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 twice over; he knows that some years hence his power of work will have disappeared, while his necessity of consumption will remain, and he defers his consumption of half the results of his labor till that time. Why should he look for added power of consumption as a reward for deferring his consumption for his own convenience? Without interest, thoughtful people would save, for the sake of comfort in their old age. It may however be conceded that the incitement to annex the results of the thrift of others—the only way in which big fortunes can be made—will disappear with the disappearance of interest, and the possibility of living idly by taxing the labor of others.

"It will not be possible to get money for railroads, tramcars, etc., if interest on share capital disappears." But the indestructible reason for making railroads, tramways, etc., is the need for the conveniences they afford. And Socialism would place the making and carrying on of all means of transit in the hands of local bodies, municipalities, and so forth, who would raise the requisite funds from the community which is to enjoy the increased facilities. These funds would be used in remuneration of the labor expended on them, and none would have a right to levy a perpetual tax on the public on the pretence of having lent the money originally employed in the construction. Now a man claims the right to tax all future labors and all future consumers for the benefit of his posterity, as a reward for having worked and saved, or mostly as a reward for having transferred into his own pockets the results of his neighbor's toil. It is time that the immorality of this claim should be pointed out, and that people should be told that while they may rightly save and live on their savings, they ought not to use their savings for the enslavement and the taxing of other people. An effective step towards the abolition of interest might be taken by the closing of the sources of idle investment, the taking over by local bodies of the local means of transit, the gas and water supply, etc., while the central authority takes over the railways. The question of compensation would be solved with the least amount of injustice to exploiters and exploited by paying over a yearly dividend to shareholders until the dividends amounted to a sum equal to the nominal value of the shares held; thus a £100 share would be extinguished by the payment of a sum of £10 annually for