is lessened, less capital is required, and, to get this capital into use, the capitalist has to accept less for its loan. Mr. George denies that capital is "that part of wealth which is saved to assist future production," and he thinks such a definition of capital carries its own refutation, "for that labour cannot be employed until the results of labour are secured, becomes too absurd for discussion." Absurd as it may appear to Mr. George, nevertheless it is the truth, that capital is the accumulated savings of the people; and although in a primitive state mankind might exist without capital, it is impossible to make progress, to lead a civilized life, to exist at all as we do in 1884, without there was a capital fund for the subsistence of the labourers, whilst they produce the various commodities we require.

Let us take his next illustration : " Or if I take a piece of leather and work it up into a pair of shoes, the shoes are my wages-the reward of my exertions. Surely they are not drawn from capital-either my capital or any one else's capital-but are brought into existence by the labour of which they become the wages; and in obtaining this pair of shoes as the wages of my labour, capital is not even momentarily lessened one iota. For, if we call in the idea of capital, my capital at the beginning consists of the piece of leather, the thread, &c." Just so, the capital is in the raw material, which you must have saved out of your previous earnings to buy for yourself, or the material, as is usually the case, is supplied to the workmen by his employer. As regards the argument, it is quite immaterial whether you find the materials yourself, or they are lent to you by another; there must