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 mass of irresponsible property that is so unavoidable and so threatening under present conditions. The attack will, of course, be made along lines that the developing science of economics will trace in the days immediately before us. A scheme of death-duties and of heavy graduated taxes upon irresponsible incomes, with perhaps, in addition, a system of terminable liability for borrowers, will probably suffice to control the growth of this creditor elephantiasis. The detailed contrivances are for the specialist to make. If there is such a thing as bitterness in the public acts of the New Republicans, it will probably be found in the measures that will be directed against those who are parasitic, or who attempt to be parasitic, upon the social body, either by means of gambling, by manipulating the medium of exchange, or by such interventions upon legitimate transactions as, for example, the legal trade union in Great Britain contrives in the case of house property and land. Simply because he fails more often than he succeeds, there is still a disposition among sentimental people to regard the gambler or the speculator as rather a dashing, adventurous sort of person, and to contrast his picturesque gallantry with the sober certainties of honest men. The men of the New Republic will be obtuse to the glamour of such romance; they will regard the gambler simply as a mean creature who hangs about the social body in the hope of getting something for nothing, who runs risks to filch the possessions of other men exactly as a thief does. They will put the two on a footing; and the generous gambler, like the kindly drunkard,