49 



The common notion of supply and demand relates to a cer- 

 tain familiar condition of things. But law changes as society 

 changes; new beings demand new rights; new conditions also 

 bring new laws. For example, our most rigorous laws relate 

 to property. We believe that every man has a right to what 

 he has obtained honestly; but in 1846 Ireland was in want, 

 and suddenly we found that eight millions of our money did 

 not belong to us, but was the property of Ireland by a higher 

 law than that of the police. Character always controls, some- 

 times despotically rules, both supply and demand. 



January 15th, 1861 



Mr. David Chadwick, F.S.S., read a Paper, " On the 

 Equitable Adjustment of Property and Income Tax, and the 

 Extent to which it is Practicable to Apply such Tax." 



After briefly referring to the subject of taxation generally, 

 the mode of raising it, and the purposes to which it was 

 applied, and to the opinions of Adam Smith, John Stuart Mill, 

 Mc. Culloch, Ricardo, and others, it was held that the best 

 description of the principle on which all taxes should be 

 levied was the definition of Adam Smith : — " That all persons 

 should contribute to the taxes of a country in proportion to 

 their ability." 



" That all taxes should be clearly defined, certain in 

 amount, and payable in a manner most convenient to the 

 payer." 



On the general question of the advantages of direct and 

 indirect taxation, it was held that, direct taxation enabled 

 each person to know the exact amount of his individual 

 contribution, and would therefore afford him the best means 

 of judging of the necessity and justice of the national 

 expenditure. It was collected at a very small expense — the 

 total charge not exceeding 1^ per cent. 



