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Note 52, p. 385.

| and 242) partially defends the methods of funding employed. The chief controversies at present as regards the National Debt are (1) on the expediency of its payment; (2) on the best methods for doing so. The chief arguments against the payment are, that it would be unjust to the present generation; that justice demands further remission of

Taxes on Commodities, Bk. V., ch. ii., part 2, art. 4.-Many of the suggestions made by Adam Smith in this chapter have now been carried into effect: for example, the number of articles now paying customs duties is practically only four-spirits, tea, tobacco, and wine, most of the other articles in the tariff being for the purpose of counter-taxation; that the burden is only nominal, acting some excise duty. Again, the bond- since the interest is transferred simply from ing and warehousing system has been adopt- one portion of the community to another; ed; the luxurious and not the necessary ex- that the country is continually growing more penses of the working-classes are taxed; and wealthy, and that it will be much easier to the possibility of a diminution in the .tax extinguish the debt at a future time; that giving an increase in the gross revenue is the rate of interest will probably fall, and so admitted. The comparative merits of direct the nominal debt can be reduced by mere and indirect taxation are still a matter of con- financial operations (as in America recently). troversy. Perhaps the case against indirect To these arguments is opposed the continutaxation is put in the strongest manner pos-ity of national life. As Adam Smith says, sible by Cliffe Leslie in his "Essay on Finan-"Though empires, like all other works of cial Reform." But, on the other hand, the experience of Germany shows that the working-classes can only be reached by indirect taxation, and it cannot be maintained that the present excise and customs duties press very hardly upon them. Certainly a great reform of the direct taxes must take place before they can be mainly relied on. (Cf. Mill's "Principles," Bk. V., ch. vi.) Perhaps the best instance of the effect of duties in restraining trade is furnished by the timber duties. (Noble's "National Finance," pp. 20, 21.) The brochure of Jevons on the Match-Tax is an admirable example of the considerations to be taken account of in tax-in Giffen's Essay. The plan that finds most ing any commodity.

men, have all hitherto proved mortal, yet every empire aims at immortality," so that one generation should be willing to make sacrifices for its successors. Further: it is urged that the real burden of the present taxation is slight, and further remission not necessary; that all taxation involves waste in collection and restraint of trade; and that the increase in wealth and fall in the rate of interest are both uncertain and problematical. (Cf. Giffen's "Essays on Finance," Essay XI.; Noble's "National Finance," pp. 322-325.) The principal methods of pay ment now advocated are stated and examined

favour is that adopted in the present (1883) budget of Mr. Childers. All kinds of methods have been proposed at different times; a list of some of the most curious is given by Leone Levi in his "History of British Commerce," p. 94, note. The most modern device for payment without taxation is to make government invest in railway stock and the like, continually re-investing the proceeds. For a general treatment of the whole subject cf. the paper by Wagner in Schönberg's "Handbuch," vol. ii., p.

Note 53, p. 404. National Debts, Bk. V., ch. iii. -For a history of the National Debt in this country see Leone Levi's "History of British Commerce," p. 90; Wilson's "National Budget" (appendix); Noble's "National Finance," p. 3 (note), explains in detail the method of effecting loans in the great French War. W. Newmarch ("Journal of Statistical Society," vol. xviii., pp. 104 433.

INDEX.

A

ABSENTEE tax, the propriety of, considered
with reference to Ireland, 379.

Accounts of money, in modern Europe, all
kept, and the value of goods computed, in
silver, 16.

Actors, public, paid for the contempt attend-
ing their profession, 44.

Africa, cause assigned for the barbarous state
of the interior parts of that continent, 9.
African company, establishment and constitu-
tion of, 309. Receive an annual allowance
from parliament for forts and garrisons, 310.
The company not under sufficient controul,
ib. History of the Royal African company,
311. Decline of, ib. Rise of the present
company, ib.
Age, the foundation of rank and precedency
in rude as well as civilized societies, 297.
Aggregate fund, in the British finances, ex-
plained, 388.

