"But I fail to see its benefits to the laborer," dubiously returned Cobb. "In this way, Junius. Twenty per cent. interest on the money invested is enough to satisfy any man, and cause him to advance capital and embark in manufactures. Now, if the wages of his laborers are fixed by him, he can increase them just as much as his income is greater than twenty per cent.; he must do it or cut down supply. He actually divides the surplus over twenty per cent. among his men. If competition is great and the profits less, he must cut the wages or increase the output to save his percentage; but if he is willing to accept fifteen per cent., or ten per cent., then the wages remain the same as before. But if he desires to cut the wages, it is his right by the law; the laborer may work for it, or not. As a truth, though, wages are better now than ever, while the price of articles has fallen nearly twenty-five per cent. below that of 1920." "Are there any laws relating to the holding of real estate?" Cobb asked. "I remember quite an agitation on that subject during the '80s." "Yes; one general law only: no individual not a citizen can hold land in the United States; and no one citizen can hold, in his own name, more than 640 acres, or one square mile." "A good and wise law. In my time, vast tracts of land were held by individuals and corporations, both domestic and foreign." "It was so until the Bean bill of 1920. One year after the passage of that bill was given to foreigners to dispose of their real estate, and five years given the citizen to bring his holdings within the limit of the law." "I think I was informed by Mr. Rawolle that the government owns all of the railroads in the country?" inquiringly. "Yes, all; and likewise the telegraph system. Furthermore, each city owns its own water supply and electric-light plant. It will thus be seen that the people, and not the capitalist, own and govern the country." "What is the rate of taxation--national and municipal?" "There is no national taxation except on tobacco and liquors. Municipal taxation is really the only burden, if it can be called a burden, which the people bear. That taxation is very low indeed, and is levied under certain equitable laws. The revenue of the nation is derived from customs, liquor, tobacco, and the excess of receipts over expenditures of the railroads, telegraph and postal service." "And how about the rates of postage?" "The rate per mile for railroad traveling is one cent, the rate for telegraphic messages is one cent per word, and letter postage one cent per ounce, throughout the United States." "Is the nation in debt?" "No; the nation owes not a dollar. The last of what we call the great debt was paid in 1979. It would have been paid long before that time had it not been that an enormous outlay was required to gain possession of the railway system of the country." "What did you pay for the telegraph system? That must have taken another immense sum."