182i.J 



Proposed Properly Tax. 



437 



;h.noih(tr equally ol)vious difficulty 

 avlses, how to fonn a just average as to 

 tUe propv^ity of each, in either class. 

 For jnstauce, in the first class, it cannot 

 Ije t^ken at a medium between the two 

 extreines, because, by the same mode 

 of reasonins;; which has led us to sup- 

 pose only half the number in the se- 

 veral classes, as they succeed each other, 

 so more, in this Oi'st class, in the pro- 

 portion of two to one, will approach 

 nearer »ne thousand than two thousand. 

 We may, therefore, calculate the ave- 

 rage of each individual property, at 

 a third more than tiie minimum, and 

 two-thirds less than tlie maximum, 

 fhro'ighout all the classes. 



Thus, so far establishing tJie pre- 

 mises, lio^^ever imperfect, on Avhich 

 these estimates are made. The sub- 

 joined table brings out precisely the 

 number of i)00,000 persons who possess 

 an aggregate of property to the amount 

 above described, and wiiich we will 

 consider as tangible, for such a pur- 

 pose. 



On the subject of pol it ical economy, i t 

 has been often insisted on, the neces- 

 sity of not considering so much wliat 

 is wise, as what is practicable under 

 existing circumstances. Hence, mea- 

 sures brought imder public considera- 

 tion must be adapted to our prejudices 

 and habits of thinking, if we are to 

 expect they v.ill meet with support. 

 Nor should they be pushed so far as 

 may be useful in the end, until they 

 are fairly tried. 



It must be conceded that the rich 

 ought to pay in a very large propcu'tion 

 for reasons already assigned. Yet it 

 should not be forgotten that tlie labo- 

 rious and industrious classes, possessing 

 slnall capitals, enjoy also great advan- 

 it>ges under the protection of the laws, 

 aind therefore may also be expected to 

 Contribute. Of this they will pay their 

 full and adequate share, under certain 

 existing imposts, which no doxd)t will 

 still continue to be levied, and for the 

 repeal of \^li;ch this measure will not 

 b:; 8ufiii'ie;;t to provide ; though, at the 

 same time, wf may relinquish snch as 

 are become un[)opular, by (heir oppress- 

 ing i.he lower oiders, where tiie weight 

 ought not to fall. 



As a friend to my country, and an 

 enemy to all disorganising systems, let 

 me indulge the hojie at least, that what 

 is liere proposed, will bi^ consideretl, iw 

 ii perfectly temperate view of the sub- 

 ject, and that though I Inive seen rea- 

 son (o adopt, in framing the following 



table, a geometrical scale of continual 

 proportion, it is presumed the lI*atio 

 may be thought so moderate, as to 

 meet the sense both of the government 

 and the country. Yet it does not pre- 

 clude the possibility of applying the 

 principle to limits even still more con- 

 fined. 



As to the salaries of offices and pen- 

 sions during pleasure, they are not 

 Avithin the operaiiou of the tax. Those 

 granted for life, or which are irrcvoca- 

 l)le, be(!ome a fixed projierty, and may 

 be valued, as also annuities ior longer 

 or shorter periods, contingeat or not. 



And a very superior advantage will 

 result from f !us niodeof fixation : that 

 it reaches equally those wlio may place 

 their monies in foreign securities or 

 investments as long as they reside in 

 thecountry ; and removes the principal 

 motive which did exist under the in- 

 come tax, for transferring stock. That 

 unpopular impost likewise aftected in 

 the same proportion those possessing 

 £200 a year, as it did people of rank. 



As to the method pursued in fram- 

 ing the followiiig table, we have taken 

 25 of a pound sterling, or 5 shillings as 

 a basis, which, added to the amount of 

 property, multiplied by the decimal 

 0"125, gives the interest to be paid upon 

 it. Or which is the same thing, to 5 

 shillings add 3 pence for eveiy thou- 

 sand pounds proposed, as being (liie 

 amount of any individual property. 

 Thus on 3,5001. the interest required 

 will be 3-5 X -0125-;-, 25=, 29375 or 

 5s. 10|d. per cent. Or, otherwise, if 

 we add to os. 3 times .3d. and for the 

 excess of 5001., l^d, vse shall have the 

 same result. 



It may be fair to consider the real 

 value of property at legal interest ; for 

 though funded does not produce quite 

 so much in time of peace, and landed 

 still less, yet those capitals employed 

 in commerce and enterprizf, ought to 

 produce much more. Under this con- 

 sideration v.'c shall be seen to pay less 

 than we did even under the income 

 tax, until we liave accumulated a pro- 

 perty equal to 20,0001. And it will be 

 observed that those jiossessed of the 

 largest fortunes, even more than a mil- 

 lion, will not pay a greater proportion, 

 than as about seven to one of the lowest 

 classes. 



As to how far this tax may be 

 productive from the middle classes, it 

 may be expected to outstrip the calcu- 

 lation, as many will be found to piiy 

 cheerfully on a sum beyond the hand 



fide 