Agio of the bank of Amsterdam explained,

194. Of the bank of Hamburgh, 195.
The agio at Amsterdam, how kept at a me-
dium rate, 197.

Agriculture, the labour of, does not admit of
such subdivisions as manufactures, 3. This
impossibility of separation prevents agricul-
ture from improving equally with manufac-
tures, ib. Natural state of, in a new colony,
38. Requires more knowledge and experi-
ence than most mechanical professions, and
yet is carried on without any restrictions,
53. The terms of rent, how adjusted be-
tween landlord and tenant, 60. Is extended
by good roads and navigable canals, 62.
Under what circumstances pasture land is
more valuable than arable, 63. Gardening
not a very gainful employment, 64.
the most profitable article of culture, 65.
Estimates of profit from projects very falla-
cious, ib. Cattle and tillage mutually im-
prove each other, 93, Remarks on that of
Scotland, ib. On that of North America,
94. Poultry, a profitable article in husban-
dry, ib. Hogs, 95. Dairy, 96. Evidences
of land being completely improved, ib. The
extension of cultivation, as it raises the price

Vines

of animal food, reduces that of vegetables
103. By whom and how practised unde
feudal government, 137. Its operations not
so much intended to increase, as to direct
the fertility of nature, 149. Has been the
cause of the prosperity of the British colonies
in America, 150. The profits of, exaggerat
ed by projectors, 154. On equal terms, is
naturally preferred to trade, 156. Artificers

necessary to the carrying it on, ib. Was not
attended to by the northern destroyers of the
Roman empire, 157. The ancient policy
of Europe unfavourable to, 162. Was pro-
moted by the commerce and manufactures
of towns, 170. The wealth arising from,
more solid and durable than that which pro-
ceeds from commerce, 172. Is not encou-
aged by the bounty on the exportation of corn,
207. Why the proper business of new com-
panies, 251. The present agricultural sys-
tem of political economy adopted in France,
described, 275. Is discouraged by restric-
tions and prohibitions in trade, 279. Is fa-
voured beyond manufactures in China, 282.
And in Indostan, 283. Does not require so
extensive a market as manufactures, 284.
To check manufactures in order to promote
agriculture, false policy, 285. Landlords
ought to be encouraged to cultivate part of
their own land, 350.

Alcavala, the tax in Spain so called, explained
and considered, 381. The ruin of the Spa-
nish manufactures attributed to this tax,
ib.
Alehouses, the number of, not the efficient
cause of drunkenness, 148, 200.
Allodial rights, mistaken for feudal rights, 168.

The introduction of the feudal law tended
to moderate the authority of the allodial
lords, ib.

Ambassadors, the first motive of their appoint.

ment, 307.

America, why labour is dearer in North A
merica than in England, 29. Great in-
crease of population there, ib. Common
rate of interest there, 38. Is a new market
for the produce of its own silver mines, 85.
The first accounts of the two empires of Pe

ru and Mexico greatly exaggerated, ib. Im-
proving state of the Spanish colonies there,
86. Account of the paper currency of the
British colonies, 134. Cause of the rapid
prosperity of the British colonies there,

150.

Why manufactures for distant sale
have never been established there, 156. Its
speedy improvement owing to assistance
from foreign capitals, 157. The purchase
and improvement of uncultivated land the
most profitable employment of capitals, 171.
Commercial alterations produced by the dis-
covery of, 181. But two civilized nations
found on the whole continent, ib. The
wealth of the North American colonies in-
creased, though the balance of trade continu-
ed against them, 203. Madeira wine, how
introduced there, 204. Historical review
of the European settlements in, 229. Of
Spain, 232, 233. Of Holland, 234. Of France

ib. Of Britain, ib. Ecclesiastical govern-
ment in the several European colonies, 235.
Fish a principal article of trade from North
America to Spain, Portugal, and the Me-
diterranean, 237. Naval stores to Britain,
258. Little credit due to the policy of Eu-
rope from the success of the colonies, 242.
The dicovery and colonization of, how far
advantageous to Europe, 243. And to
America, ib. The colonies in, governed
by a spirit of monopoly, 261.
The interest

of the consumer in Britain sacrificed to
that of the producer, by the system of colo-
nization, 274. Plan for extending the Bri-
tish system of taxation, over all the provin-
ces of, 397, 398. The question, how the
Americans could pay taxes without specie,
considered, 402. Ought in justice to con-
tribute to discharge the public debt in Bri-
tain, 402. Expediency of their union with
Britain, 403. The British empire there a
mere project, 404.

