It will not be for the interest of society to make so large a claim by way of regulation, restriction, or taxation, as shall prevent the individual from applying his best efforts to the work of production, whether his function consists in the application of capital or of labour.

The claims of many theoretic socialists transcend this statement, and claim for society a full control of all the instruments of production.

But it is not necessary to discuss this wider claim, for the narrower one is held sufficient to justify and explain those slow legislative movements which come under the head of practical socialism, as illustrated in modern English history.
Now while this conscious socialism has no large hold in England, it is necessary to admit that the doctrine just quoted does furnish in some measure an explanation of the unconscious socialism traceable in much of the legislation of this century.

When it is said that "we are all socialists to-day," what is meant is, that we are all engaged in the active promotion or approval of legislation which can only be explained as a gradual unconscious recognition of the existence of a social property in capital which it is held politic to secure for the public use.
The increasing restrictions on free use of capital, the monopoly of certain branches of industry by the State and the municipality, the growing tendency to take money from the rich by taxation, can be explained, reconciled, and justified on no other principle than the recognition that a certain share of the value of these forms of wealth is due to the community which has assisted and co-operated with the individual owner in its creation.

Whether the socialistic legislation which, stronger than all traditions of party politics, is constantly imposing new limitations upon the private use of capital, is desirable or not, is not the question with which we are concerned.