The Sun.
London, England, 1857-02-03 00:00:00

THE SUN,^ LONDON, TUESDAY EVENING, FEBRUARY 8. 1857.

Naval and Military 12312digenCe. , that it was extremely difficult, indeed impossible, to levy Ch. of Ex.-Bnt could the 'property of the country sup- .
' the tax more equitably, pert the burthen ?
ea
Spes(with indiguation)l'llsimplify the matter for them Sp. -First tell me wat is the estimated value of the
The 90 th Regt., which marched into Portsmouth property in Great Britain? •
before I have done with it.
garrison from Aldershot last Fridae, received orders . Ch. of Ex -I must adroit, sir, that the taxis not strictly Ch. of Ex.-It has been estimated by the best statists to i
yesterday to hold themselves la readicets to embark ' a property tax ; bat how do you prove that the burthen be worth 5,000 millions.
about Saturday next hr India. ; falls in the inverse ratio of equity and fairness ? Sp.-It is more than that, as your Income Tax returns 1 ,
In pursuance of the recent general order received at ' Sp -I shall make yeti prove that. Get me down a copy demonstrate; but I will assume that your figures are cur- '
Woolwich relative to the suppression of the allowance •of my Rudiments of Arithmetic. rect. Now tell me, what is the average annual charge on
heretofore granted as " lodging money" to officers of the I Ch. cf Ex. (producing a dusty volame)-Here, sir, is a the country for national purposes? ,
corps of Artillery, the commandantb of the garrison bits copy of your invaluable treatise. Ch. of Ex.-Say, in time of peace, about 50 millionnt
So (earcastically)-Yes "invaluable treatise" indeed • Sp. (sharply)-Then 5,000 millions cannot pay 50 roil-
nailed written instructions requiring then to pay speedy
yo-u'm. 'ay work. a sum in the dust upon the corer. ' lions, or, in other words. 5,030/, cannot bear the burthen
attention to it, and make application for barrack quar- Ch. of Ex.-I must plead guilty of neglect of the science of 501. annually? Why, if all the existing nixes were
term, which seal be provide:: for them according to the which derived additional lustre ront your - swept away to-morrow, a Property Tax would produce e
stipulated regulatious. i Sp. (interrupting impatiently)-Cau you find the pre. easily all the revenue of the country. It is, however, 'I
During the past year the number of sick and wounded sent value of an annual sum? some 10 millions at the most that you are called upon to
troops received at the invalid establishment, Chatham, Ch. of Ex.-I think I can, aided by your useful manual. supply, now that the war is over; and you are bold enough •
from the various home and foreign stations, e xceeded Sp.-Then find me the present value of 1501. per annum to tell me that 5,009 millions cannot pay 10 millions, or, in
7,100 non-commissioned officers and men belonging to for three years; interest at 41. per cent.* other words, that a tax of 4s. on the 1001. in value would
the several branches of the service. Of that number 1,330 (The Chancellor of the Exchequer works laboriously, be an intolerabletit and insupportable burthen on property.
while. Shade of Cocker arrives at the result, by mental You might e as well try to convince me that Moneygrub.
convalescent troops were found fit for further service, and
and Miionjnaite, of Lombard-street, are unable to pay their
arithmetic of course.)
forwerled to join the depots of their respective regiments ;
Ch. of Ex.-I mae it 416/. police rate. The simple truth is, you delude yourself about
5,230 men of all ranks, who had been ( xenained by the
Sp.-That is right, nearly. Now sit down and find me the excessive pressure of taxation' on property, whereas
Commissioners from Chelsea Hospital and pronounced also the present 'values of 1501. per annum, for 5,7, 10, 15, property has never yet. felt the strain. Your taxes oppress
unfit for further service, received their discharge on 20,23, 30, and 50 years, and in perpetuity ; and place the not so much because they are excessive, as because they
various pensions ; and 105 men died, There are at pre- values, when found, in tabular juxtaposition. bear unequally, and where there is not strength to support
sent only a small number of wounded and disatled Ch. of Ex. (after considerable pause).-Here are the re- their weight. You set, so to speak, a pony to draw a laden
troops at St. Mary's, Chatham, 62 of whom, who have sults, sir, in a tabulated form. waggon, and you yoke a team of cart horses to a child's
been inspected by the Chelsea Commissioners, will be THE PRESENT, OR PROPERTY VALUES OF £l5O FEE perambulator. From the man who maintains, as I did
discharged from that establishment on Thursday, ANNUM FOR iRE PERIODS UNDERMENTIONED: when in this world, a constant struggle for life and its
Her Majesty's steam-sloop Devastation, 6, COM. 3 517110 15 20 23 30 50 En Per Temhonhenecessaries, you
