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5 
will immediately produce the economic reaction of lessened 
production of material necessities, therefore, both the economic 
and ethical effects of a Capital Levy must be considered. 
Assuming general agreement to our National Debt being an 
evil, the following practical questions arise :— 
Six Questions. 
J. Can the Debt be abolished ? 
2. What would be the resultant economic gain? 
3. Can it be abolished without mflicting injustice? 
4. Does the existence of the Debt entail injustice? 
5. If the abolition of the Debt and its retention both 
entail injustice, is the injustice in each case— 
a. Ascertainable? 
b. Equal? 
6. If the abolition of the Debt be an economic gain, 
but involve injustice, does economic gain justify an 
unjust action? 
Now, here is a formidable list of questions, but they need 
to be fairly considered, and honestly answered, if we are to lay 
down on a sure foundation a sound policy in regard to our 
National Debt. 
To take the questions seriatim. 
I. Can the Debt be abolished? 
The answ r er is “Yes.” The simplest method would be 
by repudiation. That course would be immoral, and lay upon 
one section of the community, the Fundholders, a loss which 
should be spread impartially over the nation. Economically, 
it would be ruinous on account of its damage to general credit. 
Such a course is only conceivable by ignoramuses. Why, 
then, even mention it? Because repudiation makes a power