good sense of the statesman, the employer, and the
workman will best point out what is wanted; the Church,
as such, is better out of the way in framing legislation.
But suppose even that we establish securely international
and political, industrial and social peace, is that
peace all we need? Shall we not still in youth
be restless, anxious about the future of our own lives
and the lives of those nearest to us, unsettled by
ambitions for what we may not attain, disappointed
at the little progress we make; restless all through
life, disturbed by thoughts of what we desire but
cannot have; restless, most of all, in age, knowing
that attainment is no longer possible, and, if we
have attained anything, feeling how little it is worth?
Who will take for his proper sphere to show the way
to a peace which may pass the understanding of those
who, in disappointment and loss and vain endeavour,
which will go on even if the dreams of national and
social progress and improvement are realised, and
alike in failure or success, will need that peace more
and more as long as the life of man lasts? Sometimes
we see among those round us calm faces the living
“index of a mind” at peace, which make
us feel that there are those working in our midst
in whom that peace exists. Let her tell the way
to that and the answer would be, “There is nothing
wrong with the Church; she is fulfilling her mission;
ever, as of old, will glad welcome greet the footsteps
of him that bringeth good tidings, that publisheth
peace.” [7]
FOOTNOTES:
[Footnote 7: The word “Church” is
used in the sense which each reader chooses to attach
to it. Definition in such matters leads to dissension.]
Part III
RETRENCHMENT
CHAPTER XIV
STATE EXPENDITURE AND INCOME
Political economy, as a branch of
the science of a statesman or legislator, proposes
two distinct objects, first, to provide plentiful
revenue or subsistence for the people or, more
properly, to enable them to provide such a revenue
or subsistence for themselves, and, secondly,
to supply the slate or commonwealth with a revenue
sufficient for the public services.—ADAM
SMITH.
Taking first the second of the two objects mentioned
by Adam Smith, it will be convenient under the heading
of “Retrenchment” to treat not only the
question of economy in the expenditure of the State,
but also the other side of the account, and consider
what general lines of action should be adopted to
make revenue balance expenditure, in the first place
by reducing expenditure, and, in the second, by increasing
revenue, in view of the fact that the absolutely necessary
expenditure will be enormously enhanced to meet the
interest on the National Debt. Assuming that
the War were to end in the spring of 1919, the debt