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196 thought that the rights and duties of the parties were defined by the contract which they made with each other. The new doctrine is that the employer becomes responsible for the welfare of the employees in a number of respects. They do not each remain what they were before this contract, independent members of society, each pursuing happiness in his own way according to his own ideas of it. The employee is not held to any new responsibility for the welfare of the employer; the duties are all held to lie on the other side. The employer must assure the employed against the risks of his calling, and even against his own negligence; the employee is not held to assure himself, as a free man with all his own responsibilities, although the scheme may be so devised that the assurance is paid for out of his wages; he is released from responsibility for himself. The common law recognizes the only true and rational liability of employers, viz., that which is deducible from the responsibilities which the employer has assumed in the relation. The new doctrines which are preached and which have been embodied in the legislation of some countries, are not based on any rational responsibility of the employer but on the fact that the employee may sometimes find himself in a very hard case, either through his own negligence or through unavoidable mischances of life, and that there is nobody else who can be made to take care of him but his employer.

In the advance of the industrial organization it has come about that interests have been subdivided and rights have been created in the various interests. The most important of these divisions is that between a specific interest, like that of the mortgagees or bond-holders, and a contingent interest, like that of the title-holder or the stock-holder. The tendency to separate