What we have to ask ourselves, then, is not whether we will have Socialism and Communism or not, but whether Democracy can keep pace with the developments of both that are being forced on us by the growth of national and international corporate action.
Now corporate action is impossible without a governing body. It may be the central Government: it may be a municipal corporation, a county council, a district council, or a parish council. It may be the board of directors of a joint stock company, or of a trust made by combining several joint stock companies. Such boards, elected by the votes of the shareholders, are little States within the State, and very powerful ones, too, some of them. If they have not laws and kings, they have bylaws and chairmen. And you and I, the consumers of their services, are more at the mercy of the boards that organize them than we are at the mercy of parliament. Several active politicians who began as Liberals and are now Socialists have said to me that they were converted by seeing that the nation had to choose, not between governmental control of industry and control by separate private individuals kept in order by their competition for our custom, but between governmental control and control by gigantic trusts wielding great power without responsibility, and having no object but to make as much money out of us as possible. Our Government is at this moment having much more trouble with the private corporations on whom we are dependent for our coals and cotton goods than with France or the United States of America. We are in the hands of our corporate bodies, public or private, for the satisfaction of our everyday needs. Their powers are life and death powers. I need not labor this point: we all know it.
But what we do not all realize is that we are equally dependent on corporate action for the satisfaction of our religious needs. Dean Inge tells us that our general elections have become public auctions at which the contending parties bid against one another for our votes by each promising us a larger share than the other of the plunder of the minority. Now that is perfectly true. The contending parties do not as yet venture to put it exactly in those words; but that is what it comes to. And the Dean’s profession obliges him to urge his congregation, which is much wider than that of St. Paul’s (it extends across the Atlantic), always to vote for the party which pledges itself to go farthest in enabling those of us who have great possessions to sell them and give the price to the poor. But we cannot do this as private persons. It must be done by the Government or not at all. Take my own case. I am not a young man with great possessions; but I am an old man paying enough income tax and surtax to provide doles for some hundreds of unemployed and old age pensioners. I have not the smallest objection to this: on the contrary, I advocated it strongly for years before I had any income worth taxing. But I could not do it if the Government did not arrange it for me. If the Government ceased taxing my superfluous money and redistributing it among people who have no incomes at all, I could do nothing by myself. What could I do? Can you suggest anything? I could send my war bonds to the Chancellor of the Exchequer and invite him to cancel the part of the National Debt that they represent; and he would undoubtedly thank me in the most courteous official terms for my patriotism. But the poor would not get any of it. The other payers of surtax and income tax and death duties would save the interest they now have to pay on it: that is all. I should only have made the rich richer and myself poorer. I could burn all my share certificates and inform the secretaries of the companies that they might write off that much of their capital indebtedness. The result would be a bigger dividend for the rest of the shareholders, with the poor out in the cold as before. I might sell my war bonds and share certificates for cash, and throw the money into the street to be scrambled for; but it would be snatched up, not by the poorest, but by the best fed and most able-bodied of the scramblers. Besides, if we all tried to sell our bonds and shares—and this is what you have to consider; for Christ’s advice was not addressed to me alone but to all who have great possessions—the result would be that their value would fall to nothing, as the Stock Exchange would immediately become a market in which there were all sellers and no buyers. Accordingly, any spare money that the Government leaves me is invested where I can get the highest interest and the best security, as thereby I can make sure that it goes where it is most wanted and