andwring (after
151.,taxing everything
eats, drinks, uses) some . 2., . ~.
mender Marshall, shipped a new bowsprit at Portsmouth Yrs. Yrs. Yrs. Yrs. Yrs. year, Year. fears. Years petuPy, w • •
' • which is the very life-blood, bone, and sinew of himself
yesterday, having sprung the old one. - .__. ..-. ..- ....- _._ . _ ___
The experimental gun-boat Stork shipped a new pat- X X ,n £ £ £ £ £ and family; adding mockery to injury, by offering him a
4.6 667) 900 I 1216 1667 2013 2228 2313 32221 3750 receipt nor Propert;Tax. You then collect from those who
tern screw yesterday of four bledee, for competition ---- - enjoy every comfort and luxury, with money to spare for
with the others she has been lately trying of French Sp. (encouragingly)-Very well ; now answer toe a few every form of indulgence, an amount insignificant in pro-
invention. questions. The sums you have found are the property portion to their property, and which does not trench upon
Colonel Parke, of the Iloyal Marine Artillery Corps, values of 1501. per annum ? the use or-enjoyment of a single superfluity. To revert to
it is rumoured, is about being promoted to be Second Ch. of Ex.-Yes ; the amount which would be realised the proportionate values again. Each of the properties I
Commandant of the Royal Marine Light Infantry of the in the market. have referred to pays 101. annually fur Income Tax, so
Chatham Division. Sp.-Exactly; whether realised by actual tale or found that-
by calculation, the sums you have given represent the
In order to carry out the instructions received fromA with £416 pays 1-41st of his property.
property values.
the Lords of the Admiralty, commanding a further re- Co. of Ex.-Yes • the property value of 1501. per annum B with 2667 pays 1-66th of his property.
d action in the factory department of Woolwich Dock- for three years is 41'61., and for 15 years the value is 1,c671. C with £9Ol pays 1.90 th of his property.
D with £1,216 pays 1-121st of his property.
yard, an additional number of hands is ordered to be and in perpetuity it is worth 3,750/,
diechargerl, involving a reduction of a third of the seta,- Sp. with £1,667 pays 1-166th of his property.
Sp' (angrily)-And yet you levy on all three the same F with £2,038 pays 1.203 d of his property.
blishment-namely, from the existing number of 900 sum annually, notwithstanding the difference in value to G with £2,228 pays 1-2224 of his property.
artisans and men to 300 of all classes. The estimates the possessors. H with £2,593 pays 1-259th of his property.
granted for the expenditure of that department for the Cu. of Ex.--How so ? I with £3,222 pap 1-322 d of his property.
forthcoming yar have been voted at 3;,0001. The Fees Sp.-What tax do you levy on an income of 150/. per K with £3,750 pays 1-375th of his property.
tery Pay-office is likewise to be abolished, the General anenP.mo?,
Sp.-Just
o` x.-10.•, IW., being ls. 4d. in tle pound. (Spirit continuing with dignity, and rising into the style
Pay- office of the dockyard undertaking the duties of that of the late Sir R. Peel.) Thus sir, by a simple appeal
so. You make a property worth 4161. pay
establishment. This will form an important diminution,to the invaluable science which I left for the guidance
10/ , and another worth 1,6671. a 131, and awl another worth
the aggregate rendered of the present year's expenses cf 3,7..50/. pay 101. Is this what you Ycall *equitable taxation ? of an attentive world, I have shown to you that your
that department amounting to 52, COO/. Can you work a common proportion ? income tax is, in fact, a graduated property tax-the
The Cernmedera's receiving-ship Fi-gard, 42 guns, Ch. of Ex.-Yes. gradation of the scale of taxation proceeding in the in- •
Master-Corronander Mugforu, was yesterday paid off at Sp.-Then furnish me with the results of the following verse ratio of fairness, sound policy, and ability to sustain
Woolwich, the usual term of commission having expired. proportions :- the burthen. From neglect of that science with which
The ( facers rated ou the books of that eetaolishment If £il6 pays £lO, what is that per cent. ? my name is imperishably associated this evil has arisen,
amount to 70 in number, besides supernumerary seamen If £067 pays £lO, what is that per cent. ? and has been perpetuated ; and terrible has been the
and y outhful aspirants for the naval prefers:4on
hi Ty ne was on Saturd If £9OO pays £lO, what is that per cent. ? punishment which retributive justice has inflicted on the.
Her Ma esty s 4- un
If £1,216 pays £lO, what is that per cent. ? degenerate sons of those who were my pupils and admir-
j' g etoree p ay
If £1,657 pays £lO, what is that per cent. ? lug disciples. By a simple return to the study of this
hauled into No. 2 dock at Woolwich to undergo the If 22,033 pays £lO, what is that per cent. ? sublime rule of proportion, the tax on incomes may be re-
