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fest? Tell me that definitely, and then I will tell you whether you are a consistent man.

I fancy that, if I should ask you what the great evil in our taxation is, you would answer that it is the protective tariff. Now, the protective tariff is an evil certainly, and an outrage; but, so far as it affects the power of the laborer to accumulate capital, it is a comparatively small one. In fact, its abolition, unaccompanied by the abolition of the banking monopoly, would take away from very large classes of laborers not only what little chance they now have of getting capital, but also their power of sustaining the lives of themselves and their families. The amount abstracted from labor's pockets by the protective tariff and by all other methods of getting govern- mental revenue is simply one of the smaller drains on industry. The amount of capital which it is thus prevented from getting will hardly be worth considering until the larger drains are stopped. As far as taxation goes, the great evils involved in it are to be found, not in the material damage done to labor by a loss of earnings, but in the assumption of the right to take men's property without their consent, and in the use of this property to pay the salaries of the officials through whom, and the expenses of the machine through which, labor is oppressed and ground down. Are you heroic enough, Professor Sumner, to adopt this application of laissez faire? I summon you to it under penalty of conviction of an infidelity to logic which ought to oust you from your position as a teacher of youth.

If taxation, then (leaving out the enormous mischief that it does as an instrument of tyranny), is only one of the minor methods of keeping capital from labor, what evil is there in the currency that constitutes the major method? Your answer to this question. Professor Sumner, will again test your consistency. But I am not so sure what it will be in this case as I was in the other. If you answer it as most of your fellow-professors would, you will say that the great evil in the currency is the robbery of labor through a dishonest silver dollar. But this is a greater bugbear than the protective tariff. The silver dollar is just as honest and just as dishonest as the gold dollar, and neither of them is dishonest or a robber of labor except so far as it is a monopoly dollar. Both, however being monopoly dollars, and all our other dollars being monopoly dollars, labor is being robbed by them all to an extent perfectly appalling. And right here is to be found the real reason why labor cannot get capital. It is because its wages are kept low and its credit rendered next to valueless by a

financial system that makes the issue of currency a monopoly