Page 211 - clra62_0019-(GIPE)

CONSOLS IN A GREAT WAR 20 3
process, because it is one which is not required for its
effect upon credit, and the direct gain is quite inap-
preciable; and it is perhaps doubtful, looking to the
nature of our taxation, whether there is any direct gain
at all. My own opinion is that it would now be the
wisest thing for us to give up any attempt at the reduc-
tion bf debt, so long at least as the means for paying
the debt are really derived from taxes on capital.
I do not, however, put f~rward the present argument
as fully covering the whole question. All that is here
claimed is that the usual arguments for the reduction
of debt are not what they are supposed to be, and that
thewhole question requires a great deal of consideration.
I hope to return to this subject on an early occasion.