ion, that, if that were the fact,
all commodities ought to have risen in the same proportion; but it was
found that many had varied considerably more than others, and thence it
was inferred that the rise of prices was owing to something affecting
the value of commodities, and not to any alteration in the value of the
currency. It appears however, as we have just seen, that in a country
where commodities are taxed, they will not all vary in price in the same
proportion, either in consequence of a rise or of a fall in the value of
currency.

If the profits of all trades were taxed, excepting the profits of the
farmer, all goods would rise in money value, excepting raw produce. The
farmer would have the same corn income as before, and would sell his
corn also for the same money price; but as he would be obliged to pay an
additional price for all the commodities, except corn, which he
consumed, it would be to him a tax on expenditure. Nor would he be
relieved from this tax by an alteration in the value of money, for an
alteration in the value of money might sink all the taxed commodities to
their former price, but the untaxed one would sink below its former
level; and therefore, though the farmer would purchase his commodities
at the same price as before, he would have less money with which to
purchase them.

The landlord too would be precisely in the same situation, he would have
the same corn, and the same money rent as before, if all commodities
rose in price, and money remained at the same value; and he would have
the same corn, but a less money rent, if all commodities remained at the
same price: so that in either case, though his income were not directly
taxed, he would indirectly contribute towards the money raised.

But suppose the profits of the farmer to be also taxed, he then would be
in the same situation as other traders; his raw produce would rise, so
that he would have the same money revenue, after paying the tax, but he
would pay an additional price for all the commodities he consumed, raw
produce included.

His landlord however would be differently situated, he would be
benefited by the tax on his tenant's profits, as he would be compensated
for the additional price at which he would purchase his manufactured
commodities, if they rose in price; and he would have the same money
revenue, if in consequence of a rise in the value of money, commodities
sold at their former price. A tax on the profits of the