Having the vision and having the power to get what it desires, only the will to use the power is needed. And that will is motived by the great shadow that is hanging over the world--the shadow of public debt in this war. Someone must pay that debt. Heretofore war debts have fallen heaviest upon the poor. Those least able to pay have paid the most. But those least able to pay are coming out of this war too smart for the old adjustment of the debt. Education, for the past fifty years has made a new man, who will refuse to be over-taxed. During our visit to the front the soldiers were forever saying to Henry and me: "We have offered our lives. Those who stayed at home must give up their riches." And as we went about in England we were always hearing about the wisdom of a heavy confiscatory tax. Among the conservatives themselves who presumably have a rather large share of the national wealth, there is a serious feeling that immediately after the war a tax-measure should be passed which would at once confiscate a certain portion of the property of the country--one hears different per cents discussed; some declare that ten per cent is enough, while others hold that it will require 25 per cent. This confiscatory tax is to be collected when any piece of property changes hands, and the accruing sum is to be used for paying off the national debt, or a considerable portion of it at once. The situation is completely changed from that which followed the Napoleonic wars, where war taxes fell largely upon labour. So in self-preservation, capital is considering turning over a part of its property to the state to avoid the slow and disintegrating grind that otherwise inevitably must come. A curious side light on the way in which democracy is conducting this war is found in the way by which it finances the war. The great debt of the war, piled up mountain high, is of course, converted into bonds. These bonds, similar to our Liberty Bonds, have been purchased not exclusively by the bankers as in former wars, but by the people of the middle class and of the labouring class. Thus democracy has its savings in war bonds, which would be wiped out by an indemnity to Germany, but would be greatly inflated by an Allied victory; and where the treasure is, there the heart is! Perhaps it was political strategy which placed the war bonds in the hands of the people. But more than likely it was financial necessity. For the tremendous financial burden of this war was too great for the investing classes to bear unaided. So even the financing of the war has been more or less democratized. In fact, the whole conduct of the war is democratized.