What is Coming? A Forecast of Things after the War. H. G. Wells

by legislation or captured by taxation, the rise in prices is, on the whole, a thing to the advantage of the propertyless man as against accumulated property. It writes off the past and clears the way for a fresh start in the future.

      An age of cheapness is an old usurers' age. England before the war was a paradise of ancient usuries; everywhere were great houses and enclosed parks; the multitude of gentlemen's servants and golf clubs and such like excrescences of the comfort of prosperous people was perpetually increasing; it did not "pay" to build labourers' cottages, and the more expensive sort of automobile had driven the bicycle as a pleasure vehicle off the roads. Western Europe was running to fat and not to muscle, as America is to-day.

      But if that old usurer's age is over, the young usurer's age may be coming. To meet such enormous demands as this war is making there are three chief courses open to the modern State.

      The first is to take--to get men by conscription and material by requisition. The British Government takes more modestly than any other in the world; its tradition from Magna Charta onward, the legal training of most of its members, all make towards a reverence for private ownership and private claims, as opposed to the claims of State and commonweal, unequalled in the world's history.

      The next course of a nation in need is to tax and pay for what it wants, which is a fractional and more evenly distributed method of taking. Both of these methods raise prices, the second most so, and so facilitate the automatic release of the future from the boarding of the past. So far all the belligerent Governments have taxed on the timid side.

      Finally there is the loan. This mortgages the future to the present necessity, and it has so far been the predominant source of war credits. It is the method that produces least immediate friction in the State; it employs all the savings of surplus income that the unrest of civil enterprise leaves idle; it has an effect of creating property by a process that destroys the substance of the community. In Germany an enormous bulk of property has been mortgaged to supply the subscriptions to the war loans, and those holdings have again been hypothecated to subscribe to subsequent loans. The Pledged Allies with longer stockings have not yet got to this pitch of overlapping. But everywhere in Europe what is happening is a great transformation of the property owner into a rentier, and the passing of realty into the hands of the State.