1. You have now everything I have yet published on political economy; but there are several points in these books of mine which I intended to add notes to, and it seems little likely I shall get that soon done. So I think the best way of making up for the want of these is to write you a few simple letters, which you can read to other people, or send to be printed, if you like, in any of your journals where you think they may be useful. I especially want you, for one thing, to understand the sense in which the word "co-operation" is used in my books. You will find I am always pleading for it; and yet I don't at all mean the co-operation of partnership (as opposed to the system of wages) which is now so gradually extending itself among our great firms. I am glad to see it doing so, yet not altogether glad: for none of you who are engaged in the immediate struggle between the system of co-operation and the system of mastership know how much the dispute involves; and none of us know the results to which it may finally lead. For the alternative is not, in reality, only between two modes of conducting business--it is between two different states of society. It is not the question whether an amount of wages, no greater in the end than that at present received by the men, may be paid to them in a way which shall give them share in the risks and interest in the prosperity of the business. The question is, really, whether the profits which are at present taken, as his own right, by the person whose capital, or energy, or ingenuity, has made him head of the firm, are not in some proportion to be divided among the subordinates of it.