necessary repair?: If £2,223 pays £lO, what is that per cent." pealed, and a tax on property, valued as property, may be
The screw steam storesbip Hewer was undocked on If £2,593 pays £lO, what is that per cent. ? introduced. Time warns nee that I must be brief, for at
Saturday at Woolwich, and adtisitted into the fitting . If £3,222 pays £lO, what is that per cent' cock-crowing our interview must terminate. Thera are two
basin for the completion of repairs. If £3,750 pays £lO, what is that par cent. ? courses open to you ; either repeal this tar on profits at
Her Majesty's 6-gun paddlewheel steamsloop Vixen, Ch. of Ex. (having worked out proportions)-Here are once and for ever, and substitute a bona fide, ad valorem,
in Woolwich basin, having completed repairs and antra- the several results :- Property tax and go down to posterity-which means come
to us in the spirit world -"reading your history in a" grateful
tient., and receiver.: new boilers, is ready f r commission. . 4 e £s. d.
lki
with with
..1;6461 pays
matt thhee
rata
ee
ooff 1" 8
10 per cent. "nation's eyes;"' or persist in the tax as at present levied
The life boat constructed on a plan by Mr. Peake,(to palter with or tinker it is useless), and be swept out of
assistant master ship wrght at this yard, and intended C with £903 payspays7
at thet ratet of 1 2) ;.; peerr
oceenntt..
office by the swelling flood of indignant intelligence which
as a present to the Ciiiiial Government, will be for- D with £1,216 pay 3 at the rate of 016 5 per
cent. is rising hourly in the breast of the British people. (The
warded to her dsstinatioa by a merchant vessel. She E with .21,667 pays at the rate of olt 11 per cent. Chancellor displays emotion.) Tell that people from me
has a brass plate in the stern sheet with the fellow- F with £2 033 pays at the rate of 09 9 per cent. that there are three things which I wish them to attend
to-1.. Education ;2, Competitive examination; 3. Book-
ing inscription in Env lieh and Spanish : -Pre- G with 21,223 pays at the rate of 0 811 per cent.
keeping.
sented by her Britannic Majesty's Government to the H with £2,593 pays at the rate of 0 7 8 per cent.
Republican Government of Chili, for services rendered I with £3,222 pays at the rate of 06 2 per cent. Ch. of Ex. (with cheerful aspect
)-Al ! these are points
to British Seamen." On each of the bows of the vessel K with £3,750 pays at the rate of 05 4 per cent. which I have invariably urged ou the Cabinet and alv -
eisted in the house ; attention to the education of(the
Sp.-Now, sir, you see the operation of your tax. Pro
masses, and competitive examinatioa as the basis of !la-
the Chdian national arms is handsomely designed in oil
perty worth 4161., say, the tail of a lease, the end of a life
mission to clerkshipe in our public-
colours.
interest, the remnant of professional capacity, the Lone,
The new shipbuilding slip at the east end of the Annuities, which expire in 1860, and a thousand other Sp.- Hold. You misinterpret my meaning. Ido not
dockyard is now rapirily progressing,, and a large nurn• brief and precarious incomes, you tax at the enormous now allule to the masses or to the clerks. Let us begin at
her of hands are erupleyed by the contractors, Messrs. rate of 21. 81. per cent. on their property value, while the head and not at the foot of the scale; it will be time
Fox and Henderson. The buil ling will be entirely of your Consols, Exchequer Bills, and other property in ab- to consider the clerks when their betters are attended to,
iron, with a splendid corrugated roof, and when corn- solute possession, upon which you may realise to-morrow I wish you to communicate to the British people my de•
pletei will be tee largest shipbuiiding slip in the king- the full value of the perpetuity, you tax at the rate only sire that they should attend more to the education of their
dom. of ss. 4d. per cent representatives and head officials ; let these, before selec-
.
The following appointments were made yesterday at Ch. of Ex. (submissively)-That is so, sir. tion, be put through a course of simple arithmetic, in-
cluding the first four rules, Proportion, and especially Ro-
the Admiralty :- Sp.-A.nd'you think this a near approach to absolute
equality, do you?assume, first, that a man's
to
i brain is so duction-a rule of which they appear to be lamentably
Commander Augustus J. •Woodley is appointed In-
much property, and bringing t to a money value, to tax ignorant; lot them be required to repeat by rotemy dia-
epecting Commander in the CoaeVg uard service. 400/. of that value as though it wore 4,0001, stock on land; togae on the income tax before taking upon them their
imposing upon one 48s. per cent. property tax, and upon
Lieut. E. P. Fuge, the Admiralty agent in the Tyne official duties; a slight examination in English history