Amsterdam, agio of the bank of, explained,

194. Occasion of its establishment, 195.
Advantages attending payments there, ib.
Rate demanded for keeping money there,
ib. Prices at which bullion and coin are
received, 196, note. This bank the great
warehouse of Europe for bullion, 197.
Demands upon, how made and answered,
ib. The agio, how kept at a medium rate,
ib.

The treasure of, whether all preserved
in its repositories, 198. The amount of its
treasure only to be conjectured, ib. Fees
paid to the bank for transacting business,
ib.

Annuities, for terms of years, and for lives, in
the British finances, historical account of,
389.

Apothecaries, the profit on their drugs, unjust-
ly stigmatized as exorbitant, 46.
Apprenticeship, the nature and intention of
this bond of servitude, explained, 42. The
limitations imposed on various trades as to
the number of apprentices, 50. The statute
of apprenticeship in England, ib. Appren-
ticeships in France and Scotland, 51.
Ge-
neral remarks on the tendency and opera-

tion of long apprenticeships, ib. The sta
tute of, ought to be repealed, 191.
Arabs, their manner of supporting war, 289.
Army, three different ways by which a nation
may maintain one in a distant country,
178. Standing, distinction between and a
militia, 292. Historical review of, 294.
The Macedonian army, ib. Carthaginian
army, ib. Roman army, ib. Is alone able
to perpetuate the civilization of a country,
296. Is the speediest engine for civilizing
a barbarous country, ib. Under what cir-
cumstances dangerous to, and under what
favourable to liberty, ib.

Artificers prohibited by law from going to
foreign countries, 273. Residing abroad,
and not returning on notice, exposed to
ontlawry, ib. See Manufactures.
Asdrubal, his army greatly improved by dis-
cipline, 294. How defeated, ib.
Assembly, houses of, in the British colonies,
the constitutional freedom of, shewn, 240,
Assiento Contract, 312.

Assize of bread and ale, remarks on that sta
tute, 75, 77.
Augustus, emperor, emancipates the slaves of
Vedius Pollio for his cruelty, 241.

B

Balance of annual produce and consumption
explained, 203. May be in favour of a
nation, when the balance of trade is against
it, ib.

Balance of trade, no certain criterion to de-
termine on which side it turns between two
countries, 192. The current doctrine of,
on which most regulations of trade are
founded, absurd, 199. If even, by the
exchange of their native commodities, both
sides may be gainers, ib. How the balance
would stand if native commodities on one
side were paid with foreign commodities on
the other, ib. How the balance stands when
commodities are purchased with gold and
silver, ib., 200. The ruin of countries often
predicted from the doctrine of an unfavour-
able balance of trade, 202.

Banks, great increase of trade in Scotland
since the establishment of them in the prin-
cipal towns, 120. Their usual course of
business, 121. Consequences of their issu
ing too much paper, 122. Necessary cau-
tion for some time observed by them with
regard to giving credit to their customers.
124. Limits of the advances they may im-
prudently make to traders, 125. How in-
jured by the practice of drawing and re
drawing bills, 126, 127. History of the
Ayr bank, 128. History of the bank of
England, 130. The nature and public
advantage of banks considered, 131. `Ban-
kers might carry on their business with less
paper, 132. Effects of the optional clauses
in the Scotch notes, 133. Origin of their
establishment, 194. Bank money explain-
ed, 195. Bank of England, the conduct of
in regard to the coinage, 226. Joint stock
companies, why well adapted to the trade

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Barons, feudal, their power contracted by the
grant of municipal privileges, 163. Their
extensive authority, 168. How they lost
their authority over their vassals, 169. And
the power to disturb their country, 170.
Barter, the exchange of one commodity for
another, the propensity to, of extensive o-
peration, and peculiar to man, 6. Is not
sufficient to carry on the mutual intercourse
of mankind, 10. See Commerce.
Batavia, causes of the prosperity of the Dutch
settlement there, 263.

Beaver skins, review of the policy used in the
trade for, 273.

