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 invest 
ments 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 taxa 
tion, 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