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!!!!隆堋響頼��紗秘慕禰厮宴和肝写偬堋響��
accounts laid before the congress�察�the twelve associated
provinces of America contain more than three。 Those accounts��
however�察�may have been exaggerated�察�in order�察�perhaps�察�either to
encourage their own people�察�or to intimidate those of this
country�察�and we shall suppose�察�therefore�察�that our North American
and West Indian colonies taken together contain no more than
three millions�察�or that the whole British empire�察�in Europe and
America�察�contains no more than thirteen millions of inhabitants。
If upon less than eight millions of inhabitants this system of
taxation raises a revenue of more than ten millions sterling�察�it
ought upon thirteen millions of inhabitants to raise a revenue of
more than sixteen millions two hundred and fifty thousand pounds
sterling。 From this revenue�察�supposing that this system could
produce it�察�must be deducted the revenue usually raised in
Ireland and the plantations for defraying the expense of their
respective civil governments。 The expense of the civil and
military establishment of Ireland�察�together with the interest of
the public debt�察�amounts�察�at a medium of the two years which
ended March 1775�察�to something less than seven hundred and fifty
thousand pounds a year。 By a very exact account of the revenue of
the principal colonies of America and the West Indies�察�it
amounted�察�before the commencement of the present disturbances�察�to
a hundred and forty´one thousand eight hundred pounds。 In this
account�察�however�察�the revenue of Maryland�察�of North Carolina�察�and
of all our late acquisitions both upon the continent and in the
islands is omitted�察�which may perhaps make a difference of thirty
or forty thousand pounds。 For the sake of even numbers��
therefore�察�let us suppose that the revenue necessary for
supporting the civil government of Ireland and the plantations
may amount to a million。 There would remain consequently a
revenue of fifteen millions two hundred and fifty thousand pounds
to be applied towards defraying the general expense of the
empire�察�and towards paying the public debt。 But if from the
present revenue of Great Britain a million could in peaceable
times be spared towards the payment of that debt�察�six millions
two hundred and fifty thousand pounds could very well be spared
from this improved revenue。 This great sinking fund�察�too�察�might
be augmented every year by the interest of the debt which had
been discharged the year before�察�and might in this manner
increase so very rapidly as to be sufficient in a few years to
discharge the whole debt�察�and thus to restore completely the at
present debilitated and languishing vigour of the empire。 In the
meantime the people might be relieved from some of the most
burdensome taxes�察�from those which are imposed either upon the
necessaries of life�察�or upon the materials of manufacture。 The
labouring poor would thus be enabled to live better�察�to work
cheaper�察�and to send their goods cheaper to market。 The cheapness
of their goods would increase the demand for them�察�and
consequently for the labour of those who produced them。 This
increase in the demand for labour would both increase the numbers
and improve the circumstances of the labouring poor。 Their
consumption would increase�察�and together with it the revenue
arising from all those articles of their consumption upon which
the taxes might be allowed to remain。
The revenue arising from this system of taxation�察�however��
might not immediately increase in proportion to the number of
people who were subjected to it。 Great indulgence would for some
time be due to those provinces of the empire which were thus
subjected to burdens to which they had not before been
accustomed�察�and even when the same taxes came to be levied
everywhere as exactly as possible�察�they would not everywhere
produce a revenue proportioned to the numbers of the people。 In a
poor country the consumption of the principal commodities subject
to the duties of customs and excise is very small�察�and in a
thinly inhabited country the opportunities of smuggling are very
great。 The consumption of malt liquors among the inferior ranks
of people in Scotland is very small�察�and the excise upon malt��
beer�察�and ale produces less there than in England in proportion
to the numbers of the people and the rate of the duties�察�which
upon malt is different on account of a supposed difference of
quality。 In these particular branches of the excise there is not��
I apprehend�察�much more smuggling in the one country than in the
other。 The duties upon the distillery�察�and the greater part of
the duties of customs�察�in proportion to the numbers of people in
the respective countries�察�produce less in Scotland than in
England�察�not only on account of the smaller consumption of the
taxed commodities�察�but of the much greater facility of smuggling。
In Ireland the inferior ranks of people are still poorer than in
Scotland�察�and many parts of the country are almost as thinly
inhabited。 In Ireland�察�therefore�察�the consumption of the taxed
commodities might�察�in proportion to the number of the people�察�be
still less than Scotland�察�and the facility of smuggling nearly
the same。 In America and the West Indies the white people even of
the lowest rank are in much better circumstances than those of
the same rank in England�察�and their consumption of all the
luxuries in which they usually indulge themselves is probably