steamer, who, it will be recollected, was severely in- another ss. 3d. per cent. only. Again, you think it fair and the principles of English law may also be superanded,
s
jured on landing with the mails when that vessel was to tax the Long Annuitant, whose income expires in 18.0, Lastly, for my minute are numbered, let the British
stranded on the coast of Dorset, has been promoted to and whose property sells sow for 4161., according to your people see to It that the receipt and expenditure of the 'la-
the rank of commander on reserved half-pay. own calculation, at the rate of 435. per cent, on the value, tion are stated clearly, explicitly, and in detail, uccording
Lients. Robert Taylor, Geo. B. Williams, Richard while you impose on the owner of annuities expiring in to the rules laid down in my Elementary Treatise on
Book-keeping. and published annually, before further sup-
-1880 (23 years hence) a tax at the rate of Bs. 11d. per cent.,
Jesse, and Richard H. Dalton have been promoted to
and on the owner of Console, whose property will realise plies are "sake for.
the rank of commanders on reserved half-pay.
to-day 3,7501., just ss. 41. per cent. (The cocks owe, the Shade of Cocker molts away ; the
Lieut. A. R. 0 vren has been appointed to the Victory
Ch. of Ex.-I fear the tax cannot be justified on the Chancellor is discovered at daylight seated at his bureau,
flagship fur disposal ; S. Plummer, midshipman, to the ground of equality, a trace of sadness on his brow, but a wiser man.)
Megeera ;R. A. Edwin, midshipman, to the Simoom ; Sp. (with dignity)-I should think not, indeed. Accept,
R. Allen, second master, to the Indus. sir, and profit by this definition of your tax :-An Income TABLE I.
----------as Tax, levied as at present, is a graduated Property Tax, the The Present Values of Incomes for various Periods cars
A DIALOGUE ON THE EN COME TAX. gradation of taxation being so contrived as to fall with tain, and Rates at which each are Taxed.
_ crushing weight on the shoulders of industry, to the relief of
accumulated. wealth. In addition to this definition, I fur-
The arguments in this pamphlet are so conclusive as Present Propertiea
nish you with a scale which I have prepared, to inform all
to the unequal working of the income tax, as regards in- Value of Amount of Rate per ,of rropertypal
classes nt what rates the tax falls upon them. (See Tables Years. 150 r Tat levied Cent. of
cane and property, that we republish it, fully conscious I. and IL)Annum. Annually. Taxation. Annually.
that it will convince any (1 there be any) who may have Ch. of Ex.-Pray do not publish your scale until I have - ---
hitherto entertained doubts on the subject. We remind devised 80(1)0 tax as a substitute. Consider the difficulty £ £ £ a. d.
those who may wish to have it in a more convenient of my position, the maintenance of the credit of the State, 3 416 10 2 n 0 1.41 et
form to go to Effingham 'Wilson, Royal Excharge, its honour at home and abroad, its dig-- 5 6,17 10 1 911 1-66th
7 W 0 10 1 2 2 1-90:h
SCENE-An apartment in Downing-street, with blue Sp. (impatiently)-Fudge ! How can the credit and ho-
-10 1,216 10 016 F. 1-121st
books, writing materials, papers, and red tape. The nour of any conitry be maintained by injustice and op-
-15 1,667 10 011 11 1-16(Mi
Chani;eilor of the Exchequer is discovered, absorbed in pression ? "Righteousness (equity) exalteth a nation"-so
20 2,038 10 0 9 9 1-203,1
anxious thotoebt. we read. Levy your taxes fairly, and the honour and -
Enters, rising from the ground, the Spirit of Cocker, credit of thecountry will take care of themselves. 23 2,228 10 0811 1 1•2221
Spirit of Coeker- What meddlesome medium has sum- Ch. of Ex.-True, sir ; but I was shout, when you inters 25 2,343 10 08 6 1-234th
mooed me from my resting-place? rupted me, to remind you of the claims of the public cre- 30 2,593 10 0 7 8 1-259th
,
Chancellor of the Exchequer-Forgive, illustrious shade, di tor. Can you add to the obligations already conferred on
40 2,1)63 10 0 6 8 1-296th
the unwarrantable intrusion upon your-- use, by suggesting a tax as a substitute for that which, I 50 3,222 10 0 6 2 1-322,1
Sp.-Speak, I pray you, with brevity-my time is short, suppose, I must relinquish ? 60 3,393 10 05 10 1-33 Ith
at cock-crow 1 depart ; speak also in sincerity, we deal net ep.- Before doing so, I must inform yon that we spirits 70 3,509 10 05 8 1-350th
in soft sawder in the spirit-world. Who are you? What enjoy clearer views of these things than we did while look-
80 3,537 10 0 5 6 I 1.353 th
90 do you want with me ? ing through mortal, eyes, and we do not perceive any onca-
3,640 10 0 5 5 1-361t1r
,
Ch. of Ex.-I am the Chanceller of her Majesty's Exche- skin at all for providing a tax as a substitute. To me it is Perpetuity 3,750 10 0 5 4 1-315th
