FREE BOOKS

Author's List




PREV.   NEXT  
|<   232   233   234   235   236   237   238   239   240   241   242   243   244   245   246   247   248   249   250   251   252   253   254   255   256  
257   258   259   260   261   262   263   264   265   266   267   268   269   270   271   272   273   274   275   276   277   278   279   280   281   >>   >|  
us look to Flanders, Holland, and other countries, and say no if we can. It was on this idea that an income-tax, afterwards termed a property- tax, was laid on, by which the rich are made to pay, and the poor are exempted. The justice and expediency of this was universally admitted: there might be some difference of opinion as to modes and rates, but there was none as to the general principle. We would, then, propose to RAISE LOANS, at a low rate of interest to reimburse the present creditors, ON THE SAME PRINCIPLE ON WHICH THE PROPERTY-TAX EXISTS, in the following manner: There are, by Mr. Pitt's calculation, (and his may be taken [end of page #243] in order to prevent caviling) 2,400,000,000 L. of capital in the kingdom. Let us then create a two and a half per cent. stock, into which every person possessed of property should be _compelled_ to purchase at par, in proportion to their capital, so as to redeem fifty millions every year, thereby creating fifty millions of new debt at two and a half per cent. and reimbursing an equal sum bearing an interest of five per cent. A loan of two per cent. per annum, on each man's capital would do this, and would never be an object for the safety of the whole, particularly as it would only last for ten years. As he would have interest at two and a half per cent. he would, in reality, only lose half, that is, one per cent. a year during twelve years; so that a man, with 10,000 L. would only have given 100 L. a year for twelve years. At the end of ten years, the interest of the national debt would be reduced to one-half its present amount, which, together with the war- taxes, would be sufficient to prevent the necessity of creating more debt. This, however, is not all, a more prompt effect and advantage may be expected. It is more than probable, that the moment our enemy found that the nation, could, without any great exertion, put its finances on a permanent footing, the present contest would finish. It is now only continued, in hopes of ruining our finances, and it is on the accumulation of the debt that the expectation of that is alone founded. We observed, in the beginning of this Chapter, that most people are biased by hope or fear, in examining a question of great importance; and that, therefore, they do not state it quite fairly, without being sensible of their error. In the case of the gloomy calculators of this country, fear and anxiety operated in causing a miss
PREV.   NEXT  
|<   232   233   234   235   236   237   238   239   240   241   242   243   244   245   246   247   248   249   250   251   252   253   254   255   256  
257   258   259   260   261   262   263   264   265   266   267   268   269   270   271   272   273   274   275   276   277   278   279   280   281   >>   >|  



Top keywords:

interest

 

present

 
capital
 

prevent

 

finances

 
millions
 

creating

 

twelve

 

property

 

countries


expected

 

probable

 
effect
 

prompt

 
moment
 
advantage
 
Flanders
 

exertion

 

Holland

 

nation


necessity

 

national

 
reduced
 

sufficient

 

amount

 

footing

 
fairly
 

question

 

importance

 

operated


causing

 

anxiety

 

country

 

gloomy

 

calculators

 

examining

 

continued

 
ruining
 

accumulation

 

finish


permanent

 

contest

 
expectation
 
people
 

biased

 

Chapter

 

founded

 
observed
 

beginning

 

caviling