much greater。 The blacks�察�indeed�察�who make the greater part of
the inhabitants both of the southern colonies upon the continent
and of the West India islands�察�as they are in a state of slavery��
are�察�no doubt�察�in a worse condition than the poorest people
either in Scotland or Ireland。 We must not�察�however�察�upon that
account�察�imagine that they are worse fed�察�or that their
consumption of articles which might be subjected to moderate
duties is less than that even of the lower ranks of people in
England。 In order that they may work well�察�it is the interest of
their master that they should be fed well and kept in good heart
in the same manner as it is his interest that his working cattle
should be so。 The blacks accordingly have almost everywhere their
allowance of rum and molasses or spruce beer in the same manner
as the white servants�察�and this allowance would not probably be
withdrawn though those articles should be subjected to moderate
duties。 The consumption of the taxed commodities�察�therefore�察�in
proportion to the number of inhabitants�察�would probably be as
great in America and the West Indies as in any part of the
British empire。 The opportunities of smuggling�察�indeed�察�would be
much greater�察�America�察�in proportion to the extent of the
country�察�being much more thinly inhabited than either Scotland or
Ireland。 If the revenue�察�however�察�which is at present raised by
the different duties upon malt and malt liquors were to be levied
by a single duty upon malt�察�the opportunity of smuggling in the
most important branch of the excise would be almost entirely
taken away�此�and if the duties of customs�察�instead of being
imposed upon almost all the different articles of importation��
were confined to a few of the most general use and consumption��
and if the levying of those duties were subjected to the excise
laws�察�the opportunity of smuggling�察�though not so entirely taken
away�察�would be very much diminished。 In consequence of those two��
apparently�察�very simple and easy alterations�察�the duties of
customs and excise might probably produce a revenue as great in
proportion to the consumption of the most thinly inhabited
province as they do at present in proportion to that of the most
populous。
The Americans�察�it has been said�察�indeed�察�have no gold or
silver money�察�the interior commerce of the country being carried
on by a paper currency�察�and the gold and silver which
occasionally come among them being all sent to Great Britain in
return for the commodities which they receive from us。 But
without gold and silver�察�it is added�察�there is no possibility of
paying taxes。 We already get all the gold and silver which they
have。 How is it possible to draw from them what they have not��
The present scarcity of gold and silver money in America is
not the effect of the poverty of that country�察�or of the
inability of the people there to purchase those metals。 In a
country where the wages of labour are so much higher�察�and the
price of provisions so much lower than in England�察�the greater
part of the people must surely have wherewithal to purchase a
greater quantity if it were either necessary or convenient for
them to do so。 The scarcity of those metals�察�therefore�察�must be
the effect of choice�察�and not of necessity。
It is for transacting either domestic or foreign business
that gold and silver money is either necessary or convenient。
The domestic business of every country�察�it has been shown in
the second book of this Inquiry�察�may�察�at least in peaceable
times�察�be transacted by means of a paper currency with nearly the
same degree of conveniency as by gold and silver money。 It is
convenient for the Americans�察�who could always employ with profit
in the improvement of their lands a greater stock than they can
easily get�察�to save as much as possible the expense of so costly
an instrument of commerce as gold and silver�察�and rather to
employ that part of their surplus produce which would be
necessary for purchasing those metals in purchasing the
instruments of trade�察�the materials of clothing�察�several parts of
household furniture�察�and the ironwork necessary for building and
extending their settlements and plantations�察�in purchasing�察�not
dead stock�察�but active and productive stock。 The colony
governments find it for their interest to supply the people with
such a quantity of papermoney as is fully sufficient and
generally more than sufficient for transacting their domestic
business。 Some of those governments�察�that of Pennsylvania
particularly�察�derive a revenue from lending this paper´money to
their subjects at an interest of so much per cent。 Others�察�like
that of Massachusetts Bay�察�advance upon extraordinary emergencies
a paper´money of this kind for defraying the public expense�察�and
afterwards�察�when it suits the conveniency of the colony�察�redeem
it at the depreciated value to which it gradually falls。 In 1747��
that colony paid�察�in this manner�察�the greater part of its public
debts with the tenth part of the money for which its bills had
been granted。 It suits the conveniency of the planters to save
the expense of employing gold and silver money in their domestic
transactions�察�and it suits the conveniency of the colony
governments to supply them with a medium which�察�though attended
with some very considerable disadvantages�察�enables them to save
that expense。 The redundancy of paper´money necessarily banishes
gold and silver from the domestic transactions of the colonies��
for the same reason that it has