The impermanence of the concessions wrested by the Unions from the employers by strikes makes it necessary for the proletariat to have them established as laws (Factory Acts, etc.): hence the appearance in Parliament of Labor members, and finally of an Independent Labor Party. The Factory Acts, beginning with the protection of children and women, acted as a protection for the men also. In factories, when the women and children stop the engine stops; and when the engine stops the men must stop. How these concessions were wrung from Parliament through a split in the Capitalist ranks whilst Labor was in a negligible minority there. The manufacturers in 1832 break the monopoly of Parliament by the landlords. The Factory Acts as the revenge of the landlords. These two Capitalist parties compete for popular support by bribing the proletariat with votes. Final complete enfranchisement of the proletariat. Meanwhile Socialism, having sprung into existence under middle class leadership, had undertaken the political education of the proletariat. Romantic illusions of the middle class about the industrial proletariat. Failure of the Socialist societies to supplant Trade Unionism. Success of the Fabian Society as a middle class body permeating all existing political organizations. Establishment of the Labor Party in Parliament as a political federation of Socialist societies and Trade Unions. Its history up to 1927. On the Trade Union side the tendency is not to Socialism but to Capitalism controlled by Labor, with the middle and propertied classes reduced to subjection in the interest of the proletariat. As the proletariat has the advantage of numbers this arrangement would profit the majority; but it would be so unpalatable to the propertied and learned classes that they may conceivably be driven to clamor for Socialism to save them from it. 213 51 DOMESTIC CAPITAL The conversion of capital into machines, vehicles, and other aids to labor. The delusion that this operation can be reversed, and the machines and vehicles converted into spare ready money. Why this impossible operation seems to practical business men to be not only possible but an everyday occurrence. The real nature of the transactions which delude them. As these transactions can be effected only by a few people at a time, an attempt to force them on the whole Capitalist class simultaneously by a tax on capital must fail. The income of the capitalist is real: her capital, once invested, is imaginary, as it has been consumed in the act of converting it into aids to labor. Death Duties, nominally taxes on capital, are not really so, and are as objectionable in practice as they are unsound in theory. Insanity of estimates of the wealth of the country in terms of capital values. 225 52 THE MONEY MARKET