aters, all kinds
of buildings and equipment for pleasure and entertainment, parks, and
pleasure resorts in mountains, at lakes or sea shore. The possession
and use of these forms of wealth give rise to some economic problems
of public ownership and to others connected with the institution of
private property in general, as sketched in the following chapter.

[Footnote 1: It is to be observed that these figures appear under
the general title of Part I, "Estimated valuation of national wealth:
1850-1912," and the tables are spoken of (volume on Wealth, Debt, and
Taxation, p. 20) as "estimates of the aggregate wealth of the nation
as prepared by the United States censuses," but the tables themselves
are described (pp. 23-25) as the "estimated true valuation of all
property," this phrase being used as equivalent to "wealth." For the
definitions of wealth and property see Vol. I, pp. 264-265.]

[Footnote 2: This change will be described below in ch. 6, in treating
of the standard of deferred payments.]

[Footnote 3: See Vol. I, pp. 265, 278, 508 for the distinction between
wealth and capital.]

[Footnote 4: See Vol. I, p. 25, for the definition of utility.]

[Footnote 5: See Vol. I, p. 510 on the paradox of value.]

[Footnote 6: That is, "the amount which can be developed upon the
basis of the flowage of the streams for a period of two weeks in which
the flow is the least," all the rest being allowed to escape unused.
Van Hise, "Conservation of Natural Resources," p. 119.]

[Footnote 7: These and other figures in this section relate to the
year 1913.]

[Footnote 8: Coal has been mentioned above, sec. 9.]

CHAPTER 2

THE PRESENT ECONOMIC SYSTEM

Sec. 1. The place of private property. Sec. 2. Nature of property. Sec. 3.
Relation of wealth, property, and capital. Sec. 4. Some theories of
private property. Sec. 5. Origin vs. justification. Sec. 6. Limitations of
private property. Sec. 7. Limitations of bequest and inheritance. Sec. 8.
Social expediency of private property. Sec. 9. The monetary economy.
Sec. 10. The competitive system. Sec. 11. Limitation of competition by
custom. Sec. 12. Effect of modern forces upon custom. Sec. 13. Adam
Smith's influence. Sec. 14. The wage-system.

Sec. 1. #The place of private property#. Of fully equal importance with
material wealth in determining the economic power of a people is the
_social system_ under which the nation lives. This is the term appli