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 ten years, leaving the shareholder richer than he was originally by all the interest received during the past, but terminating his right to tax within a brief period.

There is, however, one argument in favor of interest which brings conviction to many minds; an individual wants to perform a piece of productive work, but has no capital and is unable to do it; he borrows the capital and performs the work; since the man who lent the capital has facilitated the doing of the work, ought he not to share in the product, which would have had no existence but for his capital? Now it might be answered to this that if his capital is returned to him in full he has lost nothing by the transaction, but has, on the contrary, gained the advantage of having his money taken care of without trouble to himself, and returned to him uninjured at the time that he requires it. But the real answer is that interest is inevitable so long as Capital remains in private hands, so long as individuals are permitted to annex the results of the unpaid labor of others, and so manufacture a lien on all future industry. Interest will only be abolished when the results of the past unpaid labor of many are held by the many to facilitate the future labor of many. Now, industry can only be carried on with the permission and the assistance of those whose stores of wealth have been piled up for them by thousands of patient toilers; and that permission and assistance can only be gained by taxing labor for the enrichment of the lender. In the future those vast stores will be used to carry on production, and while labor will constantly replace the capital it uses in production, it will not also be taxed for the benefit of individuals. Interest and private property in the means of production must stand and fall together. At the present time no law against usury could be passed, and even were the passing of such a law possible it would be a dead letter, so thoroughly is the present system built on the paying of interest. All Socialists can do for the moment is to expose the fundamental dishonesty and injustice of usury, and so pave the way for a better state of things.

Apart from the abuse of Capital here indicated Capital has a function which, of course, no Socialist ignores. Capital is necessary for all forms of industry, and its function is: to save labor, as by machinery; to facilitate it, by the introduction of improvements therein; to support it while it