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The day book. (Chicago, Ill.) 1911-1917, November 02, 1914, LAST EDITION, Image 10

Image and text provided by University of Illinois at Urbana-Champaign Library, Urbana, IL

Persistent link: http://chroniclingamerica.loc.gov/lccn/sn83045487/1914-11-02/ed-1/seq-10/

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nor believe that this is the case. I do
say that this fallacious type of capi
talistic operation bulks so large in
modern affairs that it may turn out to
be the prime factor in our age of
Unless Americans fifty years hence
are less stupid than "We.are today,
they will go on repaying old debts
an indefinite number of times, and
heaping up new ones, while they
wonder why it grows harder every
day to provide the necessities of life.
It is barely possible that the multi
plicity of object-lessons may have
taught our successors something by
the end of another half century. Per
haps the next generation will have
learned that capitalism is not the
Utopia in which everyone may eat
his cake and have it, too. In another
fifty years it may have b&sn discov
ered that capitalism is a merger of
famine and lottery. The majority pay
for cakes they do not get, and the
surplus provides prizes for the min
ority. "-
Payments under the head of inter-.
est that correspond with value receiv
ed, including proper rates of wages
for the necessary labor and minor
charges connected with ihe transac
tions, may or may not be items in a
needlessly extravagant way of living.
In principle they are not otherwise
fallacious. The premium element in
payments of interest, however that
is, the excess over payment of the
principal and fair remuneration for
real services connected with the loan
is without justification in econo
mics or in morals. Some day not far
off the statisticians will disclose the
amount of this premium element
loaded upon our national production,
and .collected from the non-capitalistic
classes both in low wages and in
high price of commodities. I do not
venture to predict the subsequent
course of events.
The social problem of the twen
tieth century is whether the civilized
nations, ban restore themselves to
jsanity after their nineteenth-century
aberrations of individualism and capi
talism. There are four fundamental fal
lacies in the institutions of modern
civilized states; four radical ignorings
of the demands of social efficiency.
First The fallacy of treating cap-ital-as
though it were an active agent
in human progress, and of crediting
income to che personal representa
tives of capital irrespective of their
actual share in human service.
Second The fallacy of excluding
the vast majority of the active work
ers in capitalistic industries from rep
resentation in control of the busi
nesses in which they function.
Third The fallacy of incorporat
ing the fallacious capitalistic princi
ple, thus promoting the legal person
to an artificial advantage over nat
ural persons, and consequently, by
social volition, giving the initial fal-
lacy cumulative force by an uncon
trolled law of accelerated motion.
Fourth The fallacy of a system
of inheritance which assigns the pow
ers and privileges of incorporated
capital to sentimentally designated
individuals, instead of reserving their
benefits primarily to the actively
functioning agents of society.
This fourth fallacy, in conjunction
with the other three, creates phenom
ena or hereditary economic sover
eignty which must eventually become
more intolerable than the hereditary
political sovereignties overthrown by
the republican revolutions.
o o
In preparing lettuce for a salad
dry by tossing lightly in an old nap
kin. If the sugar and water one has
boiled for frosting grains, a tea
spoonful of butter added will make
it smooth and creamy again.
When making a steamed pudding
put a piece of well greased paper
over the top before tying the clotlO
This will prevent the cloths from be
coming, greasy and they are no trou
ble to wash.

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