s precisely the same; it
raises the money rent of the landlords, if money retains the same value;
but as the profits of all other trades are taxed, as well as those of
the farmer, and consequently the prices of all goods, as well as corn,
are raised, the landlord loses as much by the increased money price of
the goods and corn on which his rent is expended, as he gains by the
rise of his rent. If money should rise in value, and all things should,
after a tax on the profits of stock, fall to their former prices, rent
also would be the same as before. The landlord would receive the same
money rent, and would obtain all the commodities on which it was
expended at their former price; so that under all circumstances he would
continue untaxed.

A tax on the profits of stock would also affect the stockholder, if all
commodities were to rise in proportion to the tax; but if from the
alteration in the value of money, all commodities were to sink to their
former price, the stockholder would pay nothing towards the tax; he
would purchase all his commodities at the same price, but would still
receive the same money dividend.

If it be agreed, that by taxing the profits of one manufacturer only,
the price of his goods would rise, to put him on an equality with all
other manufacturers; and that by taxing the profits of two
manufacturers, the prices of two descriptions of goods must rise, I do
not see how it can be disputed, that by taxing the profits of all
manufacturers, the prices of all goods would rise, provided the mine
which supplied us with money, were in the country taxed. But as money,
or the standard of money, is a commodity imported from abroad, the
prices of all goods could not rise; for such an effect could not take
place without an additional quantity of money, which could not be
obtained in exchange for dear goods, as was shewn in page 108. If
however, such a rise could take place, it could not be permanent, for it
would have a powerful influence on foreign trade. In return for
commodities imported, those dear goods could not be exported, and
therefore we should for a time continue to buy, although we ceased to
sell; and should export money, or bullion, till the relative prices of
commodities were nearly the same as before. It appears to me absolutely
certain, that a well regulated tax on profits, would ultimately restore
commodities both of home and foreign manufacture, to the same money
price which they bore before