is applicable to land, for he says: "The limits
of private possession have been left to be fixed by man's own industry
_and the laws of individual peoples_." But if the laws should tax the
monopoly value out of land, then the holder of land would not be able
to get any profit out of it except by his own labor. It would be no
longer such ownership as exists to-day which allows private owners to
confiscate the results of other's labor. The Pope here abandons the
unqualified ownership which he elsewhere maintains. It might well be
asked if he is prepared to excommunicate the legislators and assessors
who, in nearly every civilized country to-day, do tax land, and thus
to a certain extent impair ownership. And if the same principle were
extended so that the tax would equal the entire rental value there
would be no chance for the land monopolist to exploit the earnings of
labor. Man's means should not be "drained and exhausted by excessive
taxation," as the Pope seems to fear, showing that he has a vague idea
of the method by which it is proposed to destroy ownership. But as the
rental value to-day is already paid by labor, the proposed plan could
not drain or exhaust labor any more than at present, while such a tax
falling upon lands held for speculation would cause their abandonment,
and thus open new fields for labor. Workingmen would then be really
"encouraged to look forward to obtaining a share in the land," and
that prosperity which the Pope hopes for would result. He seems to be
ignorant of the fact that taxing land, unlike a tax upon any product
of labor, makes it cheaper and easier to obtain for possession and
use.

More than all does he forget that what labor needs is not the
protecting arm of Church or State, but equal opportunity and the
fullest possible freedom of access to Nature's bounties. He is untrue
to himself and talks like the veriest socialist when he says: "Among
the purposes of a society should be to try to arrange for a
"continuous supply of work at all times and seasons." Bountiful nature
in the great storehouse of the earth has provided a "continuous supply
of work" for the whole human race for all future ages. Make monopoly,
by taxation, loosen her grip upon the earth, and labor would have
abundant opportunity for all time to come without the necessity for
paternal, socialistic tinkering on the part of either State or
Church.

THE AUSTRIAN POSTAL BANKING SYSTEM.

BY SYLVESTER BAXTER.