'Tis true, as he further says, That as the Taxes will be abated, as the national Debts are paid off, so the Prices of Goods will fall in Proportion to the Abatement of the Impost on them; yet this will by no means suffer the Prices of things to fall in Proportion to the sinking such a prodigious Value of Paper Effects, as at present operate with the full Force of Money amongst us; for these being several Times as great as our real Specie, must, by the aforesaid Rule, when sunk, make all Things fall in such Proportion, unless our real Specie can be augmented in the Interim to prevent it; and this, I doubt not, but it certainly will, if the Way I have pointed out, be heartily and sufficiently persued.
11thly, The full and sufficient Execution of this Proposal, will enable the Government to reduce the national Debts, and ease the Taxes.
For as the Produce of the Earth, and Consumption thereof, will certainly be greatly encreased, which Things always go together, the Revenue must, I think, increase too; since the Malt Tax, Excise on Beer, Duty on Leather and Tallow, and whatever other Parts of the Produce are taxed, would evidently be as much augmented as the Produce and Consumption of these would be augmented; and if at the same time the Circumstances of the People will be generally amended, as I hope I have sufficiently made out; as they will thereby be better able to pay these and all other Taxes, so every thing being by the full and sufficient Execution of this Proposal made considerably cheaper, which will as certainly attend the Execution thereof, it's plain, the Government will be able to effect every thing with as much less Money as the Price of Labour and Goods of all Kinds will hence be reduced, and therefore will certainly have a Surplus of Revenue arising not only by the Augmentation thereof, but by being enabled to effect every thing, that they may have Occasion to do, with much less Sums than they can now effect those Things; and sure this Difference, which will certainly be very considerable, if sufficiently pursued, may be applied to reduce the national Debts, and ease the Taxes.
But perhaps it will be objected; that to effect this Proposal, the Land-tax will lessen with the Rents of Lands, whence the Revenue must in this Branch of it diminish. I answer;that most of the Counties are able, with 2/3 of the Tax on Land, to raise the Quota's assess'd on them. And Eras. Phillips, Esq:
p. 44, supposes all the Lands in the Kingdom not to be assess'd at above half their Value; and if so, their Quotas, notwithstanding the Fall of Rents, may be still kept up; but if we add the Land-tax, that may be further raised on so great an Addition of Land, as much every Year be further put into Use and cultivated, to hold the needful Proportion to the natural Increase of Mankind, and effect the Things I am contending for;this Addition of the Land-tax will, undoubtedly, contribute so much to the preventing any Diminution of this Branch of the Revenue, that, I think, we need have no Apprehensions about this Matter. And if the People will encrease as Trade is relieved and enlarged, which is a Truth known even to a Maxim, there can be no doubt that the Revenue will certainly, in the whole, soon be augmented, and also in this Branch of it.
But because the Land, that shall be further put to Use, will be more in Proportion in some Counties than others, perhaps this may make a new Assessment of the Land-tax needful; which therefore in such Case should be done.
I can't dismiss this Head without shewing that if all the Taxes were taken off Goods, and levied on Lands and Houses only, the Gentlemen would have more nett Rent left out of their Estates, than they have now the Taxes are almost wholly levied on Goods.
The national Debt is supposed to be near 50 Millions; the Interest of which, at 4 per cent is two Millions: And I further suppose, two Millions more may be near as much as is raised for the current Service of the Year, in these times of Peace; this together makes four Million per annum, which must be raised nett for the Government.
The Rental of the Kingdom, though it's at present assess'd but at 10, is well known to be 20 millions per annum;(24*) so that if the Land were fully assess'd (as it certainly ought if it can be proved that the Land must pay all the Taxes, however the Manner of collecting them be varied) four Shillings in the Pound would raise the whole Supply of four Millions, except the Charge of collecting it, which by way of Land-tax being found to be but about 6 Pence in the Pound, or 2 1/2 per cent will make but 100,000 l. more.
But let us see what it will cost the nation to raise four Millions per annum on Goods.