Money Answers All Things [40]
People is more or less, in Proportion to their Numbers. And as the Rents of Lands depend also on this Principle, I will shew what the Rents of Lands will be in Consequence thereof. Now the Rents of Lands can be no greater (nay they ought not to be so great) than the Overplus which remains to the Farmers, after all charges, together with their own Subsistence, are deducted out of the Price or sum, the Produce of the Land they rent fetches at Market; and Experience shews, the Rents of Lands will always be very near as much as this, since the Farmers in general, as well as every body else, find it as much as they can well do to pay their Rents. But to proceed. Suppose the Cash, amongst the People in general, to be what it now is; and that all the Taxes were taken off Goods; it's evident, this would not, in the End, lower the Price of Goods to the Consumers; since that Price, by the Principle laid down, depends on the Quantity of Money circulating amongst the People: But if the Duties were taken off Goods, they must cost as much less than they do now, as the Taxes now on them, with the Charges of collecting, etc. now inhance them; therefore, I think, if the Taxes were taken off Goods, and laid on Lands and Houses only, so much more Money must in this Case come to the Hands of the Farmers for the Produce of the Ground, as would enable them to pay as much larger Rents than they now can do, as would double the Land-tax, if the whole supply were raised this Way only: and this I conclude must be so, because the Charge of collecting the Duties on Goods is, as hath been shewn, about equal to the nett Supply for the Government, whilst the Charge of collecting the Supply by Way of Land-tax, doth not exceed 1/40 Part of the Charge of collecting in on Goods, as hath also been shewn. But that I may make it evident that the Taxes, and all Charges which attend collecting them on Goods, must lessen the Rents as much as they amount to, I reason thus: The Produce of the Ground, when fitted for the Consumer, fetches a certain Sum of Money, out of which all charges, from the raising it out of the Earth to the fitting it for the Consumer, must be deducted, together with the Taxes, and all Charges they occasion by collecting them; and the Overplus, after these are all deducted, is all the Rent that can possibly be paid. Now if the Taxes, and Charges they occasion in collecting them on Goods, be equal to 7, 8 or 9 Shillings in the Pound on the Rental of the Kingdom, these, which deduct so much out of the Price which the Goods fetch of the Consumers, must deduct it ultimately out of the Rent. And if every thing will always find its true Value, which is a known Maxim in Trade, Land, which is most valuable of all Things, because it gives all Things, must do so; there if the Taxes were all taken off Goods, the Land would necessarily bear so much higher Rents, as the Taxes subtract from the Price of the Goods it produces; and this will clearly appear, by shewing in what Manner taking the Taxes off Goods will operate, to bring the whole Amount of them into the Landlords Pockets for Rent. If the Taxes were taken off Goods, they would come cheaper, and Cheapness would increase the Consumption, as Cheapness of every thing always doth; and that Increase of the Consumption would increase the Demand for those Things. Now since every thing is the Produce of the Ground, the Demand for the Produce would increase the Demand for Land, and that would necessarily raise the Rent, even till all the Money now paid for Taxes, together with all the charge they are necessarily attended with, would come into the Landlords Pockets for Rent. Thus if the Taxes were taken off Goods, the Landlords would receive 8 or 9 Shillings in the Pound more Rent than they now do, if the Taxes on goods do any way amount to so much; and if 4 Shillings in the Pound or thereabouts would, as hath been shewn, raise the whole Supply for the Government, the Landlords would receive more Rent, by 4 Shillings in the Pound on their whole Estates, after the Taxes are deducted,