Publisher's Synopsis
Excerpt from The House Revenue Bill: A Constructive Criticism
There are two extreme theories, each of which may be dismissed with scant courtesy. The one is that all war expenditures should be defrayed by loans, and the other is that all war expenditures should be defrayed by taxes. Each theory is untenable.
The loan-only policy is impracticable for two reasons. If Government loans are not supported by an amount of taxation at least adequate to pay the interest on the new loans, the credit of the Government will suffer. It will have to borrow at progressively higher rates of interest until finally it will not be able to borrow at all. The only guarantee of being able to continue to borrow during a protracted war is to maintain the credit of the country by liberal taxation.
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