“Why not? The purpose of a property tax would be to take from us, not more but less than we pay already; less by the cost of collection which would be saved. If our revenue now pays the greater sum, it would then well serve for the lesser; and all the better from taxation being then equalized;—the rich man thus diverting a portion of his unproductive expenditure,—to the great relief of the industrious capitalist who now pays much more than his due share. O, it must be a huge property tax indeed that would trench upon our capital! Why, my dear, we might pay off our great national debt of nearly 300,000,000_l._ next year, without using our capital for the purpose.” “Then I think you had better do it before your great debt gets any larger. Do you think it will go on growing?” “Our ministry and parliament seem determined that it shall. Meantime, we are playing with a Sinking Fund, and making believe to pay off, while we are only slipping the Dead Weight round and round our necks, and feeling it grow heavier at every turn.” “I think this is child’s play but too much like our poor French administrations that have beggared a nation,” observed M. Verblanc. “Get rid of your debt, you wise English; let a Frenchman advise you. If indeed you can pay off your 300,000,000_l._ without impairing your capital, do it quickly.” “We are at war,” said Henry, despondingly; “and, what is worse, the debt is declared to be popular.” “The time will come when a burdened peace will find you tired of your debt.” “Or rather our children. Even then I would advise an immediate exertion to pay it off,—yes, even if it should amount to twice three hundred millions.” “Six hundred millions! Was ever such a debt heard of! What must your future rulers be if they thus devise the ruin of your fine country!” “If they exceed that sum again, I would still struggle to pay it,” persisted Henry. “To be sure, one can hardly conceive of a debt of more than 600,000,000_l._; but one can still less conceive of a nation being willing to pay the annual interest upon it. Let us see! I dare say nearly thirty millions[A].” ----- Footnote A: Lest there should be any man, woman, or child in England, who requires to be reminded of the fact, we mention that our national debt amounts at present to 800,000,000_l._, and that the annual interest upon it is 28,000,000_l._ -----