Industrial leaders, like political leaders, should be content with the opportunity of doing efficient work, and with a scale of reward which permits them to live a complete human life.

At present the opportunity of doing efficient industrial work is in the case of the millionaires (not in that of their equally or more efficient employees) accompanied by an excessive measure of reward, which is, in the moral interest of the individual, either meaningless or corrupting.

The point at which these rewards cease to be earned is a difficult one to define; but there certainly can be no injustice in appropriating for the community those increases in value which are due merely to a general increase in population and business; and this increase in value should be taken over by the community, no matter whether it is divided among one hundred or one hundred thousand stockholders in a corporation.

The essential purpose is to secure for the whole community those elements in value which are made by the community.

The semi-monopolistic organization of certain American industries is little by little enabling the government to separate from the total economic product a part at least of that fraction which is created by social rather than individual activity; and a democracy which failed to take advantage of the opportunity would be blind to its fundamental interest.