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Updated: May 3, 2025
There he read of the confiscatory revolution planned by the Lord Chancellor of the Exchequer, the sinister Georges Lloyd. He also read how chivalrously Prince Arthur Balfour of Burleigh had defied that demagogue, assisted by Austen the Lord Chamberlain and the gay and witty Walter Lang.
The law requires that rates should be just and reasonable. That has always been the rule under which rates have been fixed. To make a rate that does not yield a fair return results in confiscation, and confiscatory rates are of course unconstitutional. Unless the Government adheres to the rule of making a rate that will yield a fair return, it must abandon rate making altogether.
She had not been wrong in her unlimited confidence in his ingenuity. She did not falter in her faith in his word pledged to her. "Safe from burglars, that grave of the Captain's, if you kept it properly concealed!" Beaumaroy pursued in a sort of humorous meditation. "And in these days some people like to have their money in their own hands. Confiscatory legislation possible, isn't it, Mr. Naylor?
The trust in oil or any other commodity can tax the whole nation at its pleasure, but inherently only on the one product it controls. That single taxation is of itself confiscatory enough, as is seen in the $912,000,000 of profits gathered in by the Standard Oil Company since its inception. The trust tax is in the form of its selling price to the public.
And as we went about in England we were always hearing about the wisdom of a heavy confiscatory tax.
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