Money Answers All Things [39]
than they have now the Taxes are almost wholly levied on Goods. The national Debt is supposed to be near 50 Millions; the Interest of which, at 4 per cent is two Millions: And I further suppose, two Millions more may be near as much as is raised for the current Service of the Year, in these times of Peace; this together makes four Million per annum, which must be raised nett for the Government. The Rental of the Kingdom, though it's at present assess'd but at 10, is well known to be 20 millions per annum;(24*) so that if the Land were fully assess'd (as it certainly ought if it can be proved that the Land must pay all the Taxes, however the Manner of collecting them be varied) four Shillings in the Pound would raise the whole Supply of four Millions, except the Charge of collecting it, which by way of Land-tax being found to be but about 6 Pence in the Pound, or 2 1/2 per cent will make but 100,000 l. more. But let us see what it will cost the nation to raise four Millions per annum on Goods. I suppose we have hardly less than 15,000 Persons employed, in the Kingdom, and upon the Coasts thereof, to collect, mange, and look after the revenue in every Respect, besides a considerable Number of Vessels; the Charge of which, and Salaries of all these Officers of every Class, together with the Perquisites they receive from the People, which affect the Price of Goods just as if it were all nett Duty paid into the Treasury; all these Charges taken together, I suppose, may very moderately be rekoned equal to 100 l. per Annum, at a Medium, for each of those Persons. so that the Nation is thus necessarily put to a Million and an half Charge by these Officers; and if we suppose the Duties on Goods, and the Charge of collecting them, to be equal to 1/6 of the gross Value of them, then the gross Value will at this Rate be 33 Millions. Now since those that disburse the Duties, and Charge of collecting them, must have a suitable Profit to every Hand through which the Goods pass to the Consumers, I will suppose these Profits to inhance the Value of the Goods to the Consumers 8 per cent(25*) this will occasion a further Charge to the Nation of 2,640,000 l. per annum. So that collecting four Millions for the Government on Goods, puts the Nation to above four Millions more Charge, than would be sufficient to raise the same Supply by way of Land-tax only. And I verily believe, I have not exceeded in any of my Suppositions; or if I have, I doubt not that I am still in the whole Charge enough within Compass, and that this Way of Reasoning is just. But before I proceed to shew that this whole Charge of 8 Millions, which is equal to 8 Shillings in the Pound on the Rental of the Kingdom, will all fall ultimately on the Land, it is needful to shew that the Land gives all we have. That the Land gives all we have, would be self-evident, if we did not import many Goods which are the Produce of other Nations: But this makes no Alteration in the Case; since the Quantity of foreign Goods we import, can't continually be of greater Value than the Goods we export, because this, in the End, must exhaust all our Cash, and so put an End to that Excess. Therefore the Goods we import stand only in Place, and in Stead of those we export; consequently the Land gives not only all we have of our own Produce, etc. but virtually all we receive from other Nations; since it produces and delivers, at least, a Quantity equal in Value to the Quantity of Goods we import. And as I have now proved that the Land gives all we have, notwithstanding the Importation of any Quantity of foreign Goods, I will next shew that it must pay all the Taxes, levy them how we will. I might without going any further, insist on it, as a self-evident Principle, that that which gives all must pay all; but I will shew how this comes to pass in this Case. It hath been laid down as a certain Principle, That the Price of Goods to the Consumers in general, depends on, and is governed by, and will always be more or less, according as the Quantity of Cash circulating amongst the