the vested interests and the common man-第9节

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needs　are　bound　up　with　the　daily　transactions　of　the　concern。　
For　most　purposes　and　as　regards　the　greater　proportion　of　the　
investors　who　in　this　way　own　the　corporation's　capital；　these　
owners　are；　in　effect；　anonymous　creditors；　whose　sole　effectual　
relation　to　the　enter　prise　is　that　of　a　fixed　〃overhead　charge〃　
on　its　operations。　Such　is　the　case　even　in　point　of　form　as　
regards　the　investors　in　corporate　bonds　and　preferred　stock。　The　
ordinary　investor　is；　in　effect；　an　anonymous　pensioner　on　the　
enterprise；　his　relation　to　industry　is　in　the　nature　of　a　
liability；　and　his　share　in　the　conduct　of　this　industry　is　much　
like　the　share　which　the　Old　Man　of　the　Sea　once　had　in　the　
promenades　of　Sinbad。　
　　　　No　doubt；　any　reasonably　skilful　economist　any　certified　
accountant　of　economic　theory　　could　successfully　question　the　
goodness　of　this　characterisation　of　corporate　capital。　It　is；　in　
fact；　not　such　a　description　as　is　commonly　met　with　in　those　
theories　of　ownership　and　investment　that　trace　back　to　the　
formal　definitions　of　Ricardo　and　Adam　Smith。　Nor　is　this　
description　of　latter…day　facts　here　set　down　as　a　formal　
definition　of　corporate　capital　and　its　uses；　nor　is　it　designed　
to　fit　into　that　traditional　scheme　of　conceptions　that　still　
holds　the　attention　of　the　certified　economists。　Its　aim　is　the　
less　ambitious　one　of　describing；　in　a　loose　and　informal　way；　
what　is　the　nature　and　uses　of　this　corporate　capital　and　its　
ownership；　in　the　apprehension　of　the　common　man　out　of　doors。　He　
is　not　so　familiar　with　the　recondite　wisdom　of　the　past；　or　with　
subtle　definitions；　other　than　the　latter…day　subtleties　of　the　
market；　the　crop　season；　the　blast…furnace　and　refinery；　the　
internal…combustion　engine；　and　such　like　hard　and　fast　matters　
with　which　he　is　required　to　get　along　from　day　to　day。　The　
purpose　here　is　only　to　bring　out；　without　undue　precision；　what　
these　interesting　phenomena　of　capital；　investment；　fixed　
charges；　and　the　like；　may　be　expected　to　foot　up　to　in　terms　of　
tangible　performance；　in　the　unschooled　reflections　of　the　common　
man；　who　always　comes　in　as　〃the　party　of　the　second　part〃　in　all　
these　manoeuvres　of　corporation　finance。　He　commonly　has　no　more　
than　a　slender　and　sliding　grasp　of　those　honorable　principles　of　
certified　make…believe　that　distinguish　the　modern　point　of　view　
in　all　that　relates　to　property　and　its　uses；　but　he　has　had　the　
benefit　of　some　exacting　experience　in　the　ways　of　the　new　order　
and　its　standards　of　reckoning。　By　consequence　of　much　untempered　
experience　the　common　man　is　beginning　to　see　these　things　in　the　
glaring　though　fitful　light　of　that　mechanistic　conception　that　
rates　men　and　things　on　grounds　of　tangible　performance；　　
without　much　afterthought。　As　seen　in　this　light；　and　without　
much　afterthought；　very　much　of　the　established　system　of　
obligations；　earnings；　perquisites　and　emoluments；　appears　to　
rest　on　a　network　of　make…believe。　Now；　it　may　be　deplorable；　
perhaps　inexcusable；　that　the　New　Order　in　industry　should　
engender　habits　of　thought　of　this　unprofitable　kind；　but　then；　
after　all；　regrets　and　excuses　do　not　make　the　outcome；　and　with　
sufficient　reason　attention　today　centers　on　the　outcome。　
　
　　　　To　the　common　man　who　has　taken　to　reckoning　in　terms　of　
tangible　performance；　in　terms　of　man　power　and　material　
resources；　these　returns　on　investment　that　rest　on　productive　
enterprise　as　an　overhead　charge　are　beginning　to　look　like　
unearned　income。　Indeed；　the　same　unsympathetic　preconception　has　
lately　come　in　for　a　degree　of　official　recognition。　High　
officials　who　are　presumed　to　speak　with　authority；　discretion　
and　an　unbiassed　mind　have　lately　spoken　of　incomes　from　
investments　as　〃unearned　incomes；〃　and　have　even　entertained　a　
project　for　subjecting　such　incomes　to　a　differential　rate　of　
taxation　above　what　should　fairly　be　imposed　on　〃earned　incomes；〃　
All　this　may；　of　course；　be　nothing　more　than　an　unseasonable　
lapse　of　circumspection　on　the　part　of　the　officials；　who　have　
otherwise；　on　the　whole；　consistently　lived　up　to　the　best　
traditions　of　commercial　sagacity；　and　a　safe　and　sane　
legislature　has　also　canvassed　the　matter　and　solemnly　disallowed　
any　such　invidious　distinction　between　earned　and　unearned　
incomes。　Still；　this　passing　recognition　of　unearned　incomes　is　
scarcely　less　significant　for　being　unguarded；　and　the　occurrence　
lends　a　certain　timeliness　to　any　inquiry　into　the　source　and　
