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financial cunning than if he used a club, simply because no one has any right to take advantage of any one else or to deal with him otherwise than justly by any means whatever. The end itself being immoral, the means employed could not possibly make any difference. Moralists at a pinch used to argue that a good end might justify bad means, but none, I think, went so far as to claim that good means justified a bad end; yet this was precisely what the defenders of the old property system did in fact claim when they argued that it was right for a man to take away the living of others and make them his servants, if only his triumph resulted from superior talent or more diligent devotion to the acquisition of material things.

"But indeed the theory that the monopoly of wealth could be justified by superior economic ability, even if morally sound, would not at all have fitted the old property system, for of all conceivable plans for distributing property, none could have more absolutely defied every notion of desert based on economic effort. None could have been more utterly wrong if it were true that wealth ought to be distributed according to the ability and industry displayed by individuals."

"All this talk started with the discussion of Julian's fortune. Now tell us, Julian, was your million dollars the result of your economic ability, the fruit of your industry?"

"Of course not," I replied. "Every cent of it was inherited. As I have often told you, I never lifted a finger in a useful way in my life."

"And were you the only person whose property came to him by descent without effort of his own?"

"On the contrary, title by descent was the basis and backbone of the whole property system. All land, except in the newest countries, together with the bulk of the more stable kinds of property, was held by that title."

"Precisely so. We hear what Julian says. While the moralists and the clergy solemnly justified the inequalities of wealth and reproved the discontent of the poor on the ground that those inequalities were justified by natural differences in ability and diligence, they knew all the time, and everybody knew who listened to them, that the foundation principle of the whole property system was not ability, effort, or desert of any kind whatever, but merely the accident of birth, than which no possible claim could more completely mock at ethics."

"But, Julian," exclaimed Edith, "you must surely have had some way of excusing yourself to your conscience for retaining in the presence of a needy world such an excess of good things as you had!"

"I am afraid," I said, "that you can not easily imagine how callous was the cuticle of the nineteenth-century conscience. There may have been some of my class on the intellectual plane of little Jack Horner in Mother Goose, who concluded he must be a good boy because he pulled out a plum, but I did not at least belong to that grade. I never gave much thought to the subject of my right to an abundance which I had done nothing to earn in the midst of a starving world of toilers, but occasionally, when I did think of it, I felt like craving pardon of the beggar who asked alms for being in a position to give to him."

"It is impossible to get up any sort of a quarrel with Julian," said the doctor; "but there were others of his class less rational. Cornered as to their moral claim to their possessions, they fell back on that of their ancestors. They argued that these ancestors, assuming them to have had a right by merit to their possessions, had as an incident of that merit the right to give them to others. Here, of course, they absolutely confused the ideas of legal and moral right. The law might indeed give a person power to transfer a legal title to property in any way that suited the lawmakers, but the meritorious right to the property, resting as it did on personal desert, could not in the nature of moral things be transferred or ascribed to any one else. The cleverest lawyer would never have pretended that he could draw up a document that would carry over the smallest tittle of merit from one person to another, however close the tie of blood.

"In ancient times it was customary to hold children responsible for the debts of their fathers and sell them into slavery to make satisfaction. The people of Julian's day found it unjust thus to inflict upon innocent offspring the penalty of their ancestors' faults. But if these children did not deserve the consequences of their ancestors' sloth, no more had they any title to the product of their ancestors' industry. The barbarians who insisted on both sorts of inheritance were more logical than Julian's contemporaries, who, rejecting one sort of inheritance, retained the other. Will it be said that at least the later theory of inheritance was more humane, although one-sided? Upon that point you should have been able to get the opinion of the disinherited masses who, by reason of the monopolizing of the earth and its resources from generation to generation by the possessors of inherited property, were left no place to stand on and no way to live except by permission of the inheriting class."

"Doctor," I said, "I have nothing to offer against all that. We who inherited our wealth had no moral title to it, and that we knew as well as everybody else did, although it was not considered polite to refer to the fact in our presence. But if I am going to stand up here in the pillory as a representative of the inheriting class, there are others who ought to stand beside me. We were not the only ones who had no right to our money. Are you not going to say anything about the money makers, the rascals who raked together great fortunes in a few years by wholesale fraud and extortion?"

