Revealed?

Wickham Steed, onetime Foreign Editor of The Times, contributed an article to the Review of Reviews (London). In his article, he reproduced a letter, published in The Times in 1919, signed by "F. S. T." The argument of this letter was that the wealthy classes should set an example to the Nation by imposing upon themselves a capital levy. It continued:

"I have been considering this matter for nearly two years, but my mind moves slowly. I dislike publicity and I hoped some one else might lead the way. I have made as accurate an estimate as I am able of the value of my own estate and arrived at a total of about -L-580,000. I decided to realize 20% of that amount or, say, -L-120,000, which will purchase -L-150,000 of the new War loan and present it to the Government for cancellation."

"F. S. T.," said Mr. Steed, "is Premier Stanley Baldwin and it is well known that he did impose a levy upon himself and that the Treasury acknowledged receipt of -L-150,000 of the War loan for cancellation." His example, however, only inspired others to the amount of -L-350,000, a total of -L-500,000 in all.