Excerpt from Financing the War
The subject assigned me is so comprehensive that I hardly know the best avenue of approach. It seemed to me that it would be agreeable to you, as students, to have recalled the principles that should govern, in financing a great war, followed by a practical, though very general, application to present conditions. The Government defends us from foreign enemies, domestic sedition, the infringement of personal and property rights, provides instrumentalities for the determination and enforcement of our rights through courts and constabulary and military and naval force if need be. Every law has an unseen bayonet behind it to secure its enforcement. In order that the Government may have the means of accomplishing all this it reaches down into our pockets and takes what funds it may require in the form of taxation; it reaches into the family circle and takes, by voluntary action or conscription, what man-power it may need. The state is the collective individual, the combined power, energy, brain, heart, conscience that results from each individual yielding his support and loyalty to the whole. Thus the individual, protected by the whole, has the right to life, liberty and pursuit of happiness, with the limitation that he must not infringe the similar right possessed by others. We are apt to regard the Government as a benefactor and clamor for whatever assistance we fancy we need, forgetting that whatever the Government gives to one it must first take from others.
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