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dividual liberty. Nevertheless it cannot be gainsaid that Mr. Herbert's failure to see the economic results of his ideas considerably impairs his power of carrying them home to men's hearts. Unfortunately, there are many people whom the most perfect deductive reasoning fails to convince. The beauty of a great principle and its harmonizing influence wherever it touches they are unable to appreciate. They can only see certain great and manifest wrongs, and they demand that these shall be righted. Unless they are clearly shown the connection between these wrongs and their real causes, they are almost sure to associate them with imaginary causes and to try the most futile and sometimes disastrous remedies. Now, the one great wrong that these people see to-day is the fact that industry and poverty commonly go hand in hand and are associated in the same persons, and the one thing that they are determined upon, regardless of everything else whatsoever, is that hereafter those who do the work of this world shall enjoy the wealth of this world. It is a righteous determination, and in it is to be found the true significance of the State-Socialistic movement which Mr. Herbert very properly condemns and yet only half understands. To meet it is the first- necessity incumbent upon the friends of Liberty. It is sure that the workers can never permanently secure themselves in the control of their products except through the method of Liberty; but it is almost equally sure that, unless they are shown what Liberty will do for them in this respect, they will try every other method before they try Liberty. The necessity of showing them this Mr. Herbert, to be sure, dimly sees, but, the light not having dawned on himself, he cannot show it to others. He has to content himself, therefore, with such inadequate, unscientific, and partially charitable proposals as the formation of voluntary associations to furnish work to the unemployed. The working people will never thus be satisfied, and they ought not to be.

But Mr. Herbert can satisfy them if he can convince them of all that is implied in his advocacy of "complete free trade in all things." To many special phases of this free trade he does call marked attention, but never, I believe, to the most important of all, free trade in banking. If he would only dwell upon the evils of the money-issuing monopoly and emphasize with his great power the fact that competition, in this as in other matters, would give us all that is needed of the best possible article at the lowest possible price, thereby steadily reducing interest and rent to zero, putting capital within the

comfortable reach of all deserving and enterprising people,