Third, let us by all means fit ourselves to assume direct public control of many properties which belong by nature to the public; properties which we have hitherto farmed out at enormous public sacrifice. I do not fix a limit to the number of these properties, for I do not know where the limit will be found, and so far as any fears are concerned about consequences of public proprietorship as authorized by the principles cited, I do not care. I am sure of this, that so long as men agree to maintain society, they will more and more agree that the question of private or corporate or public control of the industrial opportunities upon which the good of all depends is in the last resort a question of administration. Is the public welfare most likely to be subserved by public or by proxy management?
Readers may be inclined to decide at this point that the argument is a total surrender to socialism. On the contrary, I am neither a socialist, nor a consorter with socialists. But supposing the inference were correct, candid men have no business to ask whether a thing is socialistic, but only whether it is true. Let others retain the practice of damnation by label. There is no room for it with enlightened thinkers. It should be no secret, among men capable of considering the interests involved in contemporary social conditions, that no man is likely to have his mental vision accurately focused upon the present situation unless he has learned to look occasionally upon our institutions through the lenses of socialism. It does not follow that we must adopt the philosophy or the programs of socialism, neither does it follow that we must repudiate the consequences of rational social analysis because they correspond with certain elements of socialistic opinion.
The first lesson in political economy of which I have any distinct recollection was to the effect that no government can carry on any industrial enterprise as profitably as it can be managed by individuals. As an abstract proposition this may be true. It cannot at present be proved or disproved. It has been abundantly demonstrated, however, that governments can and do carry on some very important classes of business with financial,
