16 In the words of Brand, vice president of the fi nancial committee in Brussels, “revenue should at least be suffi cient to meet all ordinary recurring expenditure, including interest and sinking fund on debt” (Brussels 1920, vol. 2, 19). Lord Chalmers went so far as to speak of a “universal” and “imperative” principle: individuals “must pay their way” (ibid., 25).

Clara E. Mattei, The Capital Order, loc. 1683