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 and the employment afforded by the State will descend like water that the sun has sucked out of the sea to pour upon a mountain range; and back to the sea again it will come at last, debouching in ground rent and royalty and licence fees, in the fees of travellers and profits upon carrying and coinage and the like, in death duty, transfer tax, legacy and forfeiture, returning to the sea. Between the clouds and the sea it will run, as a river system runs, down through a great region of individual enterprise and interplay, whose freedom it will sustain. In that intermediate region between the kindred heights and deeps those beginnings and promises will arise that are the essential significance, the essential substance, of life. From our human point of view the mountains and sea exist for the habitable lands that lie between. So likewise the State is for Individualities. The State is for Individuals, the law is for freedoms, the world is for experiment, experience, and change: these are the fundamental beliefs upon which a modern Utopia must go.

Within this scheme, which makes the State the source of all energy and the final legatee, what will be the nature of the property a man may own? Under modern conditions—indeed, under any conditions—a man without some negotiable property is a man without freedom, and the extent of his property is very largely the measure of his freedom. Without any property, without even shelter or food, a man has no