'Just as little do we forbid interest. No one in Freeland will prevent you from asking as high a rate of interest as you please; only you will find no one willing to pay it you, because everyone can get as much capital as he needs without interest. But you will ask whether, in this placing of the savings of the community at the disposal of those who need capital, there does not lie an injustice? Whether it is not Communism? And I will admit that here the question is not so simple as in the cases of the undertaker's gains and of ground-rent. Interest is charged for a real and tangible service essentially different from the service rendered by the undertaker and the landowner. Whilst, namely, the economic service of the two latter consists in nothing but the exercise of a relation of mastership, which becomes superfluous as soon as the working masses have transformed themselves from servants working under compulsion into freely associated men, the capitalist offers the worker an instrument which gives productiveness to his labour under all circumstances. And whilst it is evident that, with the establishment of industrial freedom, both undertaker and landowner become, not merely superfluous, but altogether objectless--_ipso facto_ cease to exist--with respect to the capitalist, the possessor of savings, it can even be asserted that society is dependent upon him in an infinitely higher degree when free than when enslaved, because it can and must employ much more capital in the former case than in the latter. Moreover, it is not true that service rendered by capital--the giving wings to production--is compensated for by the mere return of the capital. After a full repayment, there remains to the worker, in proportion as he has used the capital wisely--which is his affair and not the lender's--a profit which in certain circumstances may be very considerable, the increase of the proceeds of labour obtained by the aid of the capital. Why should it be considered unreasonable or unjust to hand over a part of this gain to the capitalist--to him, that is, to whose thrift the existence of the capital is due? The saver, so said the earlier Socialists, has no right to demand any return for the service which he has rendered the worker; it costs him nothing, since he receives back his property undiminished when and how he pleases (the premium for risk, which may have been charged as security against the possible bad faith or bankruptcy of the debtor, has nothing to do with the interest proper). Granted; but what right has the borrower, who at any rate derives advantage from the service rendered, to retain all the advantage himself? And what certainty has he of being able to obtain this service, even though it costs the saver nothing to render it, if he (the borrower) does not undertake to render any service in return? It is quite evident that the interest is paid in order to induce the saver to render such a friendly service. How could we, without