in this country of a special rate of income tax on what is called
"unearned" income, i.e. income from invested property. But it is
only when one begins to adopt the broadminded views lately fashionable
of the possibilities of a levy on capital and to talk of taking, say,
20 per cent. of the value of a man's property from him in the course
of a year, that it becomes evident that he cannot be expected to pay
anything like this sum, in cash, unless either a market is somehow
provided--which seems difficult if all property owners at once are
to be mulcted of a larger amount than their incomes--or unless the
Government is prepared to accept part at least of the levy in the
shape of property handed over at a valuation.

Before, however, we come to deal in detail with the difficulties
and drawbacks of the suggestion, it may be interesting to trace the
history of the movement in its favour, and to see some of the forms in
which it has been put forward. It may be said that the ball was opened
early last September when, in the _Daily News_ of the 8th of that
month, its able and always interesting editor dealt in one of his
illuminating Saturday articles with the question of "How to Pay
for the War." He began with the assumption that the capital of the
individuals of the nation has increased during the war from 16,000
millions to 20,000 millions. A 10 per cent. levy on this, he
proceeded, would realise 2000 millions. It would extinguish debt to
that amount and reduce the interest on debt by 120 millions. The levy
would be graduated--say, 5 per cent. on fortunes of £1000 to £20,000;
10 per cent. on £20,000 to £50,000; up to 30 per cent. on sums over
£1,000,000; and the individual taxpayer was to pay the levy "in what
form was convenient, in his stocks or his shares, his houses or his
fields, in personalty or realty."