Debts, interest, and grudges cannot be indefinitely accumulated and extended. It is the entire disregard of this simple and generally admitted principle that has marred the socialist propaganda from the first. From the point of view of fomenting hatred between classes, to make every workingman regard himself as the residuary legatee of all the grievances of all workingmen, at all times, may be clever tactics, it is not a good way of making the workingman see clearly what his actual grievance and expectancy of redress are in his own day and time. With increasingly heavy income and inheritance taxes, the very rich will have to reckon. Yet the multi-millionaire's evident utility as the milch cow of the state, will cause statesmen, even of the anti-capitalistic stamp, to waver at the point where the cow threatens to dry up from over-milking. If the case, then, for utterly despoiling the harmful rich, is by no means clear, the prospect for the harmless rich may be regarded as fairly favorable. For the moment, caught between the headiness of working folk, the din of doctrinaires, and the wiles of corporate activity, the lot of the middling rich is not the most happy imaginable. But they seem better able to weather these flurries than the windy, cloud-compelling divinities of the hour. From the survival of the middling rich, the future common weal will be none the worse, and it may even be better. LECTURING AT CHAUTAUQUA To render any real impression of the Chautauqua Summer Assembly, I must approach this many-mooded subject from a personal point of view. Others, more thoroughly informed in the arcana of the Institution, have written the history of its development from small beginnings to its present impressive magnitude, have analyzed the theory of its intentions, and have expounded its extraordinary influence over what may be called the middle-class culture of our present-day America. It would be beyond the scope of my equipment to add another solemn treatise to the extensive list already issued by the tireless Chautauqua Press. My own experience of Chautauqua was not that of a theoretical investigator, but that of a surprised and wondering participant. It was the experience of an alien thrust suddenly into the midst of a new but not unsympathetic world; and, if the reader will make allowance for the personal equation, some sense of the human significance of this summer seat of earnest recreation may be suggested by a mere record of my individual reactions.