are discussing or denouncing Socialism, the one condition which makes Socialism possible and necessary is actually coming upon the world--namely, the destruction of capital. Why have not men in all ages combined to work for themselves? Because capital has prevented them. When there is no capital left to employ them, to bully them, to make laws against their combinations, or to bribe them, they will then have to work with and for themselves or starve. The thing will be forced upon them. Work will be a necessity for everybody: there will be no more a privileged class: all who work will be paid at equal rates for their work: those who refuse to work will be suffered to starve.' The letter went on to give illustrations of the enormous losses in capital during the last fifteen years, when the shrinkage began. It concluded: 'For my own part, I confess that the prospect of the future fills me with satisfaction. No more young men idle, middle-aged men pampered, and old men looking back to a wasted life: nobody trying to save, because the future of the old, the widows, the children, the decayed, and the helpless, will be a charge upon the strong and the young--that is, upon the juvenes, the workers of the State. No more robbery: no more unproductive classes. Do not think that there will be no more men of science and of learning. These, too, will be considered workers. Or no more poets, dramatists, artists, novelists. These, too, will be considered workers. And do not fear the coming of that time. It is stealing upon us as surely, as certainly, as the decay of the powers in old age. Doubt not that when it comes we shall have become well prepared for it. Those of us who are old may lament that we shall not live to see the day when the last shred of property is cast into the common hoard. Those of us who are young have all the more reason to rejoice in their youth, because they may live to see the Great Day of Humanity dawn at last.--EDMUND GRAY, 22 South Square, Gray's Inn.' 'You have read this?' asked George. 'Yes; I read it this morning before I knew the significance of the signature. Letter of a dreamer. He sees what might happen, and thinks that it will happen. Capital is too strong yet.' 'Is this the letter of a forger, a conspirator--a thief?' 'It does not strike me in that light. Yet many great thieves are most amiable in their private lives. There is no reason why this dreamer of dreams should not be also a forger and a thief. Still, the case would be remarkable, I admit.' 'Can there be two Edmund Grays--father and son?'