which the Government would in due course later on receive an income,
probably averaging about one-twentieth of its value.

Perhaps, however, it would be more correct to say that those who put
the scheme forward did not ignore this drawback to it, but rather
liked it, for reasons quite irrelevant to the objects that they were
apparently pursuing. A good deal of prominence was given about the
same time to the question of a levy on capital in the _New Statesman_
well known to be the organ of Mr Sidney Webb and other members of the
Fabian Society. These distinguished and very intellectual Socialists
would, of course, be quite pleased if, in an apparent endeavour to pay
for the war, they actually succeeded in securing, by the Government's
acquisition of blocks of securities from property owners, that
official control of industry and production which is the object of
State Socialists.

It will be noted, however, in this scheme that no mention is made of
any forms of property to be accepted by the Government in lieu of cash
except securities and mortgages on land. Items such as furniture,
books, pictures and jewellery are ignored, and in one of the articles
in the _New Statesman_, discussing the question of a capital levy, it
was distinctly suggested that these commodities should be left out
of the scheme so as to save the trouble involved by valuation.
Unfortunately, if we leave out these forms of property the natural
result is to stimulate the tendency, lately shown by an unfortunately
large number of patriotic taxpayers, of putting money into pearl
necklaces and other such gewgaws in order to avoid income tax. If
by buying fur coats, old masters and diamond tiaras it will be be
possible in future to avoid paying, not only income tax, but also a
capital levy, it is to be feared that appeals to people to save their