davidson, _Free Rails and Trams_, p. 9.

[742] _Ibid._ p. 13.

[743] Davidson, _Free Rails and Free Trams_, p. 7.

[744] _Ibid._ p. 14.

[745] _Public Control of Electric Power and Transit_, p. 10.

[746] Davidson, _Free Rails and Trams_, p. 5.

[747] Davidson, _The Old Order and the New_, p. 158.

[748] _Public Control of Electric Power and Transit_, p. 14.

[749] _Fabianism and the Fiscal Question_, p. 16.

[750] _Fabianism and the Fiscal Question_, p. 16.

CHAPTER XX

SOME SOCIALIST VIEWS ON MONEY, BANKS, AND BANKING

All Socialists wish to abolish private capital. Money embodies private
capital in its most portable form. It can easily be hidden, and as the
Socialists wish to prevent the re-accumulation of new private capital,
the abolition of money, and especially of gold and silver, has
prominently figured in all Socialistic programmes since the time of
Protagoras and of Plato. Socialists wish to effect the exchange of
commodities, the payment of labour, and the settlement of accounts
mainly by book-keeping.

"As there are no wares in the new community neither will there be any
money."[751] "In the Social-Democratic State the citizen will be
granted an income, which will be indicated by labour checks or credit
cards, as advocated by Gronlund, Bellamy, and John Carruthers."[752]
"Under ideal Socialism there would be no money at all and no wages.
The industry of the country would be organised and man