Excerpt from Johns Hopkins University Circulars, Vol. 18: March, 1899
His antipathy to protective duties, income taxes, and progressive taxation in general, is too well known to require any comment. The most distinctive principle of his system relates to immaterial wealth, securities, evidences of indebtedness, etc., which he distinguishes from property as shadow from substance. Taxation, he claimed, should be upon things; not Upon persons and not upon the shadows of things. In accordance with his views he offered the following definition of property, which is, I think, unique Property, at least for the purpose of taxation, is always a physical actu ality, with inhering rights or titles, the product solely of labor, and is always measured in respect to value and for exchange by labor. Mr. Wells is thus a positive advocate Of the Labor theory of value, and I may take occasion here to point out, that his money argument in the Recent Economic Changes is valid only on the assumption of the validity of the Labor Standard.
About the Publisher
Forgotten Books publishes hundreds of thousands of rare and classic books. Find more at www.forgottenbooks.com
This book is a reproduction of an important historical work. Forgotten Books uses state-of-the-art technology to digitally reconstruct the work, preserving the original format whilst repairing imperfections present in the aged copy. In rare cases, an imperfection in the original, such as a blemish or missing page, may be replicated in our edition. We do, however, repair the vast majority of imperfections successfully; any imperfections that remain are intentionally left to preserve the state of such historical works.show more