hree years in which America
furnished funds and supplies to Europe at huge profits, whilst our
entering the war was bound to diminish those profits very largely
(indeed, to entirely eliminate some of them), to interfere with
business activity in many lines and to compel the imposition of heavy
taxes on wealth?

It is to the credit of our rich men that, though fully realizing the
extent of the monetary loss and sacrifices which war between this
country and Germany must necessarily bring to them, there were but very
few of them who supported the Peace-at-any-Price Party or favored the
avoidance of America entering into the war when it had become plain
that our participation in that war could not be avoided with honor and
with due regard for our duty to our own country, or to the cause of
right and liberty throughout the world.

Yet, somehow, the pacifists seem to have singled out the rich as mainly
responsible for the war.

It may be due, consciously or unconsciously, to a resulting feeling of
resentment that _the proposal to confiscate during the war all incomes
beyond a certain figure is actively promoted by leading pacifists_--a
proposal based upon ignorance of, or disregard for, the laws of
economics, teachings of history and practical considerations.

If any such scheme were to be adopted, the consequences to the country
at large would be far more serious than to the victims of the proposed
action.

If such a measure of outright confiscation were seriously apprehended,
at a time moreover and under conditions which are far as yet from
calling for extreme measures, capital would cease to flow in its
accustomed currents and some of it would seek other channels
legitimately open to it.

It would certainly cease flowing into constructive use and would
instead confine itself, to an extent at least, to municipal, state and
federal tax-exempt securities. Enterprise would be seriously hampered
and in some respects brought to a standstill entirely.

Many thousands of workmen would be thrown out of employment. Many
businesses and shops would close.

There would ensue, as a natural consequence and without any conscious
determination, a nation-wide strike of constructive activity and
enterprise in commerce and finance, because men will not look upon it
as a "square deal" if they are to take all the risk and responsibility,
all the hard work and ceaseless strain and care of business effort,
whilst the Government would _