The Northern Daily Times.
Liverpool, Merseyside, England, 1856-11-11 00:00:00

o myself when

by your

however,

amount of
The

in a country, tends to reduce prices %rao 'etar takes annually out of circular
1441411t4 qi the taxes; This produces a scarcit
,°t be used at the same time for the purposes of the State,
o,totor, the purposes of trade. If money be scarce it must he
-Dear rn
or, short time
ere may he ere,

on the ent:

of money

)ney means /ow price

options, but
lnoderately taxed c
'JR I

iN ow, an

stek4„o-eirency to raise prices.
for r dto work for lower wages, and
so,,:oo products of their industry
Teueltettity like our
Zee ~,._tt.oney would suffice for them, than suffices for us.
our money to be increased to the extent of our
that it is already sufficient for the wants
armed community), that it may be made 80 much more
Ptie, _ ) than it was before, as would enable us to raise our
Stssk"'t 'l° as to include in them the, taxes which we —the
."
in the • t•d •1 h'
ht
to gtea ustria lye of good old England—are
ao of
• If money be made to increase with the
?14,...,,0! taxation, the prices of all commodities will rise, and
rho mouth of the ox that treadeth out the corn" shall
7111 aced. The taxes, though paid in the first instance
Plleroe and productive classes of society, will, in the long
out of the pockets of the rich and unproductive
visbo, in the increased prices they have to give for their
y.et.B and luxuries, reimburse the former.
atettade_my Itscaulura Sufficiently plain. If not, let
4tt.hi,i6r l'hose, understand the subjct, and have
t.47,ltheat Those
end, like my friend "J.H.," are already
)stet% ' tl:r; tautology. Never mind. We will take the
Katyll.3or man who can earn in an untaxed country 2s 6d
lists ''or
is barely sufficient to supply his wants. It is
the
f male man emigrated to another country, where a
tio '0 per cent is imposed on his wages, he
es ,uo able to earn at least 35 per day to
s • uicuself above want in his new position for
%0011111 re -
L hi._ quire threepence per day to pay the tax imposed
"u) and an additional threepence per day to enable
:Se4k,,Ply the enhanced price for the necessaries of life—
:eta -64 by himself and his family. Therefore, if he can
kly:;bilte! day for his labour, with taxation, when he could
Nrio,:l!I 2s. Id. per day without taxation, it is clear he adds
_r?,price, and so he loses nothing by the payment of
:Necirclit h falls—not on him—but on those who have pur-
ZseeZ! services. I think this simple illustration will make
4'6 N_lng sufficiently plain to every one. If your readers
t,tlieeott,aloug with me so far, they will already have arrived
;:ttee,„_etusion, that every country should add to its circulation
Zike h tc, o f its taxation—that the increased circulation might
cl44Asor prices, and enable the industrious inhabitants,
hp esfr of Pay the taxes in the products of their own industry,
lb: kilo toil' a foreign metal, the produce of untaxed labour,
4, transfer the entire taxation from themselves to the
of
a.,
qat,,......'cunaulated wealth.
but `say some of your readers•—•" looks very well on
tried '8 mere theory after all; the experiment was
1,, Paper .24 of adding taxation to price, by means of large issues
,tl4 er:lo.ney," To this, I reply, It is not mere theory.
itiQtaedeitirnent
the
tried, and, more than that,
'l4. -,!'eyond the most sanguine expectations of those who
Itt:tsvedtttoas tried, not by a Spartan legislator,. but by
.a
English statesman. In the early
.part of 179/,
h `tse. rears of war, it was found that taxation was pushed
14,14131e4 t.„ me malt. The Bank was all but bankrupt. It
toi., the' of asets, but an empty till. The directors plainly
O4irci hitt M..inister that their case was desperate. They
tt "1:1 effect, that he had already drained the
!it), of
all its pecuniary resources ; and that
kik ° got all
NI to the ready money of the people, it was
s4teolieeyrted from
th. looki, them for more. The minister was not thus
purpose. He saw very clearly that
Itop:tthee,
04:11't /:,e raised ; that, whether the people could
'll4 lay eh: ~t, more taxes must be imposed, or tl._
11 Iv ''i'n its arms and consent to an ignominious peace.
I,hl
, uonbtless, the alternative which presented itself
lo,:tltioe mind. Necessity—always the mother of
N,loa,ught him what to do ha that critical moment, It
to the nation was saved. The genius of Pitt made
th_ .
ktimpossible Ile imposed more taxes, and raised
Ish7sti,;"Y he required to prosecute the war with vigour.
4t;:itsted4aged its this way : Bank of England notes were
tip 6 pri for gold; prices went up—the price of gold as well
tip
of other commodieies ; for the people, now that the
11?:eikbri,t Provided the means of augmenting the currency,
NS the 'et) to add the increased taxation that was imposed
lli,t/thi,llll to the price of their labour, and to the price of
Otill.ttatig„.,else that they had to sell, Thus it was that, during
Ntliste"mer of the war, and for many years afterwbrds, they
114°14 ,iltalea without difficulty, without inconvenience, and
14111:s hist: t.touring. Why ? Because by the simple process
Its!bo44,oe,cribed, they levied, on the unproductive rich, the
it, le /4 of the taxes they had to pay.
list.°_able that neither the minister, nor the bank three-
People, understood the philosophy of the bank
;114.kp.,'_11likely that none of them saw that it would enable
to add taxation to price. But it did so for all
theed, 13 success of the experiment was, as r have already
Lgreater than the expectations of the ministers. So,
k)
04 104 toy of your readers who may have neither time nor
liittostCth,coPe with the philosophy of tho currency, may
t).l_ is fact, that, somehow or other, an augmented
tkt 11478 enable the productive classes to add taxation to
„: if Pitt bad increased the currency tenfold, and not
kl44;iieses,,,e ILA from paying her notes in specie, valued at
sittiste:.Price, then all foreigners selling their goods in
om stet would have got the enhanced prices which were the
ZeZ 4, .great taxation, and th ei ram ts here would have been
ittOtie„tivest the proceeds its (sold, which would have been
(itritt,b"aobje commodity still bpurchaseable at the untaxed
I,N,,sther wever, left thepriceofgold to find its own level, like
isetiN. commodities. Hence the success of his great
Of With the free trade in gold thus established, if a
eliNt."'reizu merchandise sold for 275., in consequence
liStk6 tt,it)ll prices, and if the proceeds had been invested in
104.).,,th,th-'sttet of gold thus obtained would not have been
16Nik,'"uld have been previougi
• °to_

