But no nation or any class of people is perfect, and there is one money-making device which seems to me not quite sound in principle.

To increase the capital of a corporation new shares are sometimes issued, without a corresponding increase in the actual capital.

These new shares may represent half, or as much of the actual capital as has been already subscribed.

Such a course is usually defended by the claim that as the property and franchises have increased in value since the formation of the corporation the increase of the stock is necessary in order to fairly represent the existing capital.

It is said that some railway stock has been "watered" in this way to an alarming extent, so that a great deal of it is fictitious, yet though it exists only on paper it ranks as the equal of the genuine stock when the dividends are paid.
Whether or not such an action really is justifiable, or even moral, I leave to the Christian clergy and their followers to decide.