Is Capital Income?
Does the Power of Taxation to Destroy Extend to the Destruction of Constitutional Guarantees?
CHAPTER I.
The Meaning and Genesis of the Clauses in the Constitution Relating to Direct Taxation.
Is Capital Income? A foolish question? A vital one, for if the Fathers be right, upon its correct solution, may depend both the continuance of our essential liberties and of free government.
To ascertain the truth of this, one has but to understand and follow the guidance to be procured from a correct comprehension of the inspired quotation made above, as it, if understood, points to the fundamental distinction between our Supreme Court and those of all other countries. The duty of other Courts is not to make, but to declare the law already established. As to them, it might properly be asked: What theories of economics or statesmanship have to do with the performance of their function?
But the Supreme Court is not an ordinary Court. On the contrary, as the greatest creation of the Fathers, it has a far higher and nobler purpose,—that is, the preservation of American Liberty; the Justices constitute the sworn guardians of the last defense of Free-
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