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401 or group of persons who may offer to do the service or administer the concern, and whom we will call the owners, or to place it in the hands of some single person or group of persons, elected or chosen by lot, whom we will call the official or group of officials? And if you were to suggest some method of election that would produce officials that, on the whole, were likely to manage worse than private owners, and to waste more than the private owner's probable profits, I should say then by all means leave the service or concern in private hands.

You see upon this principle the whole question of the administration of any affair turns upon the question. Which will give the maximum efficiency? It is very easy to say, and it stirs the heart and produces cheering in crowded meetings to say, "Let everything be owned by all and controlled by all for the good of all," and for the general purposes of a meeting it is quite possible to say that and nothing more. But if you sit down quietly by yourself afterwards and try and imagine things being "owned by all and controlled by all for the good of all," you will presently arrive at the valuable discovery in social and political science that the phrase means nothing whatever. It is also very striking, on such rhetorical occasions, to oppose the private owner to the community or the State or the municipality, and to suppose all the vices of humanity concentrated in private ownership, and all the virtues of humanity concentrated in the community; but indeed that clear and striking contrast will not stand the rough-and-tumble of the workaday world. A little examination of the matter will make it clear that the contrast lies between private owners and public officials—you must have officials, because you can't settle a railway time-table or make a bridge by public acclamation—and even there you will find it is not