A great deal is said about the unearned increment from land, especially with a view to the large gains of landlords in old countries. The unearned increment from land has indeed made the position of an English land-owner, for the last two hundred years, the most fortunate that any class of mortals ever has enjoyed; but the present moment, when the rent of agricultural land in England is declining under the competition of American land, is not well chosen for attacking the old advantage. Furthermore, the unearned increment from land appears in the United States as a gain to the first comers, who have here laid the foundations of a new State. Since the land is a monopoly, the unearned increment lies in the laws of Nature. Then the only question is, Who shall have it?--the man who has the ownership by prescription, or some or all others? It is a beneficent incident of the ownership of land that a pioneer who reduces it to use, and helps to lay the foundations of a new State, finds a profit in the increasing value of land as the new State grows up. It would be unjust to take that profit away from him, or from any successor to whom he has sold it. Moreover, there is an unearned increment on capital and on labor, due to the presence, around the capitalist and the laborer, of a great, industrious, and prosperous society. A tax on land and a succession or probate duty on capital might be perfectly justified by these facts. Unquestionably capital accumulates with a rapidity which follows in some high series the security, good government, peaceful order of the State in which it is employed; and if the State steps in, on the death of the holder, to claim a share of the inheritance, such a claim may be fully justified. The laborer likewise gains by carrying on his labor in a strong, highly civilized, and well-governed State far more than he could gain with equal industry on the frontier or in the midst of anarchy. He gains greater remuneration for his services, and he also shares in the enjoyment of all that accumulated capital of a wealthy community which is public or semi-public in its nature.