they wish to put their hands into it, the deeper the better! We have not to inquire _whom_ the investment will benefit, but merely _if_ it is profitable--that is, if it saves labour.' 'Marvellous, but true!' my father was compelled to admit. 'But since in this country there exists the completest solidarity of interests, I cannot understand why you require the repayment of the capital which the commonwealth supplies to the different associations.' 'Because not to do so would be Communism with all its inevitable consequences,' was the answer. 'The ultimate benefit of such gratuitously given capital would certainly be reaped by all alike; but, in that case, who could guarantee that the investment of the capital should be advantageous and not injurious? For an investment of capital is advantageous only when by its help more labour is saved than the creation of the capital has cost. A machine that absorbs more labour than it takes the place of is injurious. But we are now secured against such wasteful expenditure, at least against any known waste of capital. The commonwealth, as well as individuals, may be mistaken in its calculations; both may consider an investment profitable which is afterwards proved to be unprofitable--that is, which does not pay for the labour which it costs. Nevertheless, the _intention_ in all investments can only be to save the expenditure of energy, for both the commonwealth and individuals must bear the cost of their own investments. If, however, the commonwealth had to be responsible for the investments of individuals--that is, of the associations--then the several associations would have no motive to avoid employing such mechanical aids as would save less labour than they cost. The necessary consequence of this liberality on the part of the commonwealth would therefore be that the commonwealth would assume a right of supervision and control over those who required capital; and this would be incompatible with freedom and progress. All sense of personal responsibility would be lost, the commonwealth would be compelled to busy itself with matters which did not belong to it, and loss would be inevitable in spite of all arbitrary restraints from above.'