power throughout the entire mass of working-men; by allowing all classes of working-men to participate equally, each according to his work, in the profits of economy, in the source of economic power. It is only thus that we shall be able to establish co-operation between employers and employees, thereby converting the power of capital into one of the means by which humanity shall climb to the highest possible platform of physical, intellectual, and ethical culture. "This is the right compound interest; this is capital doubled, quadrupled, centupled; man raised to his highest power."

The power exercisible by employers as a class over employees as a class, in the event of a struggle, is founded upon the twofold advantage possessed by employers, as the custodians and controllers of the capital of a country, and which is a consequence in part of the fundamental division of industrial society into great groups, and in part of the internationalisation of industry, commerce, and banking, which characterises the western civilisation of the modern era :

1. The greater mobility of capital as compared with labour.

2. The greater means of self-subsistence possessed by employers as a class as compared with employees as a class.

The basis of the relations existing at any time between employers and employees should be ethical. In any appeal to either intellectual or physical force employers as a class have been and are more than a

match for employees as a class. Justice-the rendering to every man that which is his due is the one common stronghold of both employers and employees, and it should be the watchword of all working-men.

Everywhere employers and employees are being more completely organised, yet their mutual relations are daily becoming more and more strained; students of the economic phenomena of society are being appalled by the indications of the contest which seems to be approaching in every civilised State."

This armed truce must soon terminate; both employers and employees must soon grow disgusted with a continuous struggle, as among beasts of prey, over the question of how much they shall eat, drink, and wear during the threescore years and ten which is the outside measure of man's life on this planet; and the movement towards a system of co-operation, under which both employers and employees will participate in the profits of their joint industry, is to-day so pronounced, so irresistible, that there is now no choice but to accept some form of the co-operative economic system.

Co-operation has ceased to be a theory only; it is a fact which cannot be ignored, which must be recognised by economists, and its claims to modify the existing laws of distribution must be heard and determined by reference to its advantages in facilitating and increasing the productiveness of industry, and in reconciling differences between employers and

employees. The co-operation and not the competition of working-men must soon be recognised as the regulating principle in the economic organisation of society.

The principle of competition, however, can never be entirely eliminated from society while the spirit of emulation and rivalry inhere in human beings, and, in the opinion of the present writer, it is not desirable that it should be entirely eliminated.

The competition between different establishments in all branches of industry, manifested at industrial exhibitions, national and international, having for its single object the attainment of the maximum degree of administrative and executive excellence in every department of industry, is helpful and not harmful in its influence on society; but the competition between employers and employees, having for its double object the obtainment from the point of view of the employer of the maximum of the work in exchange for the minimum of pay, and-from the point of view of the employee-the obtainment of the maximum of pay in exchange for the minimum of work, is to-day an element of danger to society, threatening it with dissolution from the widespread internal dissensions engendered thereby.

The employer receives his extraordinary but indispensable income, his wages of superintendence, as value in exchange for his extraordinary and indispensable services in accordance with the same economic law which apportions to the employee his ordinary and indispensable income, his wages of manipulation, as

value in exchange for his ordinary but also indispensable services; each is entitled to and on an average receives or should receive an income sufficient to satisfy all necessary, organic, functional, and artistic requirements—this is the law throughout the whole hierarchy of industrial functions. But if after all of such requirements have been satisfied, there remains surplus produce, the outcome of the co-operation of the employer and his employees, it is, under such circumstances, only a just and reasonable demand that such surplus produce, such profit, should be legally recognised as the joint property of all the co-operators, and that it should be distributed among them-unto each according to his work. "The profit of the earth is for all."

Objectively, the influence of the Wage Co-operative System of Profit-Sharing, by making both employers and employees jointly, directly, and immediately interested in the final product of their conjoined efforts, and also in the permanently stable condition of the business in which they work, must operate steadily and constantly in the direction which will enhance industrial and commercial efficiency, and which will therefore tend to improve the quality and increase the quantity of all articles of physical wealth.

Subjectively, the Wage Co-operative System of Profit-Sharing will secure alike to employers and employees only their just and equitable share of business Profits and Losses, according to the circumstances of production or exchange, resulting from their harmonious and

intelligent co-operation the share which Unionism tries to secure for employees - without resorting to either of those "methods of barbarism," the Strike and the Lock-out.

Unless and until Profit-Sharing between employers and employees is legally established as part of their ordinary and regular business relations, Unionism must continue to do its best to protect and defend the special interests of employees.

VI

The Double Standard Money System assumes that at the beginning of every inter-temporary business dealing the bifurcated interests of lenders and borrowers, of creditors and debtors are in correspondence; the terms and conditions of the business dealing must be regarded as being mutually advantageous or no business would be transacted. The dealing must therefore be regarded as an act of co-operation, of mutual aid, calculated and intended to confer mutual benefit alike upon lenders and borrowers, creditors and debtors.

Every inter-temporary business dealing being in effect an act of co-operation, of mutual aid, at the commencement or date of which there is correspondence between the bifurcated interests of lenders and borrowers, of creditors and debtors, the object aimed at in the Double Standard Money System is to secure automatically the continuance of this condition of cooperation, mutual aid and correspondence between the