aulliiiity, d
In such a

quire a

nunity men

lower prices
, than in a heavily taxed

country

purchased for twenty-

o,:;:igrier, therefore, gained no undue advantage from
11,ellte.e: that ruled in Great Britain, and he had no
tt44l, 114ethe take gold, on account of its cheapness, in pre-
Attti,, Ivritrqucts of British industry.
tiotiliaol,lell thus far before I saw the letter of " A
1(1 'rreer "in the NORTHERN- TIMES of to-day.
.Ure ' egii,tkk the writer, that I have no objection in the
4 '8 fi a lance with an honourable opponent, but, on
1
11.4 44:tOer letter, the conviction flashed across my
(17411)ti4f;i° Wonder, that he was fighting under fdse
h,411 hat i% that he was a bullionist disguise. It now
44, adl, ‘l4' mistaken. The fault is his, and not mine.
.ei.'ed to his original " noun do guerre," I should
have spoken out so plinly as I did.
4t ferrini to his former letter, I down ot.think that
Ill,,S(;;:4111„ wlore strongly than the occasion domanded
14' th tli -°"1" are din controversy,
_-e
not
not use . a
,10" t"
iu:ession becoming personal ;
tstO,ltio-"other offended, wh
,ty,i'le,t's" as ruinous, revolutionary, and fantastic,"
11," I.' wild and visionary," his arguments as
0111,74,18'',.50Pi,a,n as one ° which cannot be read without
I,,tte.'
„aLnd his remedy for a defective system of
v,,,1 44 Qs A ‘"at so far as it has ever yet been
0- c -ech, '
14 11, °neon , net bY the world with a shoat of repro Pt. 3

,hero is no

1 events,

lb ghtlits-(1411° who thus speaks of a person, whom he
4414,1:0'41 nr:;:e good service to the cause" of currency
11A4V4i3lied -" so very sensitive as your correspondent.
th Qte4 lift c,
d learn the first
Ntt'l lir: tno 0 ogo an li,,stil,-Ji tli, ;.e doctrines of the currency—the
~'‘ I' Of tBte'e4Ce of money," and, having just risen from
;?i„`11241/Pestln:" Pamphlet wh'ich he refers me, and of
t`9o.:l:loctits c,,fit:i',. he is himself the author, and especially after
NlN)lie icitici:t"°f the word—MONEY—thaf, it is " that
Pt'Ptio to 6„ c°'2Btittstes a sufficient, and the most fitting
' 4,4444 n Vp-rogi"en in exchange for any and every other
.t4gO fi.Pere.!/,--I really think that he would derive
ifO„,t,oN,,tlna_ following my advice.
teired i,
tuitl: that " so, far as the plan," which has
ielltiit to,',';se letters, "has ever yet been attcmpted.,
Y di, 44 a shout of reprobation and contempt, it
Proved L
-3' the fact recorded in this very letter,

6~ ad_'he