Holders of Government stocks would be treated no better than landowners and shareholders. Foremost among the "immediate reforms" demanded in the programme of the Social-Democratic Federation[440] ranges the "Repudiation of the National Debt." The repudiation of the National Debt has during many years been demanded, and is still demanded, by the Social-Democratic Federation, as may be seen from a recent issue of "Justice," its weekly publication, in which we find the following statement: "The National Debt is simply a means of extracting unearned incomes from the people of this country. It is idle to nationalise or municipalise industries by means of loans on which interest is paid. Such interest would be only another form of rent and profit. When capitalism is abolished, every one of its many forms will necessarily have to go."[441] The repudiation of the National Debt is demanded by many Socialist leaders and leading writers. "The National Debt (falsely so-called) has already been paid thrice over in usury. All future interest-payments should be held as part of the principal."[442] "The few thousand persons who own the National Debt, saddled upon the community by a landlord Parliament, exact _28,000,000l._ yearly from the labour of their countrymen for nothing."[443] "Outside the land monopoly, the most infamous source of usury is unquestionably the so-called 'National Debt.' There the whole of the capital is absolutely spurious. The real capital consisted of the gunpowder and the lead which Sovereigns and statesmen expended so liberally about a century ago in attempting to murder liberty on the Continents of Europe and America. Our war debt is the most stupendous monument of human crime and folly in existence; and worst of all, the 'butcher's bill' has already been paid by the unhappy toilers thrice over in usury."[444] "The entire national liability has been discharged to the moneylenders by the people once during the last thirty-seven years. We repay public debts once every thirty-seven years without wiping out a penny of the said debts. We pay away in blank usury _20,000,000l._ per year on this one head, or enough to provide old-age pensions for three-fourths of our aged poor in the United Kingdom on the basis of _7s. 6d._ per head per week."[445] "236,514 blackmailers suck the udder of industry through the convenient teat of what, with audacious cynicism, is called the 'National Debt.'"[446] The largest part of the National Debt was not created by "murdering liberty" but by fighting the armies of the French Revolution and of Napoleon I. Besides, the defence against the French Revolution and Napoleon was not a "crime," but a necessary duty. Furthermore, the holders of the National Debt are not "blackmailers" but industrious, useful, and thrifty citizens, or the children and descendants of industrious, useful, and thrifty citizens.