So much for the Captains of Industry whom we need.  But there is still another class which could not exist in the Socialistic state, and which a great part of mankind holds in profound disesteem, but which is essential nevertheless.  This is the man with the instinct of accumulation and whom we stigmatize as the “Capitalist” — the man who grasps what is within reach and holds it; who often gets the main profits of the inventions of the inventor; who forsees the future value of unused gifts of Nature and acquires them while they can be got cheap; who combines with others like him to control everything controllable and makes mankind pay roundly when it wants it.  He is really the man to whom mankind is most indebted of all for without his beneficent if execrated service, in vain would the scientist toil in his laboratory, the inventor struggle through poverty to perfect his machine, the Captain of Industry conceive great accomplishment, and the laborer delve and grind at his daily task.  The one supremely useful man is he who accumulates and holds.

If you say that this is an unlovely person the answer is that sometimes he is and sometimes he is not.  If you say he is selfish the reply is that we are all selfish — he merely being able to make his selfishness effective.  If you say he accumulates by devious ways and by grinding the face of the poor the reply is that sometimes he does and sometimes he does not.  In these human aspects he is about like the rest of us.  He it is who makes happiness and helpfulness possible.

But to these and all other assaults upon the character and methods of the accumulating man there is one general reply and that is that from the economic standpoint they are of no consequence whatever.  It makes no economic difference what he is or what he does so only that he performs his accumulating office.

The one essential fact is that he assembles within his grasp the savings of Society, prevents their dissipation in personal indulgence, applies them to beneficial use, and enables the laborer to produce under the direction of the Captain of Industry by means of the devices of the inventor applied to the formulas of the scientist what is needful for the welfare of mankind — and to live while he is doing it.  It is the accumulating man impelled by his instinct, or if you please his lust, for wealth and power who makes it possible for poor men to live in any great number.  If he happens also to be a Captain of Industry, which usually he is not, it is merely one middleman cut out.  His essential function is that of the money-grabber.  It is by his exercise of that function that most of us exist.

The third count in the indictment of Socialism is that by obliterating the Capitalist, accumulating by interest, profit, rent, and the exploitation of Nature for private gain, it would make life impossible to half the population of the world and not worth living to the fittest who should manage to survive.