If the great material developments of the nineteenth century had been final, if they had, indeed, constituted merely a revolution and not an absolute release from the fixed conditions about which human affairs circled, we might even now be settling accounts with our Merovingians as the socialists desire. But these developments were not final, and one sees no hint as yet of any coming finality. Invention runs free and our state is under its dominion. The novel is continually struggling to establish itself at the relative or absolute expense of the old. The statesman's conception of social organization is no longer stability but growth. And so long as material progress continues, this tribute must continue to be paid; so long as the stream of development flows, this necessary back eddy will endure. Even if we "municipalize" all sorts of undertakings we shall not alter the essential facts, we shall only substitute for the shareholder the corporation stockholder. The figure of an eddy is particularly appropriate. Enterprises will come and go, the relative values of kinds of wealth will alter, old appliances, old companies, will serve their time and fall in value, individuals will waste their substance, individual families and groups will die out, certain portions of the share property of the world may be gathered, by elaborate manipulation, into a more or less limited number of hands, conceivably even families and groups will be taxed out by graduated legacy duties and specially apportioned income taxes, but, for all such possible changes and modifications, the shareholding element will still endure, so long as our present progressive and experimental state of society obtains. And the very diversity, laxity, and weakness of the general shareholding element, which will work to prevent its organizing itself in the interests of its property, or of evolving any distinctive traditions or positive characters, will obviously prevent its obstructing the continual appearance of new enterprises, of new shareholders to replace the loss of its older constituents....