Beef, cheaper now in London than in the
reign of James J., 63. Compared with the
prices of wheat at the corresponding times,

64.

Benefices, ecclesiastical, the tenure of, why
rendered secure, 335. The power of col-
lating to, how taken from the pope, in Eng-
land and France, 388. General equality
of, among the presbyterians, 340. Good
effects of this equality, ib.

Bengal, to what circumstances its early im-
provement in agriculture and manufactures
was owing, 9 Present miserable state of
the country, 30. Remarks on the high
rates of interest there, 39. Oppressive con-
duct of the English there, to suit their trade
in opium, 263. Why more remarkable for
the exportation of manufactures than of
grain, 284.

Berne, brief history of the republic of, 164.
Establishment of the reformation there, 338.
Application of the revenue of the catholic
clergy, 341. Derives a revenue from the
interest of its treasure, 344.

Bills of Exchange, punctuality in the payment
of, how secured, 126. The pernicious prac-
tice of drawing and redrawing explained,
ib. The arts made use of to disguise this
mutual traffic in bills, 127.

Birth, superiority of, how it confers respect
and authority, 298.

Bishops, the ancient mode of electing them,
and how altered, 335, 337.

Body, natural and political, analogy between,

280.

Bohemia, account of the tax there on the in-
dustry of artificers, 366.

Bounty, on the exportation of corn, the ten-
dency of this measure examined, 81.
Bounties, why given in commerce, 183. On
exportation, the policy of granting them]

considered, 205. On the exportation of
corn, 206. This bounty imposes two taxes
on the people, 207. Evil tendency of this
bounty, 209. The bounty only beneficial to
the exporter and importer, ib. Motives of
the country gentlemen in granting the
bounty, 210. A trade which requires a
bounty, necessarily a losing trade, ib.
Tonnage bounties to the fisheries consi-
dered, 211. Account of the white-herring
fishery, 212. Remarks on other bounties,
213. A review of the principles on which
they are generally granted, 267. Those
granted on American produce founded on
mistaken policy, 268. How they affect
the consumer, 274.

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Britain, Great, evidences that labour is suf
ficiently paid for there, 30. The price of
provisions nearly the same in most places,
31. Great variations in the price of labour,
ib. Vegetables imported from Flanders in
the last century, 32. Historical account of
the alterations interest of money has under-
gone, 37. Double interest deemed a rea-
sonable mercantile profit, 40. In what re
spects the carrying trade is advantageous to,
152, 153. Appears to enjoy more of the
carrying trade of Europe than it really
has, 153. It is the only country of Europe
in which the obligation of purveyance is
abolished, 161. Its funds for the support
of foreign wars inquired into, 178, 179.
Why never likely to be much affected by the
free importation of Irish cattle, 186. Nor
salt provisions, ib. Could be little affected
by the importation of foreign corn, 187.
The policy of the commercial restraints
on the trade with France examined, 192.
The trade with France might be more ad-
vantageous to each country than that with
any other, 202. Why one of the richest
countries in Europe, while Spain and Por-
tugal are among the poorest, 221. Review
of her American colonies, 234. The trade
of her colonies, how regulated, 236. Dis
tinction between enumerated and non-enu-
merated commodities explained, 237. Re
strains manufactures in America, 238, 239
Indulgences granted to the colonists, 239
Constitutional freedom of her colony go-
vernment, 240. The sugar colonies of,
worse governed than those of France, 241.
Disadvantages resulting from retaining the
exclusive trade of tobacco with Maryland
and Virginia, 244, 245 The navigatioc

