The doctor turned as if for sympathy to the ladies. "And this young man," he said, "who thinks that we have abolished private property has at this moment in his pocket a card of credit representing a private annual income, for strictly personal use, of four thousand dollars, based upon a share of stock in the wealthiest and soundest corporation in the world, the value of his share, calculating the income on a four-per-cent basis, coming to one hundred thousand dollars." I felt a little silly at being convicted so palpably of making a thoughtless observation, but the doctor hastened to say that he understood perfectly what had been in my mind. I had, no doubt, heard it a hundred times asserted by the wise men of my day that the equalization of human conditions as to wealth would necessitate destroying the institution of private property, and, without having given special thought to the subject, had naturally assumed that the equalization of wealth having been effected, private property must have been abolished, according to the prediction. "Thanks," I said; "that is it exactly." "The Revolution," said the doctor, "abolished private capitalism--that is to say, it put an end to the direction of the industries and commerce of the people by irresponsible persons for their own benefit and transferred that function to the people collectively to be carried on by responsible agents for the common benefit. The change created an entirely new system of property holding, but did not either directly or indirectly involve any denial of the right of private property. Quite on the contrary, the change in system placed the private and personal property rights of every citizen upon a basis incomparably more solid and secure and extensive than they ever before had or could have had while private capitalism lasted. Let us analyze the effects of the change of systems and see if it was not so." "Suppose you and a number of other men of your time, all having separate claims in a mining region, formed a corporation to carry on as one mine your consolidated properties, would you have any less private property than you had when you owned your claims separately? You would have changed the mode and tenure of your property, but if the arrangement were a wise one that would be wholly to your advantage, would it not?" "No doubt." "Of course, you could no longer exercise the personal and complete control over the consolidated mine which you exercised over your separate claim. You would have, with your fellow-corporators, to intrust the management of the combined property to a board of directors chosen by yourselves, but you would not think that meant a sacrifice of your private property, would you?" "Certainly not. That was the form under which a very large part, if not the largest part, of private property in my day was invested and controlled."