and to have, if possible, the best chance of being a progenitor of the rising generation. A social condition in which it made no difference to a man, except so far as his own conscience was concerned, whether he were or were not honest, would imply a society favourable to people without a conscience, because giving full play to the forces which make for corruption and disintegration. If you remove the rewards accessible to the virtuous and peaceful, how are you to keep the penalties which restrain the vicious and improvident? A bare repeal of the law, "If a man will not work, neither shall he eat," would not of itself promote industry. You would at most remove the compulsion which arises from competition, to introduce the compulsion which uses physical force. You would get rid of what seems to some people the "natural" penalty of want following waste, and be forced to introduce the "artificial" or legislative penalty of compulsory labour. But, otherwise, you must construct your society so that, by the spontaneous play of society, the purer elements may rise to the surface, and the scum sink to the bottom. So long as human nature varies indefinitely, so long as we have knaves and honest men, sinners and saints, cowards and heroes, some process of energetic and active sifting is surely essential to the preservation of social health; and it is difficult to see how that is conceivable without some process of active and keen competition. The Socialist will, of course, say, and say with too much truth, that the present form of competition is favourable to anti-social qualities. If, indeed, a capitalist is not a person who increases the productive powers of industry, but a person who manages simply to intercept a share produced by the industry of others, there is, of course, much to be said for this view. I cannot now consider that point, for my subject to-day is the moral aspect of competition considered generally. And what I have just said suggests what is, I think, the more purely moral aspect of the question. A reasonable Socialist desires to maintain what is good in the existing system, while suppressing its abuses. The question, What is good? is partly economical; but it is partly also ethical: and it is with that part that I am at present concerned.