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Now to the Economist this little word “rates” suggested the hardest problem—the perhaps insoluble problem—of applied economics in our present society. He turned his vivacious eyes sharply on to the Squire and stepped out back for home, for the Castle. For a little time he said nothing, and the Squire, honestly desiring to continue the conversation, said again as he plodded by his friend’s side, “What about rates?”

“Oh, they’ve nothing to do with it!” said the Economist, a little snappishly. “The proportionate amount of surplus produce demanded by the community does not affect the basic process of production. Of course,” he added, in a rather more conciliatory tone, “it would if the community demanded the total unearned increment and then proposed taxes beyond that limit. That, I have always said, would affect the whole nature of production.”

“Oh!” said the Squire.

By this time they were nearing the Castle, and it was already dusk; they were silent during the last hundred yards as the great house showed more definitely through the mist, and the Economist could note upon the face of it the coat-of-arms with which he was familiar. They had been those of his host’s great-grandfather, a solicitor who had foreclosed. These arms were of stucco. Age and the tempest had made them green, and the head of that animal which represented the family had fallen off.