DEVELOPING SOCIAL ELEMENTS
Such usury as was practised relied entirely on the land and the anticipated agricultural produce of the land.
But the usury and the sleeping partnerships of the Joint Stock Company system which took shape in the eighteenth and the earlier half of the nineteenth century opened quite unprecedented uses for money, and created a practically new sort of property and a new proprietor class. The peculiar novelty of this property is easily defined. Given a sufficient sentiment of public honesty, share property is property that can be owned at any distance and that yields its revenue without thought or care on the part of its proprietor; it is, indeed, absolutely irresponsible property, a thing that no old world property ever was. But in spite of its widely different nature, the laws of inheritance that the social necessities of the old order of things established, have been applied to this new species of possession without remark. It is indestructible, imperishable wealth, subject only to the mutations of value that economic changes bring about. Related in its character of absolute irresponsibility to this shareholding class is a kindred class that has grown with the growth of the great towns, the people who live upon ground rents. There is every indication that this element of irresponsible, independent, and wealthy people in the social body, people who feel the urgency of no exertion, the pressure of no specific positive duties, is still on the increase, and may still for a long time increasingly preponderate. It overshadows the responsible owner of real property or of real businesses altogether. And most of the old aristocrats, the old
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