nature　of　that　net　product　of　industry　out　of　which　any　fixed　
overhead　charges　of　this　kind　are　drawn。　
　　　　To　come　to　an　understanding　of　the　source　and　origin　of　this　
margin　of　disposable　revenue　that　goes　to　the　earnings　of　
corporate　capital；　it　is　necessary　to　come　to　an　understanding　of　
the　industrial　system　out　of　which　the　disposable　margin　of　
revenue　arises。　Productive　industry　yields　a　margin　of　net　
product　over　cost；　counting　cost　in　terms　of　man　power　and　
material　resources；　and　under　the　established　rule　of　self…help　
and　free　bargaining　as　it　works　out　in　corporation　finance；　this　
margin　of　net　product　has　come　to　rest　upon　productive　industry　
as　an　overhead　charge　payable　to　anonymous　outsiders　who　own　the　
corporation　securities。　
　　　　There　need　be　no　question　of　the　equity　of　this　arrangement；　
as　between　the　men　at　work　in　the　industries　and　the　
beneficiaries　to　whom　the　overhead　charge　is　payable。　At　least　
there　is　no　intention　here　to　question　the　equity　of　it；　or　to　
defend　the　arrangement　against　any　question　that　may　be　brought。　
It　is　also　to　be　remarked　that　the　whole　arrangement　has　this　
appearance　of　gratuitous　handicap　and　hardship　only　when　it　is　
looked　at　from　the　crude　ground　level　of　tangible　performance。　
When　seen　in　the　dry　light　of　the　old　and　honest　principles　of　
self…help　and　equal　opportunity；　as　understood　by　the　substantial　
and　well…meaning　citizens；　it　all　casts　no　shadow　of　iniquity　or　
inexpediency。　
　　　　So；　without　prejudice　to　any　ulterior　question　which　may　be　
harbored　by　one　and　another；　the　question　which　is　here　had　in　
mind　is　quite　simply　as　to　the　production　of　this　disposable　
margin　of　net　product　over　human　cost。　And　to　pass　muster　today；　
any　attempted　answer　will　be　required　to　meet　that　exacting　and　
often　inconvenient　insistence　on　palpable　fact　which　is　of　the　
essence　of　the　new　order　of　knowledge　and　belief。　It　is　necessary　
to　reach　an　understanding　of　these　things　in　terms　of　tangible　
performance；　in　such　terms　as　are　germane　to　that　new　order　of　
knowledge　and　belief　out　of　which　the　perplexity　arises；　rather　
than　in　those　terms　of　equitable　imputation　that　lie　at　the　root　
of　the　certified　economic　doctrines　and　of　corporation　finance。　
　　　　These　relevant　facts　are　neither　particularly　obscure　nor　
particularly　elusive；　only；　they　have　had　little　attention　in　the　
argument　of　economists　and　politicians。　Still　less　in　the　
speculations　of　the　captains　of　finance。　The　partition　of　incomes　
has　always　been　more　easily　understood　by　these　
practically…minded　persons；　and　it　is　also　a　more　engrossing　
subject　of　argumentation　than　the　production　of　goods。　This　would　
be　particularly　true　for　these　economists　and　politicians；　who　
are　imbued　with　that　legalistic　spirit　which　pervades　the　modern　
point　of　view　and　all　its　votaries。　
　　　　But　it　is　known　to　all；　even　to　the　most　safely　guarded　
persons　who　do　not　come　in　contact　with　industry　or　production；　
or　even　with　the　products　of　the　staple　industries；　that　industry　
at　large　will　always　turn　out　something　in　the　way　of　a　net　
margin　of　product　over　human　cost；　　over　human　effort　and　
necessary　consumption。　It　holds　true　as　far　back　as　the　records　
have　anything　to　say。　It　is　evidently　a　question　of　the　
productivity　of　the　industrial　arts。　Men　at　work　turn　out　a　net　
product　because　they　know　how　and　are　interested　in　doing　it；　and　
their　output　is　limited　by　the　industrial　methods　which　they　have　
the　use　of。　But　the　output　is　limited　in　such　a　way　that　it　
always　exceeds　the　cost　by　more　or　less；　barring　accident。　By　and　
large；　throughout　past　time　the　industrial　arts　have　been　gaining　
in　efficiency；　and　the　ordinary　margin　of　net　product　over　cost　
has　consequently　gone　on　widening。　This　is　much　of　the　meaning　of　
〃an　advance　in　the　industrial　arts。〃　
　　　　In　an　earlier　time；　by　law　and　custom；　the　net　margin　of　
product　habitually　went　to　a　master　class；　so…called；　as　the　
〃earnings〃　or　the　due　emoluments　of　their　mastery　over　those　
industrious　classes　who　carried　forward　and　gave　effect　to　the　
state　of　the　industrial　arts　as　known　in　their　time。　By　virtue　of　
their　mastery　and　its　incorporation　in　the　institutions　of　the　
time；　they　had　an　equitable；　and　effectual；　vested　interest　in　
the　net　product　of　the　community's　industry；　and　by　virtue　of　the　
same　settled　principles　of　law　and　custom　it　was　for　them　to　see　
to　the　due　consumption　of　any　such　net　product　above　cost。　In　
later　times；　and　particularly　in　modern　times　and　in　the　
civilised　countries；　those　immemorial　principles　of　privilege　
equitably　v