people should take an active part in all the constructive work; it is of the greatest consequence to us to create possibilities for the final realization of our ideal. That is why we must relinquish even the plan of Herzl to obtain all at once the largest concessions for all Palestine, but, following a course of evolution, to seek a gradual acquirement of advantageous positions in the new land. In short, the accusation of treachery to the social-political ideal of Zionism is entirely false.
The financial question is also brought up as an objection against the method of obtaining concessions. It is accepted by our opponents that the realization of Zionism demands such material means, which not only the existing Zionist institutions, but the whole Jewish people, is not in possession of; but the necessary capital will appear; it will be furnished by international capitalists, provided we are in possession of a guaranteed charter which will safeguard capital. This belief prevails among all the Zionists, with the exception of those who place their hopes on our "rich" Jews. As a matter of fact, this idea is absolutely false.
First of all, we must point to the fact that the capitalist gain (the profit rate) is tending more and more to go down. This is not a transient phenomenon, but is a constant, unavoidable process; the more capital in a given country is developed, the lower is the income furnished by Government rentals. In Western Europe a 3 per cent. Government rate is now considered a good investment. For this reason free capital throws itself into such enterprises, which promise larger returns—even into such enterprises which, in conformity with jurisdiction, are not guaranteed. Yet a concession (a fact which many overlook), although not secured by guarantees of international rights, still does not remain without any protection. From a formal standpoint we concession is a legal transaction.
When we speak of guarantees, we must have in view guarantees of an entirely different kind—internal, and not external. Internal capital must have economical guarantees— i. e., it must be assured that we Jews are actually capable of creating new economical values, agricultural colonies, industrial and commercial centres. If the first colonies and
enterprises, founded with our own money, will prove, from a capitalist point of view, profitable, then. we surely can depend in furthering colonization on material co-operation of international capital, which seeks gain. What we especially need in this enterprise is not personal, but real credit, not for the expense of sustenance of laborers, but for instruments of production, such as land, factories, houses, roads, .etc. The establishment of such guarantees depends chiefly on ourselves, on the strength of our organization, and last, but not least, on our own sincere devotion to the work. Having established this internal guarantee to invested capital in our work, we can positively depend on the co-operation on the part of the international financial world. All this positively proves that the financial question is not unfavorable to concessions.
There are two other weighty arguments often used by our opponents. Colonization without public legal guarantees excites fears for its future. The fear is, they say, that the Jewish colonists of Palestine will suffer greatly from the Turkish regime—in any event, will be deprived of the possibility of developing themselves freely.. When they allude to the Turkish regime, we immediately imagine a formidable Bashi-Bazouk, in all his ferocity, with all the horrors of his despotic power. A terrible sight pictures itself before us. But we think that never will it be worse for the Jews in Palestine than it is in Russia, Roumania, Galicia, even if we except the pogroms, the hooligans, and the Cossack’s nagayka. At any rate, the Jews in Palestine will be enabled to start an economically and spiritually normal life; what concerns a national autonomy, in a cultural sense, whoever is familiar with the internal life of the nationalities of Turkey knows that just there the Jews will not meet with any rebuffs.
One other fact is overlooked—that a concession is not deprived of any guarantees, inasmuch as social process can be guaranteed by external means; leaving alone the legal guarantee or guarantees created by contracting parties, we must recognize the prescriptive, objective guarantee of capital interested in one or other concession. From a financial stand, there is no unguaranteed capital, be-