e the form of rewards for personal effort.

But this is an altogether different matter from the crushing of one
private property interest after another, in the name of the social welfare
or the social morality. Such detailed attacks upon property interests are,
in the end, to the injury of both social classes. Frequently they amount
to little more than a large loss to one property interest, and a small
gain to another. They increase the element of insecurity in all forms of
property; for who shall say which form is immune from attack? Now it is
the slum tenement, obvious corollary of our social inequalities; next it
may be the marble mansion or gilded hotel, equally obvious corollaries of
the same institutional situation. Now it is the storage of meat that is
under attack; it may next be the storage of flour. The fact is, our mass
of income yielding possessions is essentially an organic whole. The
irreproachable incomes are not exactly what they would be if those subject
to reproach did not exist. If some property incomes are dirty, all
property incomes become turbid.

The cleansing of property incomes, therefore, is a first obligation of the
institution of property as a whole. The compensation principle throws the
cost of the cleansing upon the whole mass, since, in the last analysis,
any considerable burden of taxation will distribute itself over the mass.
The principle is therefore consonant with justice. What is not less
important, the principle, systematically developed, would go far toward
freeing the legislature from the graceless function of arbitrating between
selfish interests, and the administration from the necessity of putting
down powerful interests outlawed by legislative act. It would give us a
State working smoothly, and therefore an efficient instrument for social
ends. Most important of all, it would promote that security of economic
interests which is essential to social progress.

A STUBBORN RELIC OF FEUDALISM

There is a persistent question regarding the distribution of property
which is of peculiar interest in the season of automobile tours and summer
hotels. Most thinking people acknowledge a good deal of perplexity over
this question, while on most parallel ones they are generally
cock-sure--on whichever is the side of their personal interests. But in
this question the bias of personal interest is not very large, and
therefore it may be considered with more chance of agreement than can