quer, an office of peculiar difflottity and- quite app!,,rent that a. proper representation of the tax-pay- Explanation of Table.-An income certain of 1501. for
Sp. (esirle, and interjectively).-Bosh ! ing people, due attention to the voting of supplies (which fifteen years is worth 1,267/., and paying 101. Income Tux
Ch. of Ex.-And, knowing well the kindness of your is now a farce), together with the very simple expo tent of is taxed at the rate of lls. ild. per cent, on the present
heart- the publication of a detailed statement of the national re- value, being 1-66th part of the property. A similar in-
sp. (impatiently).-Spirits have no hearts ' • confine your- ceipt aryl expenditure, woull obviate any occasion fur a oome in perpetuity (say in the Funds) is worth 3,7501., it
self to facte, and avoid metaphor. Feelings I possess-do substituted taxation. is taxed at ss. 4d. per cent., being 1-375th pant of the
not trifle with than. Ch. of Ex. (exhibiting extreme agitation)-Surely, sir, value,
CO. of Ex.-I humbly crave pardon. I was about to you would not advocate so imprudent a measure as the TABLE 11. •
say that, being aware of the kindliness of your disposition, publication of the details of the expenditure of the several
I thsught you might be willing to assist me in a difficulty departments? Present. Values of Precarious Incomes, enjoyed either for
which oppreseiee me greatly, and I took the liberty of call- Sp.-Indeed, Ido advocate it. You have required it Life or during Capacity for Labour, at various Ages.
ing you-from the region of shades to solicit a word of your of the poor law unions, have you not? Calculated at Si. per cent., Carlisle rate of mortality.
invaluable counsel. Ch. of Ex.-Yes.
Sp.-You have my works; I left them for the guidance Sp.-And of the municipal corporations, the savings Present
of each as you. banks, the prisons, the police, the county courts, the Court Present ,t mount Rate per Value of Rate per
. , Value of of fax :ent. of Tea £l5O per :ent. of TAX
Ch. of. Ex.-I think I have a copy in my library of your of Chancey, &c. Age. 4150 per levied Annually Annum Annually
, invaluable work on the Science of Figures. Ch. of Ex.-e Very true; lint consi•lcr the different na- I Annum Annualy. during Life. during, during
Sp.-Don't attempt any deception. You may possess a ture of their expenditure. You would not expose to the for Life. Capacity Capacity,
copy of my great work, but it is clear you have never con- impertinent curiosity of the public gaze the amount ra- - - - _n_ .
sulte.d it. It would have been more respectful had you ceived by this or that official, disclosing the secrets of the .o £ £ s, d. £ £ v, d.
done to befara disturbing my repose. What is it you various departments? It would be striking a blow at the 20 2,372 10 08 5 2,295 ,0 8 8
want ? roots of our political institutions. 25 I 2,995 10 08 8 2,208 09 0
Ch. of Ex.-I was desirous, sir, of consulting you con- Sp.-I know it would, and shall take steps for premul- 30 2,203 10 09 0 2,119 09 5
corning the "unreasoning impatience of taxation 'on the gating my views on the subject. 35 2,119 10 . 0 9 5 2,008 0 911
part of many who have raised an outcry against the coo- Ch. of Er. (in extremity of his agitation forgetting the 40 2,003 10 09 11 1,897 010 6
tinuance of the property and income tax. spiritual nature of his visitant)-I pray you, good sir, do 45 1,397 10 010 6 1,749 011 5
Sp. (angrily). -N o such tax exists, not act with precipitation in this matter; I will speak to 1,0 1,749 10 011 5 1,552 1, 12 10
Ch. of Ex.-Pardon me, respected shade of departed Lord P-n ; a place at the Treasury Board could not be 55 1,5'2 10 012 10 1,311 014 11
arithmetical accuracy, if I presume to question- more worthily occupied than by yourself. But stop-a 60 1,341 10 014 11 1,161 017 2
Sp.-head me the title of the Act of Parliament. vacant Garteris at his disposal, and would doubtless be 65 1,161 10 017 2 950 11 0
Ch. of Ex. {taking up act from table, rearls).-" An Act offered for your acceptance. 70 950 10 11 0 748 16 8
for granting to her Majesty Duties en Profits arising from Sp. (interrupting, with a hearty laugh)-A garter I how 75 740 10 I 6 s 602 113 2
Property, Professions, Trades, and Office., until," &c.* can a spit-it's leg be invested with a garter? 80. 602 10 113 2 481 '2 1 7
Sp.-A tax is granted to her Majesty upon cot tein pro- Ch. of Ex. (awaking to a sense of his position) - True, I b 5 431 10 21 7 35i '2 16 11.
fit; ; certainly not upon property, as you very well know, forgot myself for a moment; a dignity of that kind would
Ch. of Ex.-I stand corrected; but we call it a pro- be somewhat out of place. Explanation of Table.-The life income of 1501. of a per-
perty and income tax. Sp. -Of course it would. Stich things possess no value in son aged 60 is worth 1,3411., and he is taxed on that value

