PREFACE

Twelve  years  of  zealous  study  and  discussion  of
the  subject  of  taxation  have  brought  me  at  last  to
what  should  have  been  my  starting  point  —what,  as
it  now  appears  to  me,  should  be  the  starting  point  of
every  student,  to  wit:  the  recognition  that  investments ­
  in  land  are  exempt  from  taxation.  The  desire
to  make  the  path  smoother  and  shorter  for  those  who
follow  me  is  the  reason  for  bringing  together  in  a
single  volume  these  hitherto  scattered  miscellanies.
Notwithstanding  their  desultory  form,  these  essays,
discussions,  and  illustrations  present  what  are  in  my
judgment  the  fundamental  issues  in  the  field  of  taxation, ­
  and  I  am  proud  to  say  that  most  of  the  specific
views  herein  expressed  have  had  the  substantial
approval  of  a  majority  of  the  prominent  teachers  of
political  economy.
Although  most  ot  the  matter  contained  in  this
volume  has  previously  appeared  in  print,  any  value
that  it  ever  had  is  here  enhanced  by  revision  of  figutes
and  conclusions  to  date.  When  referring  to  Henry
George’s  views,  I  have  taken  pains  to  give  what  I
believe  to  have  been  his  final  judgments,  making  the
writer  of  mature  age  the  interpreter  of  his  own  earlier
masterpiece.
I  welcome  this  opportunity  to  record  my  lasting
gratitude  to  all  of  the  many  friends  who  from  first  to
last  have  helped  to  steady  a  wavering  hand,  and  I