from the crowded centers of population to acquire almost without cost land which would richly repay their labor, and to send their products to those markets, however distant, which would return them the largest amount of other products in exchange. Hence the accumulation of capital has outstripped the growth of population, great as the latter has been. It certainly would be a strange social phenomenon if the century which has seen the new continents of America, Australia, and Africa opened to the use of civilized man had also seen the mass of civilized men reduced to lower comfort than they previously enjoyed. The economists and social philosophers who have given countenance to this notion have not only made a professional blunder but also incurred a great responsibility.
3. It is said, however, that the gains have all been won by landlords and capitalists. In truth the vast increase in the production of means of subsistence, won at constantly diminishing outlay of labor and capital, has lowered money prices and made money wages worth more, and has, at the same time, lowered the rate of interest on capital and increased the demand for labor. It is not at all astonishing that the results have combined and accumulated so as to produce a crisis.
4. It is the fact, also, that the improvements have lowered the pressure of population at the old centers and have, therefore, lowered the rent of land, so that landlords are in the way of being ruined and the old landed aristocracies seem doomed to extinction.
It seems to be believed that we can have all these changes, and that the non-capitalist class can win all the benefit from them without any correlative inconvenience; but that is impossible in the nature of things. The changes which have come about have made life
