The Washington times., 1922-10-28
sHs SINESS ANL FINAN G E
Money and Trade
Ths'Moys Against Wealth.
What Wealth Really Il.
The Way to Bankruptcy.
Labor Platforms.
By GEORGE w. HINMAN,

party IN Great Britain has opened
a campaign against. British wealth.,
II proposes what might be called
q levy on capital TO pay the British
war debt. Every property Of more
than $4,000 is to be ''conscripted"
to q greater or less extent IL the
labor party wins the coming elec-
ton. That Is the program. It was
announced in yesterdays papers.
Why is this Of intrest to Ameri.
can business men? Because Great
Britain's example In such matters
is Tor some reason very contagious
In American affairs; because British
labor is almost as closely related to
American labor as British banking
- to American banking: because the
same sort Of "conscription of wealth"
70 pay the American war debt has
been proposed in the Congress in
Warrington and win be proposed
again. 's"..
Well and good. what then in this
respect is the proposition of the
British labor party In the present
campaisn. according to yesterdays
49, The Real Penalty. ...e.t
Great Britain's wealth is estimated
at one hundred topne hundred and
ten billion dollars; her war debt. at
thtrty-four to thirty-five billions. To
"conscript" her property to meet
this debt would exact from the ICON.
scripts apparently ene-third of the
wealth OF the whole nation. But the
penalty would be In fact heavier than
that. as the 'conscripts" would be
only those possessing more than
$4,000 each. Whereas not one-third
or the people has as much as S25, 900
each, what the proposition would
come TO In the end would be to col.
iect from less than one-tihrd OF the
taxpayers one-third of the whole
wealth OF the whole nation.
But this would be impossible. Any.
body with business sense would make
this objection at once. Wealth is not
merely cash In bank to, be drawn by
check and delivered by hand. Ma.
tfonal wealth In largely In lands, fac.
tories. canals. railroads, homes, of.
ice buildings, gas works, street cars
and SO on. Not q third, not q quar-
ter Of IL 10 liquid and cashabie on
demand. i' =
TO levy an assessment Of $50, ,00o,.
900. 600 or SIS. .000, ,000. 900 all at once
on the British fortunes of more than
$z5,00o would scrape the country
hare OF the capital used to turn over
me industry and trade and farm pro-
duction Of the British people. ONLY
poverty and unemployment and bank.
ruptcy would be left.
49, The Inheyitance Tax.
OF course, the gentlemen who make
out the Labor party program see
tnis. They are intelligent men. So,
nke many OF their followers and imi.
tators In the United States, they pro-
pose different way of accomplish.
ing. their general purpose. That is,
these' who have argued their case
Detore the British public have done
One proposed method Of. '.con.
scripting wealth has been a com.
p.ete change In the Inheritance tax.
rms TAX has been levied on the
theory that a dead mans fortune
really belongs to the government,
Therefore. the government should
take the whole fortune. except what
his family may need to keep Il out
Of the poorhouse., That Is one
theory and method. y
Another proposed method Of con
scription" wealth Is, of course, by
raising the tax on incomes of any
noteworthy size to the point of
seizure. The "conscription" would
be made as s-heavy as sixteen, or
even nineteen shillings in the
pound" This means that the tax
would be so to IS per cent on large
incomes.
Thus, ito pay off the national
debt" would the direct taxation
Of private fortunes, both during life
and at DEATH" be carried out, and
property in excess Of some low
figure like $4,000 be taken away
from It's possessors and placed In
the government. treasury. The quo
tations are from the program Of the
"Intellectuals'' who write the plat
forms for the Labor party.
: Vague Phraseology.
q; 1t Is any mans guess what would
happen to Great Britain IL these pro.
;posals should prevail at the British
elections, or IL they should win any
big party vote at the polls. That
Is not the point Of this article.
i The point Of this article, for an
American business man, Is that here,
In plain language, he may recognize
definitely a lot Of the vague phrases
that float about the United States;
that here he may learn the meaning
Of much that is said In the meetings
Of American sociologists, political
economists and humanitarian clergy
men. The writer has endeavored
merely to give a little business in.
formations that must be Of increasing
interest to the whole business world.