TO FRANKLIN K. LANE
March 17, 1912
MY DEAR SIR,—Let me thank you at once for your Virginia address, which I have just received and just read—read with the greatest pleasure. I admire its eloquence, its imagination, its style. I sympathize with its attitude and with most of its implications. I gain heart from its tone of hope. I am old—by the calendar at least—and at times am more melancholy, so that it does me good to hear the note of courage. One implication may carry conclusions to which I think I ought to note my disagreement,—the reference to unequal distribution. I think the prevailing fallacy is to confound ownership with consumption of products. Ownership is a gate, not a stopping place. You tell me little when you tell me that Rockefeller or the United States is the owner. What I want to know is who consumes the annual product, and for many years I have been saying and believing that to think straight one should look at the stream of annual products and ask what change one would make in that under any REGIME. The luxuries of the few are a drop in the bucket—the crowd now has all there is. The difference between private and public ownership, it seems to me, is mainly in the natural selection of those most competent to foresee the future and to direct labor into the most productive channels, and the greater poignancy of the illusion of self-seeking under which the private owner works. The real problem, under socialism as well as under individualism, is to ascertain, under the external economic and inevitable conditions, the equilibrium of social desires. The real struggle is between the different groups of producers of the several objects of social desire. The bogey capital is simply the force of all the other groups against the one that is selling its product, trying to get that product for the least it can. Capital is society purchasing and consuming— Labor is society producing. The laborers unfortunately are often encouraged to think capital something up in the sky which they are waiting for a Franklin to bring down into their jars. I think that is a humbug and lament that I so rarely hear what seem to me the commonplaces that I have uttered, expressed. Your fine address has set me on my hobby and you have fallen a victim to the charm of your own words. Very truly, yours,
O. W. HOLMES
P. S. Of course I am speaking only of economics not of political or sentimental considerations—both very real, but as to which all that one can say is, if you are sure that you want to go to the show and have money enough to buy a ticket, go ahead, but don't delude yourself with the notion that you are doing an economic act. I make the only return I can in the form of the single speech I have made for the last nine years.