Page:Is Capital Income, Earle, 1921.djvu/22

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IS CAPITAL INCOME?

corruption, and dangerous and even despicable measures to obtain control of it. No free and great country had ever failed for want of revenue, though all are in danger from extravagance, waste and corruption.

But direct taxation, inflicted by men too far distant safely to be trusted with the vital power of representative consent, had long, not only been known, but proven to be a Republic's greatest danger. That the Constitution might be ordained, it was, therefore, imperative that this matter be completely safeguarded. The simplicity and effectiveness of the safeguarding provisions, in the Constitution, are most impressive. It was, therefore, ordained that, as there might possibly be emergencies requiring this power, that it should be granted, but only granted conditionally—(a practice, it will be remembered, that came into constant use under the reign of Henry III). That if the power were used, it could only be improperly used at the cost of penalizing every section alike and equally. And so our internal peace and happiness have continued. But have we not already new evidences, both in legislation and in the declarations of legislators, that like causes still have like effects, and that the apple of discord has once more been cast among us, though not yet bearing full effects because of the higher and paramount duty we all felt of submitting to anything necessary to preserve the freedom of the world through the recent crisis?

It cannot be doubted, therefore, that by following the suggestions of Mr. Justice Holmes in the Securities case, adopted, through Mr. Justice White, by the whole Court in the Standard Oil case, with the other guidance so clearly given by the Supreme Court, that we have reached the "genesis" of this matter that must profoundly affect the results which should finally be achieved?