And, Sir, nothing could better show the evil of competition as opposed to the equitable regulation of prices than the instance to which you refer your correspondent "Fair Play"--the agitation in Brighton for a second railway. True prudential law would make one railway serve it thoroughly, and fix the fares necessary to pay for thorough service. Competition will make two railways (sinking twice the capital really required); then, if the two companies combine, they can oppress the public as effectively as one could; if they do not, they will keep the said public in dirty carriages and in danger of its life, by lowering the working expenses to a minimum in their antagonism. Next, to the question of your correspondent "S.," "what I expect the capitalist to do with his money," so far as it is asked in good faith I gladly reply, that no one's "expectations" are in this matter of the slightest consequence; but that the moral laws which properly regulate the disposition of revenue, and the physical laws which determine returns proportioned to the wisdom of its employment, are of the greatest consequence; and these may be briefly stated as follows: 1. All capital is justly and rationally invested which supports productive labor (that is to say, labor directly producing or distributing good food, clothes, lodging, or fuel); so long as it renders to the possessor of the capital, and to those whom he employs, only such gain as shall justly remunerate the superintendence and labor given to the business, and maintain both master and operative happily in the positions of life involved by their several functions. And it is highly advantageous for the nation that wise superintendence and honest labor should both be highly rewarded. But all rates of interest or modes of profit on capital, which render possible the rapid accumulation of fortunes, are simply forms of taxation, by individuals, on labor, purchase, or transport; and are highly detrimental to the national interests, being, indeed, no means of national gain, but only the abstraction of small gains from many to form the large gain of one. For, though inequality of fortune is not in itself an evil, but in many respects desirable, it is always an evil when unjustly or stealthily obtained, since the men who desire to make fortunes by large interest are precisely those who will make the worst use of their wealth. 2. Capital sunk in the production of objects which do not immediately support life (as statues, pictures, architecture, books, garden-flowers, and the like) is beneficially sunk if the things thus produced are good of their kind, and honestly desired by the nation for their own sake; but it is sunk ruinously if they are bad of their kind, or desired only for pride or gain. Neither can good art be produced as an "investment." You cannot build a good cathedral if you only build it that you may charge sixpence for entrance.