and the man without capital should be equal. To affirm that they are equal would be to say that a man who has no tool can get as much food out of the ground as the man who has a spade or a plough; or that the man who has no weapon can defend himself as well against hostile beasts or hostile men as the man who has a weapon. If that were so, none of us would work any more. We work and deny ourselves to get capital just because, other things being equal, the man who has it is superior, for attaining all the ends of life, to the man who has it not. Considering the eagerness with which we all seek capital and the estimate we put upon it, either in cherishing it if we have it, or envying others who have it while we have it not, it is very strange what platitudes pass current about it in our society so soon as we begin to generalize about it. If our young people really believed some of the teachings they hear, it would not be amiss to preach them a sermon once in a while to reassure them, setting forth that it is not wicked to be rich, nay even, that it is not wicked to be richer than your neighbor.
It follows from what we have observed that it is the utmost folly to denounce capital. To do so is to undermine civilization, for capital is the first requisite of every social gain, educational, ecclesiastical, political, æsthetic, or other.
It must also be noticed that the popular antithesis between persons and capital is very fallacious. Every law or institution which protects persons at the expense of capital makes it easier for persons to live and to increase the number of consumers of capital while lowering all the motives to prudence and frugality by which capital is created. Hence every such law or institution tends to produce a large population, sunk in misery.
