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pierpont morgan that it may seem proper that the

publish 2022-05-28,browse 28
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pierpont morgan, that it may seem proper that the compensation given in the shape of an annuity to them should not end abruptly at their death; but that a part of it should be continued to their offspring.this question is one of conscience as well as of social welfare; and in view of the enormous importance of it to the wealthy of today, it is a pity that they confine themselves to denouncing socialism, and by so doing, leave the elaboration of the socialist program to a party of discontented which is likely to deal with them when the day of expropriation arrives, not only without mercy, but without justice.to judge of the difficulty of determining the questions likely to arise, let us consider for a moment the case of mr.rockefeller.mr.john d.rockefeller has testified over and over again that for many years he has had nothing to do with the management of the standard oil, and yet he draws from the standard oil an income so enormous that, not being able to spend more than a fraction of it, he has invested the balance in railroad shares and thus become master of a large part of our railroad system.i myself believe after a careful study of the organization and development of the standard oil that mr.rockefeller has amassed his fortune strictly in conformity with law.he has, it is true, deliberately lied at certain critical periods.but lying is not a crime, and is not actionable except under specified conditions.mr.rockefeller then is not a criminal.he simply presents a case where, having rendered an immense service to the community, he has received as a remuneration for that service wealth that surpasses the dreams of avarice.if mr.rockefellers holdings in the standard oil were expropriated by the state without one dollar of remuneration, mr.rockefeller would still be in possession of a far larger income derived from his railroad holdings than he and all his family could possibly spend.it is probable, therefore, that in such cases as those of mr.rockefeller, j.pierpont morgan, and others of their class, the state would make a valuation of all their wealth, leave them what it is proper they should have, and expropriate the rest.even though there were left to multimillionaires more income than they could possibly spend, the surplus expropriated by the state out of each of their swollen fortunes would leave to every industry a large fund which could be applied to increasing wages, improving conditions, and reducing prices.if, for example, it turned out that the income mr.rockefeller derives from his railroad shares is more than he can spend and that, therefore, there were no reason why he should continue to own any shares in the standard oil whatever, the dividends accruing from the shares now held by mr.rockefeller in the standard oil would be applicable to improving the conditions of those who work for the standard oil.it is probable that mr.rockefeller owns about onehalf of the shares in the standard oil.all the dividends now paid to mr.rockefeller would in such case be applicable to these things.such a solution would permit of the division of the enormous dividends which are being paid today to mr.rockefeller amongst the working body of the standard oil.as to compensation, there is considerable disagreement in the socialist party, and many socialists would not admit the principle of compensation at all.in france, it is probable that these last constitute, if not a majority, at any rate a very large minority of the party; but in america i think it can be said that the socialist party stands for compensation.in support of this contention i cannot do better than quote a passage from the article of mr.steffens in _everybodys magazine_, oct., 1908.[159] this passage is extremely illuminating because we find in it the opinions of two men thoroughly representative of the two wings of the socialist party: eugene debs, who is what mr.roosevelt would call an extreme socialist; that is to say, he looks at socialism from the revolutionary point of view; he regards the issue as between the capitalist on the one side and the proletariat on the other; he is an ardent exponent of the class struggle theory; his sympathies are exclusively marshalled on the side of the poor, and his first impulse, therefore, on being questioned on this subject, is to express an opinion contrary to compensation.and yet his ideas on this subject are not so rooted but that they can at once be corrected when he is reminded by victor berger of the evils likely to result from expropriation without compensation.to those unfamiliar with the personnel of the socialist party, it is important to say a word regarding victor berger.he is the editor of the _social democratic herald_, published in milwaukee; but he is far more than this.he is the recognized leader of the socialist party in wisconsin, the only state in which socialism has succeeded in electing members to the municipal council and to the state legislature.no one who reads his editorials can fail to recognize that he is not only an economist, but a scholar.he is regularly elected to the national executive committee of the socialist party at the head of the poll; and although i must not be understood to imply that there are no other men in the party of as great weight as mr.victor berger, i think it may be stated without fear of contradiction that he today has more personal influence in the party than any other one man.the ease with which he brought the presidential nominee around to his view on the subject of compensation is a measure of his influence.i think that upon the subject of compensation the opinion of victor berger is likely to prevail.[160] the socialization of industry does not mean any change in the personnel of the industry whatever.every man drawing salary or wages from the standard oil will go on drawing salary or wages as before.the industry will be handed over to those who actually maintain and work at it.these men will run the industry in very much the same way as did the guilds in the middle ages, subject to the payment of annuities to old stockholders determined by the court

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