but power unrestrained and undirected is dangerous. Energy
created by the sight of distress must be controlled by reason or it will
not relieve distress. And by reason I do not mean Social syllogisms,
of whose premises we are always uncertain, but conclusions half
unconsciously formed in the mind as the result of human experience
operating on human feeling--the practical wisdom which we call common
sense. Human conduct, individual and aggregate, must be regulated and
determined by the consensus of the judgment of the wisest made effective
through its gradual acceptance as the judgment of the majority. Private
ownership of land, with its accompanying rent, is justified, not by an
imaginary inherent right in the individual, which has no real existence
and so cannot be conveyed, but because the interests of Society require
the stimulus to effort which private ownership and private ownership
only can give. And here I shall leave this point without the further
illustration and elaboration with which I could torment you longer
than you could keep awake. And with the other two points I will confine
myself to the most condensed forms of statement.

Interest--Socialists and non-Socialists agree that what a man makes is
his. Socialists and I agree that every man is entitled to his just share
of the Social dividend. I believe, and in this I suppose the Socialists
would agree with me, that when a man gets his annual dividend he may use
it, or keep it for future use. If, while he does not use his dividend,
or the product of his labor, he permits others to use it to their
profit, it seems to me that he is entitled to some satisfaction in
compensation for his sacrifice. I believe it to the interest of Society
that he have it. By individual thrift Society accumulates, and it is
wise to encourage thrift.

If I build a mill and, falling sick, cannot use it, it is fair that
he who does use it shall pay me for my sacrifice in building it. If I
forego possible satisfactions of any kind, those whom I permit to enjoy
them should recompense me. And that is interest. Its foundation as a
right rests not only on those natural sentiments of justice with which
the normal man everywhere is endowed and behind which we cannot go, but
on the interest of Society to encourage the creation of savings funds to
be employed for the benefit of Society.

Profits--Private profit is far less a private right than a public
necessity. Its absence would involve a