Brief Considerations on the Income Tax and Tariff Reform, in Connection With the Present State of the Currency (Classic Reprint)

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Excerpt from Brief Considerations on the Income Tax and Tariff Reform, in Connection With the Present State of the Currency The exigencies of the state demand a revenue of fifty-two millions. The taxable capacity of the nation furnishes a revenue of forty-eight millions. The minister proposes the imposition of a direct tax to make good the difference. He accompanies the proposal by a reduction of the import duties on several articles of necessity and comfort. His calculation is, that in the commencement, the reduction of import duties will lead to a diminution of revenue, but that, in a few years, by die stimulus which it will give to commerce and manufactures, not only will there be no diminution, but so great an increase, as to admit of the repeal of the direct tax. The commerce and manufactures of England, it is said, are possessed of a wonderful elasticity. They contain within them a principle of expansion, which renders it impossible permanently to injure their profitable exercise. They are suffering, at present, under a casual depression, which the unaided influence of time would ultimately remove. The alterations of the customs' tariff will accelerate its removal. There are assumptions in the ministerial views of the taxable powers of the nation, that require consideration. The amount of commercial suffering, in so large a community as that of England, can, at best, be loosely calculated. There is no topic on which party representations are indulged in with so uncontrolled a license. About the Publisher Forgotten Books publishes hundreds of thousands of rare and classic books. Find more at www.forgottenbooks.com This book is a reproduction of an important historical work. Forgotten Books uses state-of-the-art technology to digitally reconstruct the work, preserving the original format whilst repairing imperfections present in the aged copy. In rare cases, an imperfection in the original, such as a blemish or missing page, may be replicated in our edition. We do, however, repair the vast majority of imperfections successfully, any imperfections that remain are intentionally left to preserve the state of such historical works.