Present Proportloa
Value of Amount of Rate per , of rroptrly
Years. 110 ;er Tat levied Cent. of paid
Annum. Annually. Taxation. ♦nnually.
- -- ---
£ £ £ a. ti.
3 416 10 2 $ 0 1.414
5 G.i7 10 1 9 11 1-6(ith
7 9,.)0 10 1 2 2 190:h
10 1,216 10 0 16 F, 1-121st
15 1,667 10 0 11 11 1.161M1
20 2,038 10 0 9 9 1.203,1
23 2,228 10 0 8 11 1.2221
25 2,343 10 0 8 6 1-234th
30 2,593 10 0 7 8 1-259th
40 2,963 10 , 0 6 3 1-296th
50 3,222 10 0 6 2 1-322,1
60 3,393 10 0 5 10 1-33 ith
70 3,509 10 0 5 8 1.350 th
80 3,537 10 0 5 6I I.3sSth
90 3,640 10 0 5 5 1-361 th
Perpetuity 3,750 10 0 5 4 1-315th

Sp. (interrupting, with a hearty laugh)—A garter ! how
can a spirit's leg be invested with a garter?
Ch. of Ex. (awaking to a sense of his position) - True, I
forgot myself for a moment ; a dignity of that kind would
be somewhat out of place.
Sp. —Of course it would. Stich things poress no value in
the spirit world ; from the order of the Seraphim of Swe-
den down to the Garter of Great Britain, all such decora-
tions are alike worthless.

