318 PROCEEDINGS OP THE AMERICAN ^ACADEMY 



holding land in capitalized shares to the condition of things which I 

 have described. The phrase occurred to me not long ago, and it 

 seemed to me worthy of your consideration. Suppose we stop talking 

 about a primitive communism in respect to land. Suppose, also, we 

 stop talking about a primitive proprietorship. Instead of using these 

 phrases, neitlier of which has any applicability to the state of things 

 described in the earliest records, let us talk of the capitalization of 

 the land, and of the holding of the land in capitalized shares. Upon 

 these phrases, I think, both the advocates of a primitive communism 

 and the advocates of a primitive proprietorship may be induced to 

 unite and agree. After all, the disagreement between the advocates 

 of the two opposed theories is very largely a disagreement in the use 

 of terms. 



