"Certainly," replied the doctor; "but while the power of alienating the principal of one's property was a usual incident of ownership in your time, it was very far from being a necessary incident or one which was beneficial to the owner, for the right of disposing of property involved the risk of being dispossessed of it by others. I think there were few property owners in your day who would not very gladly have relinquished the right to alienate their property if they could have had it guaranteed indefeasibly to them and their children. So to tie up property by trusts that the beneficiary could not touch the principal was the study of rich people who desired best to protect their heirs. Take the case of entailed estates as another illustration of this idea. Under that mode of holding property the possessor could not sell it, yet it was considered the most desirable sort of property on account of that very fact. The fact you refer to--that the citizen can not alienate his share in the national corporation which forms the basis of his income--tends in the same way to make it a more and not a less valuable sort of property. Certainly its quality as a strictly personal and private sort of property is intensified by the very indefeasibleness with which it is attached to the individual. It might be said that the reorganization of the property system which we are speaking of amounted to making the United States an entailed estate for the equal benefit of the citizens thereof and their descendants forever." "You have not yet mentioned" I said, "the most drastic measure of all by which the Revolution affected private property, namely, the absolute equalizing of the amount of property to be held by each. Here was not perhaps any denial of the principle itself of private property, but it was certainly a prodigious interference with property holders."