Washington standard. [volume] (Olympia, Wash. Territory) 1860-1921, 1917-10-26

it is unnecessary. Already the
thought of wealth CONSUMPTION is in
many minds. Dispatches from Lon
don within the week recount the
growth of the idea among the leaders
of the British government; and it is
specifically stated that the govern
ment is almost on the point of levy
ing directly upon capital. Such a
step may not be taken during the
war, but that or similar resort will
be inevitable upon the dawn of peace.
Even were there any hesitancy on
the part of the British government to
! take such action, the course of Ger
many, her great industrial rival, will
compel it. For it may be stated on
the authority of leading American
diplomat that the proposal Of this ac-
ton was urged upon the German gov
eminent year ago by no less per-
son that the present vfce-chancellOr,
DR.. Karl Helfferich. Germany's
debt at the close of the war; he said.
would equal about one-foUrth Of the
national wealth. The interest charge
alone would exceed the normal reve-
nue.. To place such burden upon
industry at time of depleted man
power would be an insuperabfe han
dicap to recovery. He proposed,
therefore, that one-fourth of the ma
tional wealth be commandment to
discharge the debt. This may be
done, for whether or not German
revolution takes place at this time
there is almost certainty that suf-
ficient changes and notifications in
the government will be made to per-
nit this action.
But If such a step is taken by Ger
many, France and Great Britain will
be forced to take similar action, in
order that indus :ry in those countries
may meet the competition Of their
rival. And if France and Great Brit
ain, why not the United States% No
protective tariff, and no amount OF
government price-fixing or other reg
ulation will enable American indus
try burdened with the present and
prospective war debt, to compete with
the freed industry of Europe. Dis
charge Of the war debt by the con-
scriptfon of wealth in one country
wifi compel conscription Of wealth in
M countries.
Nor is su: III a proposal SO drastic
as It sounds. The world accepted the
conscription Ut men because Of I'm
mediate need. 1t wifi accept the con-
seription of wealth because Of ulti-
mate necessity. And the idea will be
received the more kindly because
mems minds will have had more time
to readjust themselves. For. after
all. the shock is more SEEMING than
real. To discharge a debt amounting
to one-fifth Of the national wealth by
conscripting that amount does not
mean that one-flfth Of the wealth of
the nation fs to be destroyed, or sent
out Of the country. It means only
that there viii be shifting Of cred
its within the country, a balancing Of
book accounts by distributing q bur
den that rests upon all the people ia
the shoulders of part of the people:
that is to say, it means the removal
Of the load from the shoulders Of the
laboring class who cannot and will
not bear it, and the placing of It on
the better-to-do class who can and
must assume 1t.
\ This is not reputation. Repudia.
ton means a breaking OF faith, and
leads to long train of evils that &C.
company an impairment of national
credit. 1t is also unnecessarily harsh
in that the burden would fall upon
those only who hold bonds at the
time. and might confiscate the savings
of the relatively poor. and leave in.
tact the wealth of those having other
investments. But CONSUMPTION OF
wealth, limited to those above gen.
erous minimum, falls only upon those
able to bear It, and upon them in pro-
portion to their means. 1t does not
increase or decrease the present ma
tional wealth, but it does balance
the account Of this long-suffering gen
GRAFTON, and enables the next genera
ton, debt-free. to begin anew the
task of making the world a At abode
for the children Of men-The Public