Word: war
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Dates: during 1910-1919
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From a purely economic point of view taxation is the ideal method. War burdens cannot be shifted to the next generation, but hampering posterity by a bond issue can be prevented by levying the financial cost solely on present society. Moreover, taxation means a distribution of the burden according to ability to pay. It is as democratic as the conscription of an army; it will bring in exactly the desired amount; and it is certain in action. Conscription of wealth is in many respects ideal...
Turning now to the issue of bonds as a method of war-finance, we see that it possesses none of those advantages. It penalizes the willing and leaves the pocketbooks of the less patriotic untouched. It places a financial difficulty on future generations; the amount of money it will realize is indefinite; its success may not always be assured. Yet despite all this, it possesses political and psychological advantages of undoubted merit. Where the public, already crushed by the tax-collector's demands, would not stand any increase in taxation, it gladly buys bonds. There is no better stimulus than...
...America, therefore, we still maintain our balance between taxation and bond issues. The former method will no doubt be increased, but it will never supplant the latter as the most important source of war income. The power of taxation is the power to destroy. The power of borrowing is the power to enlist the support of the entire nation in the prosecution of the war...
Since the U53 and the Deutschland paid us their respects early in the war, we have taken it for granted that the submarines would restrict their activities to the Irish Sea, the Mediterranean, and the waters around the coasts of England and France. At least, we soon believed this to be the German policy when, after the Naval Reserve had taken to sea in their motley array of ships, no enemy was found willing to do battle. Our vigil little by little relaxed, the crews ceased to open fire on every inoffensive porpoise, and the Navy Department began to build...
...questioning is ridiculous and unnecessary. There has been no reason to mount guns on coastwise ships and the Atlantic ocean is too large to be completely covered by patrols. When the submarines succeed in such a surprise attack we must be philosophical and not get panicky. In the Spanish War people gave up their homes on the seashore and trooped inland for fear of Cevera's fleet. This is just what the Kaiser wishes to reoccur. He has shelled Paris for the moral effect and he is sending over submarines for the same reason...