Throughout it was essentially one phase of human organization. When one comes to examine the final result, it is astonishing to remark the small amount of essential change, of positively final and irreparable alteration, in the conditions of the common life. Consider, for example, how entirely in sympathy was the close of the eighteenth century with the epoch of Horace, and how closely equivalent were the various social aspects of the two periods. The literature of Rome was living reading in a sense that has suddenly passed away, it fitted all occasions, it conflicted with no essential facts in life. It was a commonplace of the thought of that time that all things recurred, all things circled back to their former seasons; there was nothing new under the sun. But now almost suddenly the circling has ceased, and we find ourselves breaking away. Correlated with the sudden development of mechanical forces that first began to be socially perceptible in the middle eighteenth century, has been the appearance of great masses of population, having quite novel functions and relations in the social body, and together with this appearance such a suppression, curtailment, and modification of the older classes, as to point to an entire disintegration of that system. The _facies_ of the social fabric has changed, and--as I hope to make clear--is still changing in a direction from which, without a total destruction and rebirth of that fabric, there can never be any return. The most striking of the new classes to emerge is certainly the shareholding class, the owners of a sort of property new in the world's history. Before the eighteenth century the only property of serious importance consisted of land and buildings. These were "real" estate. Beyond these things were live-stock, serfs, and the furnishings of real estate, the surface aspect of real estate, so to speak, personal property, ships, weapons, and the Semitic invention of money. All such property had to be actually "held" and administered by the owner, he was immediately in connection with it and responsible for it. He could leave it only precariously to a steward and manager, and to convey the revenue of it to him at a distance was a difficult and costly proceeding. To prevent a constant social disturbance by lapsing and dividing property, and in the absence of any organized agency to receive lapsed property, inheritance and preferably primogeniture were of such manifest advantage that the old social organization always tended in the direction of these institutions. Such usury as was practised relied entirely on the land and the anticipated agricultural produce of the land.