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The Pamphlet Collection of Sir Robert Stout: Volume 86

IV.—How the Idle Rich Live

page 5

IV.—How the Idle Rich Live.

"Whence is their purchasing power derived? It does not descend to them from the skies; nor is it obtained by submarine telegraph direct from California or Australia; nor is its presence exhaustively accounted for by the presence of certain figures on the credit side of their accounts in their bankers' books" (Prof. J. E. Cairnes, "Some Leading Principles of Political Economy," p. 31).

They live, in the main, upon the portions of the national product which are called rent and interest, by the legal "guarantee to them of the fruits of the labor and abstinence of others, transmitted to them without any merit or exertion of their own" (J. S. Mill, u Political Economy," Popular Edition, p. 129).

"It is at once evident that rent is the effect of a monopoly" (J. S. Mill, "Political Economy," p. 255).

"Monopoly, in all its forms, is the taxation of the industrious for the support of indolence, if not of plunder" (Ibid, p. 477).