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secured chiefly by the fruit of that same unpaid labor. To make this still more obvious, let us assume that he hires one of his laborers to be superintendent in his own place, and does nothing himself but cash the net proceeds—is it not clear that, if his original investment is to return. to him, and to return in the double amount, all his $20,000 are the proceeds of partly-paid labor? This latter case is by no means an impossible case. Almost all the greatest Capitalistic Production is now-a-days carried on by share companies whose members have nothing to do but to vote who shall be manager, and to write receipts for their dividends.
But it may be objected that a great amount of talent, business experience, and circumspection is required to carry on some kinds of productive industries. Is it not becoming and just that these qualities should be well rewarded, being so rare? Well, let them have their fullest reward, is our answer; but no more than that. Why should there be an extra reward for the capital in the hands of that employer? Has capital a soul? has it talent, business experience, and circumspection?
Again, the objection may be raised that no capitalist would care for investing his money in industrial enterprises, unless these bear him an interest on the capital. Who then would introduce new industries and advance the progress of the nations? We answer that the necessary capital is of secondary importance, but the science and technical experience needed in every business is of the first importance. If a community, a state, or the nation have confidence in the mental and moral qualities of a number of Co-operative workingmen, and loan them, as to a corporation, the capital necessary for a certain industry without any, or at a merely nominal interest, the loaner would be more benefited by the increased capacity of paying taxes, on the part of the Co-operators, than by a high rate of interest. But we shall later see that it is scarcely necessary to support Co-operation by capital, if the public institutions and laws be different from what they now are.
The most absurd of all objections that commonly are heard in favor of Capitalistic Production is, that the capitalists who undertake industrial production are running great risks, and losing, during bad times, a great deal; and that, as a compensation, they should be allowed to indemnify themselves by corresponding profits in good times. We answer that they would not care to be simply indemnified for losses, if there were no excessive profits allowed. Their risks are altogether voluntary, and no sensible man thinks that they should be forced to such hazardous enterprises. The laborers, on the other hand, run far greater risks, and
