wealbk05-第44部分

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their　inequality；　an　inequality　of　the　worst　kind；　as　they　must

frequently　fall　much　heavier　upon　the　poor　than　upon　the　rich。　A

house　of　ten　pounds　rent　in　a　country　town　may　sometimes　have

more　windows　than　a　house　of　five　hundred　pounds　rent　in　London；

and　though　the　inhabitant　of　the　former　is　likely　to　be　a　much

poorer　man　than　that　of　the　latter；　yet　so　far　as　his

contribution　is　regulated　by　the　window…tax；　he　must　contribute

more　to　the　support　of　the　state。　Such　taxes　are；　therefore；

directly　contrary　to　the　first　of　the　four　maxims　above

mentioned。　They　do　not　seem　to　offend　much　against　any　of　the

other　three。

　　　　　The　natural　tendency　of　the　window…tax；　and　of　all　other

taxes　upon　houses；　is　to　lower　rents。　The　more　a　man　pays　for　the

tax；　the　less；　it　is　evident；　he　can　afford　to　pay　for　the　rent。

Since　the　imposition　of　the　window…tax；　however；　the　rents　of

houses　have　upon　the　whole　risen；　more　or　less；　in　almost　every

town　and　village　of　Great　Britain　with　which　I　am　acquainted。

Such　has　been　almost　everywhere　the　increase　of　the　demand　for

houses；　that　it　has　raised　the　rents　more　than　the　window…tax

could　sink　them；　one　of　the　many　proofs　of　the　great　prosperity

of　the　country；　and　of　the　increasing　revenue　of　its　inhabitants。

Had　it　not　been　for　the　tax；　rents　would　probably　have　risen

still　higher。　

　　　　　　　　　　　　　　　　　　　　　　　　　　　　　　　ARTICLE　II

　　　　　　　Taxes　on　Profit；　or　upon　the　Revenue　arising　from　Stock　

　　　　　The　revenue　or　profit　arising　from　stock　naturally　divides

itself　into　two　parts；　that　which　pays　the　interest；　and　which

belongs　to　the　owner　of　the　stock；　and　that　surplus　part　which　is

over　and　above　what　is　necessary　for　paying　the　interest。

　　　　　This　latter　part　of　profit　is　evidently　a　subject　not

taxable　directly。　It　is　the　compensation；　and　in　most　cases　it　is

no　more　than　a　very　moderate　compensation；　for　the　risk　and

trouble　of　employing　the　stock。　The　employer　must　have　this

compensation；　otherwise　he　cannot；　consistently　with　his　own

interest；　continue　the　employment。　If　he　was　taxed　directly；

therefore；　in　proportion　to　the　whole　profit；　he　would　be　obliged

either　to　raise　the　rate　of　his　profit；　or　to　charge　the　tax　upon

the　interest　of　money；　that　is；　to　pay　less　interest。　If　he

raised　the　rate　of　his　profit　in　proportion　to　the　tax；　the　whole

tax；　though　it　might　be　advanced　by　him；　would　be　finally　paid　by

one　or　other　of　two　different　sets　of　people；　according　to　the

different　ways　in　which　he　might　employ　the　stock　of　which　he　had

the　management。　If　he　employed　it　as　a　farming　stock　in　the

cultivation　of　land；　he　could　raise　the　rate　of　his　profit　only

by　retaining　a　greater　portion；　or；　what　comes　to　the　same　thing；

the　price　of　a　greater　portion　of　the　produce　of　the　land；　and　as

this　could　be　done　only　by　a　reduction　of　rent；　the　final　payment

of　the　tax　would　fall　upon　the　landlord。　If　he　employed　it　as　a

mercantile　or　manufacturing　stock；　he　could　raise　the　rate　of　his

profit　only　by　raising　the　price　of　his　goods；　in　which　case　the

final　payment　of　the　tax　would　fall　altogether　upon　the　consumers

of　those　goods。　If　he　did　not　raise　the　rate　of　his　profit；　he

would　be　obliged　to　charge　the　whole　tax　upon　that　part　of　it

which　was　allotted　for　the　interest　of　money。　He　could　afford

less　interest　for　whatever　stock　he　borrowed；　and　the　whole

weight　of　the　tax　would　in　this　case　fall　ultimately　upon　the

interest　of　money。　So　far　as　he　could　not　relieve　himself　from

the　tax　in　the　one　way；　he　would　be　obliged　to　relieve　himself　in

the　other。

　　　　　The　interest　of　money　seems　at　first　sight　a　subject　equally

capable　of　being　taxed　directly　as　the　rent　of　land。　Like　the

rent　of　land；　it　is　a　net　produce　which　remains　after　completely

compensating　the　whole　risk　and　trouble　of　employing　the　stock。

As　a　tax　upon　the　rent　of　land　cannot　raise　rents；　because　the

net　produce　which　remains　after　replacing　the　stock　of　the

farmer；　together　with　his　reasonable　profit；　cannot　be　greater

after　the　tax　than　before　it；　so；　for　the　same　reason；　a　tax　upon

the　interest　of　money　could　not　raise　the　rate　of　interest；　the

quantity　of　stock　or　money　in　the　country；　like　the　quantity　of

land；　being　supposed　to　remain　the　same　after　the　tax　as　before

it。　The　ordinary　rate　of　profit；　it　has　been　shown　in　the　first

book；　is　everywhere　regulated　by　the　quantity　of　stock　to　be

