TAXATION AND LAND 



of a tax which men would feel. American 

 financiering since our treasury surplus be- 

 gan is proof of this. 



To sum up, desirable as it would be to 

 fasten our chief tax upon land, we should 

 not be beguiled by the seductive idea of 

 simplicity into the exclusion of other kinds 

 of impost, since that course would, among 

 many things, ( i ) aggravate the wrong of 

 all imperfect assessments, which are un- 

 avoidable, (2) produce a most inelastic 

 revenue system, (3) cut us off from a much 

 needed weapon for disciplining minatory 

 and refractory businesses, and (4) gravely 

 threaten free institutions. 



