CONSCRIPTION OF WEALTH

Dominion, Volume 10, Issue 3102, 5 June 1917, Page 6

CONSCRIPTION OF WEALTH

(To the Editor.) Sir;—A. few days ago a letter from Mr. Bernard 'i'ripp, uf Gleniti, on the- "'Conscription of Wealth," and commending the scheme of Jlr. Craigie, M.P., ,on this 6ubject, appeared iii your paper. One is reminded of the criticism o£ tke London "Times" on Mr. Wells's "British Republic": "The wisest of men occasionally talk great nonsense." Evidently neither.Mr. Craigie nor Mr. Tripp have given, any time to the study of political economy, or they would not talk glibly about the "conscription of wealth" when they really mean "the conscription of capital." By all means let us have as much conscription of wealth as the Oovornment needs by means of increased land taxes or graduated and increased income taxes, but it would be the height of folly to do what Mr. Craigie and Mr. Tripp propose, namely, to conscript or commandeer capital. For the State to take capital would 1* like killing the goose which lays the golden egg. Vor -the Stato to take capital, either the capital of individuals or of corporate bodies would bo like taking a man's spade or plough and then expect him to produce ns much wealth without those implements as ho did with them. By all means let ns have more land taxes if necessary Cue- doubt tlie farmers of New Zealand can well afford to pay them); also an. increase in the graduated income tax and any other necessary modification of the income tax, including the repeal of the ridiculously misnamed war profits tax. But to take away a man's\ capital would surely be 'nothing short of midsummer (or midwinter) madness.—l aril, etc., ■ COMMON SENSE.