direction of his superior officer, and will receive his wages at the end of the week in exactly the same way as to-day. He will spend his money exactly as he spends it to-day—he will go to a store, and if he gets a pair of shoes he will pay for them. The farmer will till his land exactly as he does to-day, and when he takes his grain to market he will be paid for it in money, and will put it in the bank and will draw a check upon it to pay for the suit of clothes he has ordered by express. The only difference in all these various operations will be that the factories will be public property, and the wages the full value of the product, with no deductions for dividends on stock; and that the street cars, the banks and the stores will be public utilities, managed exactly as our post office is managed, charging what the service costs, and making no profits. In the year 1901 the U. S. Steel Corporation paid one hundred and twenty-five million dollars and employed one hundred and twenty-five thousand men; under Socialism the wages of each employee of the U. S. Steel Corporation would therefore be increased one thousand dollars a year, which is two or three hundred per cent. In the same way, the wages of an employee of the Standard Oil Company would be increased four thousand dollars, which is from eight to ten hundred per cent. The fare upon the government-owned street railroads in the City of Berlin is two and a half cents, which would mean that our workingman’s car-fare bill would be cut by fifty per cent. The toll of the government-owned telephone of Sweden is three cents, which would mean that the workingman’s telephone bill would be cut seventy per cent. The elimination of the speculator and the higher piracy of Wall Street would raise the price of the farmer’s grain by fifty per cent.; the elimination of the millers’ trust and the railroad trust would lower the price of bread by an equal sum. The elimination of the tariff on wool, of the sweater and the jobber, the department store and the express trust, would probably lower the price of the farmer’s suit of clothes sixty per cent; the elimination of the sweatshop and the slum might raise it to its original level, while decreasing the farmer’s doctor’s bills correspondingly. Of course I do not mean to say that the gains from the abolition of exploitation will be distributed in exactly the ratios outlined above. They will be distributed so as to equalise the rewards of labour. The point is that there will be a saving at every point—because at every point there is exploitation.