money and invest it in War Bonds are likely to be seriously interfered
with.

Unfortunately, the _Statesman_ was able to announce that the appeal
for this system of taxation had been received with a good deal of
sympathy by the Chancellor of the Exchequer, and the next stage in the
history of the agitation was the publication on Boxing Day in several
of the daily papers of what appeared to be an official summary, issued
through the Central News, of what the Chancellor had said to the
deputation of Labour Leaders introduced by Mr Sidney Webb, which
waited on him, as already described, in the middle of November. Having
pointed out that he had never seen any proposal which seemed to him
to be practicable for getting money during the war by conscripting
wealth, Mr Bonar Law added that, though "perhaps he had not thought
enough about it to justify him in saying so," his own feeling was that
it would be better, both for the wealthy classes and the country, to
have this levy on capital, and reduce the burden of the national debt
when the war was over. It need not be said that this statement by the
Chancellor has been very far from helpful to the efforts of those who
are trying to induce unthrifty citizens to save their money and put it
into National War Bonds for the finance of the war.

"Why," people argue, "should we go out of our way to save and take
these securities if, when the war is over, a large slice of our
savings is to be taken away from us by means of this levy on capital?
If we had been doubting between the enjoyment of such comforts and
luxuries as are possible in war-time and the austere duty of thrift,
we shall naturally now choose the pleasanter path, spend our money on
ourselves and on those who depend on us, instead of saving it up to
be taken away again when the war is over, while those who have spent