"Pardon me, I was just coming to them," said the doctor. "You ladies must remember," he continued, "that the rich, who in Julian's day possessed nearly everything of value in every country, leaving the masses mere scraps and crumbs, were of two sorts: those who had inherited their wealth, and those who, as the saying was, had made it. We have seen how far the inheriting class were justified in their holdings by the principle which the nineteenth century asserted to be the excuse for wealth--namely, that individuals were entitled to the fruit of their labors. Let us next inquire how far the same principle justified the possessions of these others whom Julian refers to, who claimed that they had made their money themselves, and showed in proof lives absolutely devoted from childhood to age without rest or respite to the piling up of gains. Now, of course, labor in itself, however arduous, does not imply moral desert. It may be a criminal activity. Let us see if these men who claimed that they made their money had any better title to it than Julian's class by the rule put forward as the excuse for unequal wealth, that every one has a right to the product of his labor. The most complete statement of the principle of the right of property, as based on economic effort, which has come down to us, is this maxim: 'Every man is entitled to his own product, his whole product, and nothing but his product.' Now, this maxim had a double edge, a negative as well as a positive, and the negative edge is very sharp. If everybody was entitled to his own product, nobody else was entitled to any part of it, and if any one's accumulation was found to contain any product not strictly his own, he stood condemned as a thief by the law he had invoked. If in the great fortunes of the stockjobbers, the railroad kings, the bankers, the great landlords, and the other moneyed lords who boasted that they had begun life with a shilling--if in these great fortunes of mushroom rapidity of growth there was anything that was properly the product of the efforts of any one but the owner, it was not his, and his possession of it condemned him as a thief. If he would be justified, he must not be more careful to obtain all that was his own product than to avoid taking anything that was not his product. If he insisted upon the pound of flesh awarded him by the letter of the law, he must stick to the letter, observing the warning of Portia to Shylock:

Nor cut thou less nor more
But just a pound of flesh; if thou tak'st more
Or less than a just pound, be it so much
As makes light or heavy in the substance,
Or the division of the twentieth part
Of one poor scruple; nay, if the scale do turn
But in the estimation of a hair,
Thou diest, and thy goods are confiscate.

How many of the great fortunes heaped up by the self-made men of your day, Julian, would have stood that test?"

"It is safe to say," I replied, "that there was not one of the lot whose lawyer would not have advised him to do as Shylock did, and resign his claim rather than try to push it at the risk of the penalty. Why, dear me, there never would have been any possibility of making a great fortune in a lifetime if the maker had confined himself to his own product. The whole acknowledged art of wealth-making on a large scale consisted in devices for getting possession of other people's product without too open breach of the law. It was a current and a true saying of the times that nobody could honestly acquire a million dollars. Everybody knew that it was only by extortion, speculation, stock gambling, or some other form of plunder under pretext of law that such a feat could be accomplished. You yourselves can not condemn the human cormorants who piled up these heaps of ill-gotten gains more bitterly than did the public opinion of their own time. The execration and contempt of the community followed the great money-getters to their graves, and with the best of reason. I have had nothing to say in defense of my own class, who inherited our wealth, but actually the people seemed to have more respect for us than for these others who claimed to have made their money. For if we inheritors had confessedly no moral right to the wealth we had done nothing to produce or acquire, yet we had committed no positive wrong to obtain it."

"You see," said the doctor, "what a pity it would have been if we had forgotten to compare the excuse offered by the nineteenth century for the unequal distribution of wealth with the actual facts of that distribution. Ethical standards advance from age to age, and it is not always fair to judge the systems of one age by the moral standards of a later one. But we have seen that the property system of the nineteenth century would have gained nothing by way of a milder verdict by appealing from the moral standards of the twentieth to those of the nineteenth century. It was not necessary, in order to justify its condemnation, to invoke the modern ethics of wealth which deduce the rights of property from the rights of man. It was only necessary to apply to the actual realities of the system the ethical plea put forth in its defense--namely, that everybody was entitled to the fruit of his own labor, and was not entitled to the fruit of anybody's else--to leave not one stone upon another of the whole fabric."

"But was there, then, absolutely no class under your system," said Edith's mother, "which even by the standards of your time could claim an ethical as well as a legal title to their possessions?"

"Oh, yes," I replied, "we have been speaking of the rich. You may set it down as a rule that the rich, the possessors of great wealth, had no moral right to it as based upon desert, for either their fortunes belonged to the class of inherited wealth, or else, when accumulated in a lifetime, necessarily represented chiefly the product of others, more or less forcibly or fraudulently obtained. There were, however, a great number of modest competencies, which were recognized by public opinion as being no more than a fair measure of the service rendered by their possessors to the community. Below these there was the vast mass of well-nigh wholly penniless toilers, the real people. Here there was indeed abundance of ethical title to property,

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