“And if your New Republic could be established,” asked Mortimer, “you would be in favor of ruthlessly despoiling all the present land owners of their holdings and escheating these holdings to the State?” “That need not necessarily be done,” answered the High President. “It would be no very difficult matter to assess the land at a fair valuation and for the State to pay to the owners thereof a given annual percentage for say fifty years to come, subject to certain qualifications. This would result in eventually reimbursing to the owners far more than they had originally expended and would give them ample time to accommodate themselves to the new condition of things. Of course, manifold objections, both technical and financial, will be urged to the feasibility of this plan--especially by those with tendencies to Conservatism--but I apprehend there are no obstacles to its successful execution which cannot be overcome and it would certainly be immeasurably superior to the present system. With public franchises and the Nation’s land thus inuring to the benefit of the whole people, the possibility of building up fortunes of two hundred and three hundred millions, or even of eight or ten millions, would be done away with. Surely this would be no misfortune!” “But,” said the Professor, “I have heard the objection raised to plans of this nature that their adoption would tend to lessen competitive activity and deaden men’s energy and ambition generally.” “The objection is ill-founded,” replied the High President. “If the maximum which a man might hope to attain were fixed at one million, or less, men would strive just as zealously for the fixed amount as they would when the possibilities are unlimited. As it is now, money makes money. It is not so much the billionaire himself who earns as the sheer weight of money behind him which accomplishes. He is not called upon to exercise any particular creative effort on his part and, worst of all, he handicaps the efforts of others more worthy. In any event, the guiding spirit of our New Republic will be the happiness and welfare of the many, as against the particular interests and privileges of the few.” “You have compared the old-time Republic adversely with the existing Monarchy,” said the Professor, with whom this seemed to be a sore point, “yet from the little I have learned it seems to me that the wrongs of the masses are as great under the monarchy as ever they were under the Republic.” “To what phase do you refer in particular?” asked the High President. “To the matter of their general welfare,” replied the Professor. “For instance, I understand that the coal supply is to be cornered this winter and immeasurable want and suffering inflicted broadcast.” “Ah!” exclaimed the High President quickly, “thank God that necessity will be obviated!” “Indeed! How so?”