The Socialists say that there are a few thousand persons who own the National Debt, and they recommend its extinction; usually leaving it in doubt as to whether this is to be by wholesale or by partial repudiation. When reminded that there are an enormous number of small depositors (at least 4,500,000 accounts in one year) owning through the ordinary savings banks £45,403,569, and through the Post Office Sayings Bank, £36,194,495, they neither explain the allegation as to the few thousands, nor do they condescend to offer the slightest explanation as to how any savings have been possible if all the wealth created by labor has been "devoured only by the rich and their hangers-on." Repudiation of the National Debt would ruin the whole of these. The Socialist leader says that the small ownership of land and these small savings do not really benefit the working classes, for that in times of depression the savings are soon used up. That may often be true, but if there were no savings then it must be starvation, pauperism, or crime; at least the saving mitigates the suffering. When told that there are 2,300,000 members of friendly societies, who must represent at least 9,000,000 of the inhabitants of this country, and that these, amongst other investments, have £1,397,730 in the National Debt, we are answered that these are mere details. On this point I think Mr. Joynes a little fails in candor. He takes one set of my figures, and says "the share of each individual is on the average a little more than £3 3s., and the dividend which annually accrues to each of these propertied persons is slightly over 2s. It does not require a very high standard of intelligence to enable a man to perceive that Socialists who intend to deprive him of these 2s., and at the same time to secure him the full value of his work, are proposing not to diminish his income, but to raise it in a very high degree." Let me first say that the friendly society represents to each artisan investor, not the 2s. per year, but his possible sick money, gratuity on disablement, allowance whilst unemployed, etc.; next, that here Mr. Joynes does in this actually admit an attack on the private property of the laborer, and does propose to take away the accumulated "fruits of labor" from the independent enjoyment of the individual who earned it. And the working-man's house? and his savings in the savings-bank, or in the co-operative store? Are these to be taken too? If not, why not? and if yes, of how much of the fruits of his labor is the laborer to be left by the Socialists in "independent enjoyment"? When pressed that the confiscation of the railways "without compensation," would bankrupt every life assurance company, and thus destroy the provision made for hundreds of thousands of families, because in addition to about' £5,262,000 in the Funds, and about £75,000,000 invested on mortgages of houses and land, the life insurance