"I think," said the doctor, "that we shall all understand the nature and value of these documents much better if, instead of speaking of them as titles of ownership in farms, factories, mines, railroads, etc., we state plainly that they were evidences that their possessors were the masters of various groups of men, women, and children in different parts of the country. Of course, as Julian says, the documents nominally state his title to things only, and say nothing about men and women. But it is the men and women who went with the lands, the machines, and various other things, and were bound to them by their bodily necessities, which gave all the value to the possession of the things.
"But for the implication that there were men who, because they must have the use of the land, would submit to labor for the owner of it in return for permission to occupy it, these deeds and mortgages would have been of no value. So of these factory shares. They speak only of water power and looms, but they would be valueless but for the thousands of human workers bound to the machines by bodily necessities as fixedly as if they were chained there. So of these coal-mine shares. But for the multitude of wretched beings condemned by want to labor in living graves, of what value would have been these shares which yet make no mention of them? And see again how significant is the fact that it was deemed needless to make mention of and to enumerate by name these serfs of the field, of the loom, of the mine! Under systems of chattel slavery, such as had formerly prevailed, it was necessary to name and identify each chattel, that he might be recovered in case of escape, and an account made of the loss in case of death. But there was no danger of loss by the escape or the death of the serfs transferred by these documents. They would not run away, for there was nothing better to run to or any escape from the world-wide economic system which enthralled them; and if they died, that involved no loss to their owners, for there were always plenty more to take their places. Decidedly, it would have been a waste of paper to enumerate them.
"Just now at the breakfast table," continued the doctor, "I was explaining the modern view of the economic system of private capitalism as one based on the compulsory servitude of the masses to the capitalists, a servitude which the latter enforced by monopolizing the bulk of the world's resources and machinery, leaving the pressure of want to compel the masses to accept their yoke, the police and soldiers meanwhile defending them in their monopolies. These documents turn up in a very timely way to illustrate the ingenious and effectual methods by which the different sorts of workers were organized for the service of the capitalists. To use a plain illustration, these various sorts of so-called securities may be described as so many kinds of human harness by which the masses, broken and tamed by the pressure of want, were yoked and strapped to the chariots of the capitalists.
"For instance, here is a bundle of farm mortgages on Kansas farms. Very good; by virtue of the operation of this security certain Kansas farmers worked for the owner of it, and though they might never know who he was nor he who they were, yet they were as securely and certainly his thralls as if he had stood over them with a whip instead of sitting in his parlor at Boston, New York, or London. This mortgage harness was generally used to hitch in the agricultural class of the population. Most of the farmers of the West were pulling in it toward the end of the nineteenth century.--Was it not so, Julian? Correct me if I am wrong."
"You are stating the facts very accurately," I answered. "I am beginning to understand more clearly the nature of my former property."
"Now let us see what this bundle is," pursued the doctor. "Ah! yes; these are shares in New England cotton factories. This sort of harness was chiefly used for women and children, the sizes ranging away down so as to fit girls and boys of eleven and twelve. It used to be said that it was only the margin of profit furnished by the almost costless labor of the little children that made these factories paying properties. The population of New England was largely broken in at a very tender age to work in this style of harness.
"Here, now, is a little different sort. These are railroad, gas, and water-works shares. They were a sort of comprehensive harness, by which not only a particular class of workers but whole communities were hitched in and made to work for the owner of the security.
"And, finally, we have here the strongest harness of all, the Government bond. This document, you sec, is a bond of the United States Government. By it seventy million people--the whole nation, in fact--were harnessed to the coach of the owner of this bond; and, what was more, the driver in this case was the Government itself, against which the team would find it hard to kick. There was a great deal of kicking and balking in the other sorts of harness, and the capitalists were often inconvenienced and temporarily deprived of the labor of the men they had bought and paid for with good money. Naturally, therefore, the Government bond was greatly prized by them as an investment. They used every possible effort to induce the various governments to put more and more of this sort of harness on the people, and the governments, being carried on by the agents of the capitalists, of course kept on doing so, up to the very eve of the great Revolution, which was to turn the bonds and all the other harnesses into waste paper."
"As a representative of the nineteenth century," I said, "I can not deny the substantial correctness of your rather startling way of describing our system of investments. Still, you will admit that, bad as the system was and bitter as was the condition of the masses under it, the function performed by the capitalists in organizing and directing such industry as we had was a service to the world of some value."
"Certainly, certainly," replied the doctor. "The same plea might be urged, and has been, in defense of every system by which men have ever made other men their servants from the beginning. There was always some service, generally valuable and indispensable, which the oppressors could urge and did urge as the ground and excuse of the servitude they enforced. As men grew wiser they observed that they were paying a ruinous price for the services thus rendered. So at first they said to the kings: 'To be sure, you help defend the state from foreigners and hang thieves, but it is too much to ask us to be your serfs in exchange; we can do better.' And so they established republics. So also, presently, the people said to the priests: 'You have done something for us, but you have charged too much for your services in asking us to submit our minds to you; we can do better.' And so they established religious liberty.