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fiftieth penny； as it was called； was imposed upon the whole
substance of every citizen。 Every citizen assessed himself and
paid his tax in the same manner as at Hamburg； and it was in
general supposed to have been paid with great fidelity。 The
people had at that time the greatest affection for their new
government； which they had just established by a general
insurrection。 The tax was to be paid but once； in order to
relieve the state in a particular exigency。 It was； indeed； too
heavy to be permanent。 In a country where the market rate of
interest seldom exceeds three per cent； a tax of two per cent
amounts to thirteen shillings and fourpence in the pound upon the
highest net revenue which is commonly drawn from stock。 It is a
tax which very few people could pay without encroaching more or
less upon their capitals。 In a particular exigency the people
may； from great public zeal； make a great effort； and give up
even a part of their capital in order to relieve the state。 But
it is impossible that they should continue to do so for any
considerable time； and if they did； the tax would ruin them so
completely as to render them altogether incapable of supporting
the state。
The tax upon stock imposed by the Land…tax Bill in England；
though it is proportioned to the capital； is not intended to
diminish or take away any part of that capital。 It is meant only
to be a tax upon the interest of money proportioned to that upon
the rent of land； so that when the latter is at four shillings in
the pound； the former may be at four shillings in the pound too。
The tax at Hamburg and the still more moderate tax of Unterwald
and Zurich are meant； in the same manner； to be taxes； not upon
the capital； but upon the interest or net revenue of stock。 That
of Holland was meant to be a tax upon the capital。
Taxes upon as Profit of particular Employments
In some countries extraordinary taxes are imposed upon the
profits of stock； sometimes when employed in particular branches
of trade； and sometimes when employed in agriculture。
Of the former kind are in England the tax upon hawkers and
pedlars； that upon hackney coaches and chairs； and that which the
keepers of ale…houses pay for a licence to retail ale and
spirituous liquors。 During the late war； another tax of the same
kind was proposed upon shops。 The war having been undertaken； it
was said； in defence of the trade of the country； the merchants；
who were to profit by it； ought to contribute towards the support
of it。
A tax； however； upon the profits of stock employed in any
particular branch of trade can never fall finally upon the
dealers （who must in all ordinary cases have their reasonable
profit； and where the competition is free can seldom have more
than that profit）； but always upon the consumers； who must be
obliged to pay in the price of the goods the tax which the dealer
advances； and generally with some overcharge。
A tax of this kind when it is proportioned to the trade of
the dealer is finally paid by the consumer； and occasions no
oppression to the dealer。 When it is not so proportioned； but is
the same upon all dealers； though in this case； too； it is
finally paid by the consumer； yet it favours the great； and
occasions some oppression to the small dealer。 The tax of five
shillings a week upon every hackney coach； and that of ten
shillings a year upon every hackney chair； so far as it is
advanced by the different keepers of such coaches and chairs； is
exactly enough proportioned to the extent of their respective
dealings。 It neither favours the great； nor oppresses the smaller
dealer。 The tax of twenty shillings a year for a licence to sell
ale； of forty shillings for a licence to sell spirituous liquors；
and of forty shillings more for a licence to sell wine； being the
same upon all retailers； must necessarily give some advantage to
the great； and occasion some oppression to the small dealers。 The
former must find it more easy to get back the tax in the price of
their goods than the latter。 The moderation of the tax； however；
renders this inequality of less importance； and it may to many
people appear not improper to give some discouragement to the
multiplication of little ale…houses。 The tax upon shops； it was
intended； should be the same upon all shops。 It could not well
have been otherwise。 It would have been impossible to proportion
with tolerable exactness the tax upon a shop to the extent of the
trade carried on in it without such an inquisition as would have
been altogether insupportable in a free country。 If the tax had
been considerable； it would have oppressed the small； and forced
almost the whole retail trade into the hands of the great
dealers。 The competition of the former being taken away； the
latter would have enjoyed a monopoly of the trade； and like all
other monopolists would soon have combined to raise their profits
much beyond what was necessary for the payment of the tax。 The
final payment； instead of falling upon the shopkeeper； would have
fallen upon the consumer； with a considerable overcharge to the
profit of the shopkeeper。 For these reasons the project of a tax
upon shops was laid aside； and in the room of it was substituted
the subsidy； 1759。
What in France is called the personal taille is； perhaps；
the most important tax upon the profits of stock employed in
agriculture that is levied in any part of Europe。
In the disorderly state of Europe during the prevalence of
the feudal government； the sovereign was obliged to content
himself with taxing those who were too weak to refuse to pay
taxes。 The great lords； though willing to assist him upon
particular emergencies； refused to subject themselves to any
constant tax； and he was not strong enough to force them。 The
occupiers of land all over Europe were； the greater part of them；
originally bondmen。 Through the greater part of Europe they were
gradually emancipated。 Some of them acquired the property of
landed estates which they held by some base or ignoble tenure；
sometimes under the king； and sometimes under some other great
lord； like the ancient copy…holders of England。 Others without
acquiring the property； obtained leases for terms of years of the
lands which they occupied under their lord； and thus became less
dependent upon him。 The great lords seem to have beheld the
degree of prosperity and independency which this inferior order
of men had thus come to enjoy with a malignant and contemptuous
indignation； and willingly consented that the sovereign should
tax them。 In some countries this tax was confined to the lands
which were held in property by an ignoble tenure； and； in this
case； the taille was said to be real。 The land…tax established by
the late King of Sardinia； and the taille in the provinces of
Languedoc； Provence； Dauphine； and Brittany； in the generality of
Montauban； and in the elections of Agen and Comdom； as well as in
some other districts of France； are taxes upon lands held in
property by an ignoble tenure。 In other countries the tax was
laid upon the supposed profits of all those who held in farm or
lease lands belonging to other people； whatever might be the
tenure by which the proprietor held them； and in this case the
taille was said to be personal。 In the greater part of those
provinces of France which are called the Countries of Elections
the taille is of this kind。 The real taille； as it is imposed
only upon a part of the lands of the country； is necessarily an
unequal； but it is not always an arbitrary tax； though it is so
upon some occasions。 The personal taille； as it is intended to be
proportioned to the profits of a certain class of people which
can only be guessed at； is necessarily both arbitrary and
unequal。
In France the personal taille at present （1775） annually
imposed upon the twenty generalities called the Countries of
Elections amounts to