Equality - Cover

Equality

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Chapter XVII: The Revolution Saves Private Property From Monopoly

“Really,” said her mother, “Edith touched the match to quite a large discussion when she suggested that you should open the safe for us.”

To which I added that I had learned more that morning about the moral basis of economic equality and the grounds for the abolition of private property than in my entire previous experience as a citizen of the twentieth century.

“The abolition of private property!” exclaimed the doctor. “What is that you say?”

“Of course,” I said, “I am quite ready to admit that you have something--very much better in its place, but private property you have certainly abolished--have you not? Is not that what we have been talking about?”

The doctor turned as if for sympathy to the ladies. “And this young man,” he said, “who thinks that we have abolished private property has at this moment in his pocket a card of credit representing a private annual income, for strictly personal use, of four thousand dollars, based upon a share of stock in the wealthiest and soundest corporation in the world, the value of his share, calculating the income on a four-per-cent basis, coming to one hundred thousand dollars.”

I felt a little silly at being convicted so palpably of making a thoughtless observation, but the doctor hastened to say that he understood perfectly what had been in my mind. I had, no doubt, heard it a hundred times asserted by the wise men of my day that the equalization of human conditions as to wealth would necessitate destroying the institution of private property, and, without having given special thought to the subject, had naturally assumed that the equalization of wealth having been effected, private property must have been abolished, according to the prediction.

“Thanks,” I said; “that is it exactly.”

“The Revolution,” said the doctor, “abolished private capitalism--that is to say, it put an end to the direction of the industries and commerce of the people by irresponsible persons for their own benefit and transferred that function to the people collectively to be carried on by responsible agents for the common benefit. The change created an entirely new system of property holding, but did not either directly or indirectly involve any denial of the right of private property. Quite on the contrary, the change in system placed the private and personal property rights of every citizen upon a basis incomparably more solid and secure and extensive than they ever before had or could have had while private capitalism lasted. Let us analyze the effects of the change of systems and see if it was not so.”

“Suppose you and a number of other men of your time, all having separate claims in a mining region, formed a corporation to carry on as one mine your consolidated properties, would you have any less private property than you had when you owned your claims separately? You would have changed the mode and tenure of your property, but if the arrangement were a wise one that would be wholly to your advantage, would it not?”

“No doubt.”

“Of course, you could no longer exercise the personal and complete control over the consolidated mine which you exercised over your separate claim. You would have, with your fellow-corporators, to intrust the management of the combined property to a board of directors chosen by yourselves, but you would not think that meant a sacrifice of your private property, would you?”

“Certainly not. That was the form under which a very large part, if not the largest part, of private property in my day was invested and controlled.”

“It appears, then,” said the doctor, “that it is not necessary to the full possession and enjoyment of private property that it should be in a separate parcel or that the owner should exercise a direct and personal control over it. Now, let us further suppose that instead of intrusting the management of your consolidated property to private directors more or less rascally, who would be constantly trying to cheat the stockholders, the nation undertook to manage the business for you by agents chosen by and responsible to you; would that be an attack on your property interests?”

“On the contrary, it would greatly enhance the value of the property. It would be as if a government guarantee were obtained for private bonds.”

“Well, that is what the people in the Revolution did with private property. They simply consolidated the property in the country previously held in separate parcels and put the management of the business into the hands of a national agency charged with paying over the dividends to the stockholders for their individual use. So far, surely, it must be admitted the Revolution did not involve any abolition of private property.”

“That is true,” said I, “except in one particular. It is or used to be a usual incident to the ownership of property that it may be disposed of at will by the owner. The owner of stock in a mine or mill could not indeed sell a piece of the mine or mill, but he could sell his stock in it; but the citizen now can not dispose of his share in the national concern. He can only dispose of the dividend.”

 
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