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By Root 2056 0

sufficient only to pay the Interest of present Debts, we might perhaps obtain new Credit, upon a general Opinion of our Justice, tho’ that is far from certain. But when we omit paying, by Taxes, the Interest of Debts already contracted, and ask to borrow for the Purpose, making the same Promises to obtain the new Loans which had been already made to obtain the Old, we shall surely be disappointed. Thirdly, it will be necessary, not only that Revenues be granted, but that those Revenues be amply sufficient for the Purpose, because (as will presently appear) a Deficiency would be highly pernicious, while an Excess would be not only unprejudicial but very advantageous. To perceive this with all necessary Clearness, it must be remembered that the Revenues asked for on this Occasion must be appropriated to the Purposes for which they are asked, and in like Manner the Sums required for current Expenditure, must be appropriated to the current Service. If then the former be deficient, the latter cannot be brought in to Supply the Deficiencys and, of course, the public Credit would be impaired; but should there be an Excess of Revenue, it could be applied in Payment of a Part of the Debt immediately, and in such Case if the Credits should have depreciated, they would be raised to Par, and if already at Par, the Offer of Payment would induce Creditors to lower the Interest. Thus in either Case, the Means of making new Loans on good Terms would be extended, and the Necessity of asking more Revenues obviated. Lastly, these Revenues ought to be of such a Nature as naturally and necessarily to increase; for Creditors will have a greater Confidence when they have a clear Prospect of being repaid, and the People will always be desirious to see a like Prospect of Releif from the Taxes. Besides which, it will be necessary to incur some considerable Expence after the War in making necessary Establishments for a permanent naval Force, and it will always be least objectionable to borrow, for that Purpose, on Funds already established.

The Requisition of a five per Cent Impost, made on the third Day of February 1781, has not yet been complied with by the State of Rhode Island; but as there is Reason to beleive that their Compliance is not far off, this Revenue may be considered as being already granted. It will however be very inadequate to the Purposes intended. If Goods be imported and Prizes introduced to the Amount of twelve Millions annually, the five per Cent would be six hundred thousand, from which at least one sixth must be deducted, as well for the Cost of Collection, as for the various Defalcations which will necessarily happen, and which it is unnecessary to enumerate. It is not safe therefore to estimate this Revenue at more than half a Million of Dollars, for tho it may produce more, yet probably it will not produce so much. It was in Consequence of this that, on the twenty seventh Day of February last, I took the Liberty to Submit the Propriety of asking the States for a Land Tax of one Dollar for every hundred Acres of Land, a Poll Tax of one Dollar on all freemen, and all male Slaves between sixteen and sixty (excepting such as are in the federal Army, and such as are by Wounds or otherwise rendered unfit for Service) and an Excise of one eighth of [a] Dollar, per Gallon, on all distilled Spirituous Liquors. Each of these may be estimated at half a Million, and should the Product be equal to the estimation, the Sum total of Revenues for funding the public Debts, would be equal to two Millions. What has been the Fate of these Propositions I know not, but I will beg leave, on this Occasion, not only to renew them but also to state some Reasons in their favor, and answer some Objections against them.

And first, as to a Land Tax. The Advantages of it are, that it can be reduced to a Certainty as to the Amount and Time. That no extraordinary Means are necessary to ascertain it. And that Land, being the ultimate Object of human Avarice, and that particular Species of permanent Property which so peculiarly belongs to a Country as