The fact is that readers of the interviews with M.
Caillaux and M. Briand must bear in mind the wise reticence and the courtesy of French statesmen in discussing English affairs, and not try to discover in their sentiments a precision of Meaning which is foreign to their spirit. Probably, since precision is unattainable in such circumstances, it would be safer to avoid granting such interviews altogether. Certainly these two interviews have caused a good deal of superfluous misunderstanding in France. Turning to the question of making the Beaten free of taxation, M. Briand pointed out that of course under an Income Tax a tax would be paid upon Rental just as upon all other dividends. He and his friends objected only to M. Caillaux'a particular method of taxing the coupon by means of a stamp. That would lower the value of the Rente; and as the Rente passed easily from band to hand, almost like a banknote, to tax it would be also to interfere with its circulation.
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