49 
The common notion of supply and demand relates to a cer- 
tain familar 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, 
Me. Culloch, Ricardo, and others, it was held that the best 
description of the principle on which all taxes should be 
levied w as 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 H per cent. 
