To my mind, Feder's merit consisted in the ruthless and trenchant way in which he described the double character of the capital engaged in stock-exchange and loan transaction, laying bare the fact that this capital is ever and always dependent on the payment of interest. In fundamental questions his statements were so full of common sense that those who criticized him did not deny that AU FOND his ideas were sound but they doubted whether it be possible to put these ideas into practice. To me this seemed the strongest point in Feder's teaching, though others considered it a weak point.