employed　in　proportion　to　the　quantity　of　the　employment；　or　of

the　business　which　must　be　done　by　it。　But　the　quantity　of　the

employment；　or　of　the　business　to　be　done　by　stock；　could　neither

be　increased　nor　diminished　by　any　tax　upon　the　interest　of

money。　If　the　quantity　of　the　stock　to　be　employed；　therefore；

was　neither　increased　nor　diminished　by　it；　the　ordinary　rate　of

profit　would　necessarily　remain　the　same。　But　the　portion　of　this

profit　necessary　for　compensating　the　risk　and　trouble　of　the

employer　would　likewise　remain　the　same；　that　risk　and　trouble

being　in　no　respect　altered。　The　residue；　therefore；　that　portion

which　belongs　to　the　owner　of　the　stock；　and　which　pays　the

interest　of　money；　would　necessarily　remain　the　same　too。　At

first　sight；　therefore；　the　interest　of　money　seems　to　be　a

subject　as　fit　to　be　taxed　directly　as　the　rent　of　land。

　　　　　There　are；　however；　two　different　circumstances　which　render

the　interest　of　money　a　much　less　proper　subject　of　direct

taxation　than　the　rent　of　land。

　　　　　First；　the　quantity　and　value　of　the　land　which　any　man

possesses　can　never　be　a　secret；　and　can　always　be　ascertained

with　great　exactness。　But　the　whole　amount　of　the　capital　stock

which　he　possesses　is　almost　always　a　secret；　and　can　scarce　ever

be　ascertained　with　tolerable　exactness。　It　is　liable；　besides；

to　almost　continual　variations。　A　year　seldom　passes　away；

frequently　not　a　month；　sometimes　scarce　a　single　day；　in　which

it　does　not　rise　or　fall　more　or　less。　An　inquisition　into　every

man's　private　circumstances；　and　an　inquisition　which；　in　order

to　accommodate　the　tax　to　them；　watched　over　all　the　fluctuations

of　his　fortunes；　would　be　a　source　of　such　continual　and　endless

vexation　as　no　people　could　support。

　　　　　Secondly；　land　is　a　subject　which　cannot　be　removed；　whereas

stock　easily　may。　The　proprietor　of　land　is　necessarily　a　citizen

of　the　particular　country　in　which　his　estate　lies。　The

proprietor　of　stock　is　properly　a　citizen　of　the　world；　and　is

not　necessarily　attached　to　any　particular　country。　He　would　be

apt　to　abandon　the　country　in　which　he　was　exposed　to　a　vexatious

inquisition；　in　order　to　be　assessed　to　a　burdensome　tax；　and

would　remove　his　stock　to　some　other　country　where　he　could

either　carry　on　his　business；　or　enjoy　his　fortune　more　at　his

ease。　By　removing　his　stock　he　would　put　an　end　to　all　the

industry　which　it　had　maintained　in　the　country　which　he　left。

Stock　cultivates　land；　stock　employs　labour。　A　tax　which　tended

to　drive　away　stock　from　any　particular　country　would　so　far　tend

to　dry　up　every　source　of　revenue　both　to　the　sovereign　and　to

the　society。　Not　only　the　profits　of　stock；　but　the　rent　of　land

and　the　wages　of　labour　would　necessarily　be　more　or　less

diminished　by　its　removal。

　　　　　The　nations；　accordingly；　who　have　attempted　to　tax　the

revenue　arising　from　stock；　instead　of　any　severe　inquisition　of

this　kind；　have　been　obliged　to　content　themselves　with　some　very

loose；　and；　therefore；　more　or　less　arbitrary；　estimation。　The

extreme　inequality　and　uncertainty　of　a　tax　assessed　in　this

manner　can　be　compensated　only　by　its　extreme　moderation；　in

consequence　of　which　every　man　finds　himself　rated　so　very　much

below　his　real　revenue　that　he　gives　himself　little　disturbance

though　his　neighbour　should　be　rated　somewhat　lower。

　　　　　By　what　is　called　the　land…tax　in　England；　it　was　intended

that　stock　should　be　taxed　in　the　same　proportion　as　land。　When

the　tax　upon　land　was　at　four　shillings　in　the　pound；　or　at

one…fifth　of　the　supposed　rent；　it　was　intended　that　stock　should

be　taxed　at　one…fifth　of　the　supposed　interest。　When　the　present

annual　land…tax　was　first　imposed；　the　legal　rate　of　interest　was

six　per　cent。　Every　hundred　pounds　stock；　accordingly；　was

supposed　to　be　taxed　at　twenty…four　shillings；　the　fifth　part　of

six　pounds。　Since　the　legal　rate　of　interest　has　been　reduced　to

five　per　cent　every　hundred　pounds　stock　is　supposed　to　be　taxed

at　twenty　shillings　only。　The　sum　to　be　raised　by　what　is　called

the　land…tax　was　divided　between　the　country　and　the　principal

towns。　The　greater　part　of　it　was　laid　upon　the　country；　and　of

what　was　laid　upon　the　towns；　the　greater　part　was　assessed　upon

the　houses。　What　remained　to　be　assessed　upon　the　stock　or　trade

of　the　towns　（for　the　stock　upon　the　land　was　not　meant　to　be

taxed）　was　very　much　below　the　real　value　of　that　stock　or　trade。

Whatever　inequalities；　therefore；　there　might　be　in　the　or