We wish that Mr. Snowden had said what was to
be done with the proceeds of the Labour Surtax. Its inventors frankly wanted it for the remission of taxes on neces- saries and for social services, and only incidentally for the reduction of debt. Mr. Snowden objected at the time to that proposal, and claimed the proCeeds wholly for debt reduction. His argument was quite unassailable, for admittedly the Surtax was invented as a substitute for the Capital Levy, which was strictly earmarked for debt reduction. On the subject of currency and banking, Mr. Snowden clung faithfully to the Gold Standard, and laid it down that the Bank of England must be absolutely free of political interests. Mr. Snowden's admiration of the Bank of England is genuine, and he showed the Labour Conference plainly enough that he is alarmed at the notion of inexpert people being allowed to invade the province of experts. When Mr. Snowden said that the time had not arrived to interfere with the Joint Stock Banks, many of his hearers must have vowed that he should never be Chancellor of the Exchequer again—if only they could think of some means of preventing him. * * * *
Previous page
