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My correspondent, who, by the way, is a highly intelligent man, and has a most clear understanding of the money question, should point out the truths that I have derided before accusing me of deriding any. I certainly never have derided the truth contained in Ricardo's theory of rent. What I have derided is Henry George's proposal that a majority of the people shall seize this rent by force and expend it for their own benefit, or perhaps for what they are pleased to consider the benefit of the minority. I have also derided many of the arguments by which Mr. George has attempted to justify this proposal, many of which he has used in favor of interest and other forms of robbery, and his ridiculous pretence that he is a champion of liberty. But I have never disputed that, under the system of land monopoly, certain individuals get, in the form of rent, a great deal that they never earned by their labor, or that it would be a great blessing if some plan should be devised and adopted whereby this could be prevented without violating the liberty of the individual. I am convinced, however, that the abolition of the money monopoly, and the refusal of protection to all land titles except those of occupiers, would, by the emancipation of the workingman from his present slavery to capital, reduce this evil to a very small fraction of its present proportions, especially in cities, and that the remaining fraction would be the cause of no more inequality than arises from the unearned increment derived by almost every industry from the aggregation of people or from that unearned increment of superior natural ability which, even under the operation of the cost principle, will probably always enable some individuals to get higher wages than the average rate. In all these cases the margin of difference will tend steadily to decrease, but it is not likely in any of them to disappear altogether. Whether, after the abolition of the State, voluntary co-operators will resort to communistic methods in the hope of banishing even these vestiges of inequality is a question for their own future consideration, and has nothing whatever to do with the scheme of Henry George. For my part, I should be inclined to regard such a course as a leap not from the frying-pan into the fire, but from a Turkish bath into the nethermost hell. I take no pleasure in attacking Mr. George, but shall probably pursue my present policy until he condescends to answer and refute my arguments, if he can, or gives some satisfactory reason for declining to do so.