Explanation of Table.—The life income of 1501. of a per-
son aged 60 is worth 1,3411., and he is taxed on that value
at the rate of 14s. 11d. per cent. As, however, men are
generally incapacitated fur active exertion before death,
a column has been added, with the value of incomes at
various ages, determinable at five years before death
(which period is assumed as the average period of incapa-
city) ; the income of the same person, aged 6u, will, upon
this assumption, be worth 1,1611., and he will be taxed at
the rate of 17s. 2d. per cent. ; a similar income in the
Funds (-,se Table I ) is taxed at ss. 4d. per cent.
By the above Tables I. and 11. the values of incomes for
periods certain, and also of precarious incomes, may be
approximately ascertained, and the effects of the Income
Tax upon them may be contrasted.

Si,.—l care tot what you call it : you may throw dust
in tire public eyes, but you cannet in inino—spirits have
none.

Ch. of Ex.—But, sir, "what's ins name? a rose," you
know, by any other name will smell as sweet."
Sp.—You will never ia,ake your tax sweet, call it by what
name yon will ; it stinks in the public nostrils. But let
that pass; only we will, if you pllue, call it by itasight
name, " a Tax on Profits."

Ch. of Ex.—Assuming, however, that a tax by way o
substitute should be required, what tax do you reconi
mend ?

Sp.—A Property Tax.
Ch. of Ex.—But have you not demonstrated the diffi-
culty of levying such a tax fairly ?
Sp.—Not at all. I required you to demonstrate that
your Income Tax was, in one sense a Property Tax; not an
equal tax on the value of property, but &graduated sliding
scale Property Tax, the gradation of the taxation being in
a ratio inverse to the.amount of the property. Confound-
ing the produce of skill and labour with the interest aris-
ing from realised property, and then ignoring all those
differences in the value of property arming horn the dura-
tion of the income taxed, I eudeavoured to convince you
that your tax was a masterpiece of injustice. What I now
propose as a property tax is a very different thing ; by that
term I mean an equal tax on the value of all realisable
property in the country, so that if 1001. shall pay 11., then
1,0001. wi'l pay 101., and lO,fool. will pay 1001. This tax
bang lavied upon fair principles, there could be no diffi-
culty in making all contribute ; whereas you now exempt
a largo proportion of the property of the country, viz., that
which b.-longs to owners of property up to about 3,0001.
in value—while you inflict the tax in ita most oppres-
sive form upon men living by labour of hand or brain,
and who have not 10/. worth of property in the world.
Ch. of Ex.—But such a tax will drive property from the
country.
Sp.—lt cannot drive away the land, or houses, or facto-
ries, or funds, or mines, or railways ; such fears are alto-
gether delusive. Let me ask, however, have you no fears
lest British industry, skill, and enterprise should seek
more congenial treatment than they receive under your
paternal management? What would be the value of land,
where would the wealth of England be, or how would you
raise your taxes, if British skill and enterprise should make
themselves wings and fly away ?

;,h. of Ex.—Bat is it not in fact a property tax ?
Sp.—No, sir. Is your brain property. Is ingenuity
property ? Professional skill, literary excellence, plodding
well directed industry, are these property ?
Ch. of Ex.—No, sir, not in a commercial sense; but we
tax property also.
Sp.—You do, the profits arising from property, but very
gingerly. You lay burthens, heavy and grievous to be
borne, on the profits of industry, but property hardly
touches them with one of its fingers.
Cb. of Ex.—Will you explain to me bow the Property
and In—l mean, tax on Profits does this ?
Sp.—Listen, then, and I will instruct you. The Income
Tax, as you call it, is a masterpiece of statecraft, originally
invented by the late William Pitt ; it is a contrivance of
surpassing ingenuity for extracting the largest possible pro-
portion of money from the pockets of the industrieus and
intelligent creators of wealth, in order that a proportionate
immunity from taxation may bo enjoyed by the possessors
of wealth ; it is a tax upon the working bees of the social
hive for the relief of the drones. The deep ingenuity of
the contrivance consists of two things; first, the artfulness
by which it deludes its victims into the belief that
they are taxed equally or proportionately with other
classes of society; and, secondly, the facility with
which it extracts the money from the pockets of
various classes iu precisely the inverse ratio of the
amount of property possessed. In these respects I can
only compare it to a hat which travellers wrote of in my
day as infesting some southern climes, which liey htl fanned
with its wings into a soothing Recipe of' security* and repose
h 3 unconscious object from whom it extracted in full
stream the current of life.

