PROPERTY IN THE ALASKAN SEAL HERD. 95 



capture seals at sea could be pretended, it would be necessary to pause 

 and deliberate. It may indeed be said that there is no power in the 

 United States to prevent sealing upon the high seas ; but this is a beg- 

 ging of the question. If they have a property interest in the seals, 

 the power to protect it can not be wanting. But let this question go 



ate and passing enjoyment, or in lasting but distant benefits, * * # or in imple- 

 ments whicb will aid bim in bis work, * * * or, lastly, in tbings wbicb be can 

 let out on bire or so invest as to derive an income from tbem. Man's nature, bow- 

 ever, being impatient of delay, be will not, as a rule, select any of tbe tbree latter 

 metbods unless tbe total benefit wbicb be expects in tbe long run seems, after allow- 

 ing for all risks, to sbow a surplus over its benefits to be derived by taking out tbe 

 fruits of bis labor iu immediate enjoyment. That surplus, wbetber it take tbe form 

 of interest on capital, or extra pleasure derived from tbe direct usance of permanent 

 forms of wealtb, is tbe reward of bis postponing or waiting for tbe fruits of bis 

 labour." 



From tbe Etbics of Usury and Interest. ByW. Blissard, m. a., London, 1892, p. 

 26 et seq. : 



"On tbe bypotbesis tbat all bave equal opportunities of social progress, tbe social 

 destroyers of its wealth deserve condemnation, wbile tbose wbo bave served tbe 

 cause of progress by saving from personal consumption a part of tbe eartb's produce 

 and devoting it to tbe improvement of national mechanism bave a claim to a reward 

 proportioned to their service and to tbe efforts whicb they have made in rendering 

 it. These are tbe conditions of advance in civilization in the arts, and sciences, in 

 literature, and religion. For tbe command over nature differentiates the civilized 

 mau from the savage. * * * It appears, hence, bow accurate is tbe common 

 phrase whicb calls thrift ' saving.' Economists favor such other words as ' absti- 

 nence,' deferred ' eujoyinent,' and the like; but to 'save' expresses the primary idea 

 that something has been saved from the destruction to which mere animal instinct 

 would devote it. In such salvage lies the progress of the human species from sav- 

 agery to godhead. By bow much has been thus saved has the salvation, material, 

 mental, and moral, of tbe race been achieved." 



From "Political Economy." By Francis A. Walker. New York, 1S83. Page 67, 

 sec. 78; 



" The Law of Capital. — It is not necessary to trace further tbe increase of capital. 

 At every step of its progress capital follows one law; it arises solely out of saving; 

 it stands always for self-denial and abstinence." 



(Page 232) : "Capital is, as we bave seen, tbe result of saving. Interest, then, is 

 the reward of abstinence. A part, a large part, of all produced wealtb must be at 

 once consumed to meet the conditions of human existence ; but the remaining portion 

 may be consumed or may be accumulated, according to tbe will of the owner. The 

 strength of the motive to accumulation will vary with the reward of abstinence. 

 If that be bigb tbe disposition to save will be strengthened, and capital will be 

 rapidly accumulated; if tbat be low, that disposition will be relatively weak, and 

 capital will increase slowly, if indeed the body of existing capital be not dissipated 

 at tbe demands of appetite." 



From "Chapters on Practical Political Economy." Prof. Bonamy Price. 2d ed. 

 London, 1882. Pages 127, 128: 



Speaking of Profit be says : "What is tbe nature, tbe principle of this gain? It is 

 a reward for two tbings, for the creation and employment of capital. Economists 

 have rightly explained the need and justification for such a reward for the creation 

 of capital, tbat it is a compensation for abstinence. Tbe owner of the wealth 