act has increased the colony trade, at the
expense of many other branches of foreign
trade, 245. The advantage of the colony
trade estimated, 247. A gradual relaxation
of the exclusive trade recommended, 250.
Events which have concurred to prevent the
ill effects of the loss of the colony trade, ib.
The natural good effects of the colony trade
more than counterbalance the bad effects of
the monopoly, 251. To maintain a mono-
poly, the principal end of the dominion as-
sumed over the colonies, 254. Has derived
nothing but loss from this dominion, ib.
Is perhaps the only state which has only in-
creased its expenses by extending its empire,
256. The constitution of, would have been
completed by admitting of American repre-
sentation, 258. Review of the administra-
tion of the East India Company, 264, 265.
The interest of the consumer sacrificed to
that of the producer in raising an empire in
America, 274. The annual revenue of,
compared with its annual rents and interest
of capital stock, 545, 346. The land-tax of,
considered, 348. Tithes, 352 Window-
tax, 357. Stamp-duties, 363, 365. Poll-
taxes in the reign of William III., 367.
The uniformity of taxation in, favourable
to internal trade, 382. The system of taxa-
tion in, compared with that in France,
384. Account of the unfunded debt of,
387. Funded debt, 388. Aggregate and
general funds, ib. Sinking fund, 389.
Annuities for terms of years and for lives,
ib. Perpetual annuities the best transfer-
able stock, 391. The reduction of the pub-
lic debts during peace bears no proportion
to their accumulation during war, 392.
The trade with the tobacco colonies, how
carried on, without the intervention of
specie, 401. The trade with the sugar co-
lonies explained, ib. Ireland and America
ought in justice to contribute towards the
discharge of her public debts, 402. How
the territorial acquisitions of the East India
Company might be rendered a source of re-
If no such assistance can be
venue, 403.
obtained, her only resource pointed out, ib.
Bullion, the money of the great mercantile re-
public, 179. See Gold and Silver.
Burghs, free, the origin of, 163. To what cir-
cumstances they owed their corporate juris-
dictions, ib. Why admitted to send repre-
sentatives to parliament, 164. Are allowed
to protect refugees from the country, 165.
Burn, Dr. his observation on the laws relating
to the settlements of the poor, 58, 59.
Butcher's meat, nowhere a necessary of life,
370.

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234. But improved speedily after the dis
solution of the company, ib.

Canals, navigable, the advantages of, 62. How
to be made and maintained, 303. That of
Languedoc, the support of, how secured, ib.
May be successfully managed by joint stock
companies, 317.

Cantillon, Mr. remarks on his account of the
earnings of the labouring poor, 28.
Cape of Good Hope, causes of the prosperity of
the Dutch settlement there, 263.
Cupital, in trade, explained, and how employ.
ed, 112. Distinguished into circulating and
fixed capitals, ib. Characteristic of fixed
capitals, 113. The several kinds of fixed
capitals specified, ib. Characteristic of cir-
culating capitals, and the several kinds of,
114. Fixed capitals supported by those which
are circulating, ib. Circulating capitals
how supported, ib. Intention of a fixed
capital, 116. The expense of maintaining
the fixed and circulating capitals illustrated,
ib.

Money, as an article of circulating ca-
pital, considered, ib. Money no measure of
capital, 118. What quantity of industry
any capital can employ, 120. Capitals, how
far they may be extended by paper credit,
125. Must always be replaced with profit
by the annual produce of land and labour,
136. The proportion between capital and
revenue regulates the proportion between in-
dustry and idleness, 138. How it is increas
ed or diminished, ib. National evidences of
the increase of, 141. In what instances
private expenses contribute to enlarge the
national capital, 142. The increase of, re-
duces profits by competition, 145. The dif
ferent ways of employing a capital, 147.
How replaced to the different classes of
traders, 148. That employed in agricul
ture puts into motion a greater quantity
of productive labour than any equal ca-
pital employed in manufactures, 149. That
of a manufacturer should reside within
the country, 150. The operation of capi-
tals employed in agriculture, manufactures,
and foreign trade compared, ib. The pros
perity of a country depends on the due
proportion of its capital applied to these three
grand objects, 151. Different returns of
capitals employed in foreign trade, 152. Is
rather employed in agriculture than in trade
and manufactures, on equal terms, 155, 156.
Is rather employed in marufactures than in
foreign trade, 156. The natural progress
of the employment of, 157. Acquired by
trade, is very precarious, until realized by
the cultivation and improvement of land,
172. The employment of, in the different
species of trade, how determined, 183.
Capitation taxes, the nature of, considered, 367.
In England, ib. In France, ib
Carriage, land and water, compared, 8. Wa
ter carriage contributes to improve arts and
industry in all countries where it can be used,
9, 62, 87. and, how facilitated and reduced
in price by public works, 303.

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