(The Chancellor exhibits
yitsosu po,,
signs of
rnpta 4t, w ,
!en,cel:.nd. dissent.)
Sp. (continuing) —1)o
.ur
rj4toof,mAyd'alinal-
tinguished cotemporary and present coaJjutor,
Smith ?
Ch. of Ex.—l have his works, and frequently consult
them.
Sp.—Then turn to the Fifth Book, part
~ of his
" Wealth of Nations." under the head " Of Tates," and
read what you find there written.
Ch. of Ex. (reading.)—l. " The subjects of every State
ought to contribute towards the support of the Govern.
meut, as nearly as possible, in proportion to their re-
spective abilities. The expense of Government to the in.
dividuals of a nation is like the expense of management to
the joint tenants of a great estate, who are all obliged to
contribute in proportion to their respective interests in the
estate. In the observation or negl.et of this maxim con-
sists what is called the equality or inequality of taxation."
Sp.—Very pm. Now answer me. Is your tax on pro-
fits levied in accordance with the equitable and poli6c
dictum of Adam Smith?
Ch. of Ex.—We, that is; my respected predecessors and
myself, have anxiously considered the subject, with the
view of rendering the operation of the tax as equitable as
possible, and finding the subject surrounded with difficul-
ties, we—ahem
'p. (interrupting)—Shirked it upon the House of Com.
monF. _

* The arh,hmetical term " present value" is employed to
represent the property value or amount which would be paid
down by a purchaser for any sum to be received at a future
period ur periods, so as to recoup the purchaser the princi-
pal, with interest at a given rate. In commercial language,
it is the discounted value of a future payment or payments.
Thus 1001. to be received at the end of a year is worth now
1.41/.,miuus the interest of 1001. In like manner,the value ofan
annuity of 1001. for three years' interest is 1001., minus one
year's interest, added to 1001., minus two years' interest,
added to 1001., minus three years' interest; or, in other
words,. the amount of three sums of 1001. discounted respec-
tairivaetllbwoyinfatfyeohstrei:oehinxfar,aegtttewit,eorese,tisiaeaanntdteeilvdteah:lruneedese years. As compound interest
process,ei
of an
n hs e hannual
never
sumre calculations,resorted
rth by
eteoe
m. find-
lagtn
Theo
tions of the kind are al.mosgtrianittiyresl
process, by logarithms is
entirely
ephlivfiieadte;dbhuyt allth ecaulseculaof-
chpaemrbanrTT, coustructed by
Tables of the present value o
John Smart, formerly of the
ds oc
workse, London,treati
which Tables are to 133 found in all stearndalatri
of compound interest.
By the mere multiplication of any
fraction, found in the tables, into the
annuity,
value
of 1501 per the result is
almost instantaneously fonnd. Thus, if
the
annum for three years is requi..ed, interest at 41.
per
payable half-yearly, the tables give, as the value Of] rupte.;
annum, 2'775, which being multiplied into 15/1/. gives 4161.
50. as the result.
This mode of finding present values lies at the base of all
calculations for the purchase and sale of freehold and lease-
hold estates, annuities for terms of. years, &c. The Tables
in the Legacy Duty and Succession Duty Acts, for deter-
tab:ling valuesat death, are derived from the Same data, which
could be equally applied ii findingvalues for other fiscal pur-
poses.
•

Ch. of Ex.—ln one sense wo did so ; that is to say, we
moved the appointment of a select committee of that
Honourable House, which resulted in—

Sp.—l know; a blue book, and an outlay of 1,6001. in
priuting.
Ch. of Ex.—The Committee reported the evidence, and

*5 d; 6 Vict.,:car. 35.