subject to vigorous public
inspection and, in the cases of banks and other financial organizations,
to the most stringent regulation.

_Third_--Greater permanence has been secured for property advantages.
Corporations have perpetual, uninterrupted life. The deaths of persons
do not affect them. The corporation also overcame the danger of the
dissipation of property in the process of "three generations from shirt
sleeves to shirt sleeves." The worthless son of the thrifty parent may
still be able to squander his inheritance, but that simply means a
transfer of the title to his stocks and bonds. The property itself
remains intact.

_Fourth_--Property has secured a claim on income that is, in the last
analysis, prior to the claim of the worker.

When a man ran his own business, investing his capital, putting back
part of his earnings, and taking from the business only what he needed
for his personal expenses, "profits" were a matter of good fortune.
There were "good years" and "bad years," when profits were high or low.
Many years closed with no profit at all. The average farmer still
handles his business in that way.

The incorporation of business, and the issuing of bonds and stocks has
revolutionized this situation. It is no longer possible to "wait till
things pick up." If the business has issued a million in bonds, at five
per cent, there is an interest charge of $50,000 that must be met each
year. There may be no money to lay out for repairs and needed
improvements, but if the business is to remain solvent, it must pay the
interest on its bonds.

Businesses that are issuing securities to the public face the same
situation with regard to their stocks. Wise directors see to it that a
regular rate, rather than a high rate of dividends, is paid. Regularity
means greater certainty and stability, hence better consideration from
the investing public.

_Fifth_--The practices of the modern economic world have gone far to
increase the security of property rights.

Business men have worked ardently to "stabilize" business. They have
insisted upon the importance of "business sanity;" of conservatism in
finance; of the returns due a man who risks his wealth in a business
venture; and of the fundamental necessity of maintaining business on a
sound basis. After centuries of experiment they have evolved what they
regard as a safe and sane method of financial business procedure. Every
successful business man tried to live up