The Sun.
London, England, 1821-05-30 00:00:00

- -
of wheat, increased subsequent to 1792 in more
rapid progression on account of the war.
Average Market Average net
Price of Wheat. Revenue.
1793 to 1799, inclusive
Omitting two dear years. 80s. Od. per qr. ......... 19,000,000.
1802 to 1808, inclusive B4s. Bd. per qr.
1809 to 1811, do.
From 1:79.,, to 1812, the price of the quartern
loaf in London fluctuated from 7std. to 18d;
omitting the dearest times, when it was 221d.Lss
In the same period the price of every other ue:-.
cessary of life increased considerably.
The most important circumstance in which a ma=
terial alteration has taken place is in the com-
ponent parts of the price of commodities, meaxf_
ing the natural price, as defined by ADAM
SMITH.—" When the price of any commodity is
neither more nor less than what is sufficient to
" pay rent of the land; the wages of the In-
" bourer, anti the profits of the stock employed in
"-raising, preparing, and bringing -it to market,
cc according to their natural rates, the commodity
" is then sold for what may be called its natural
46 price.".
Although, about the middle of the last century,
taxed had so little entered into the prices of
things, that ADAM SMITH did-not enumerate them
in the component parts of the natural price of
corn or' other commodities, as forming an essen-
tial- part of the prime cost ; and although down
to the sear 1792 the prices of things had not so
advanced as to render the alteration obvious,: if
we compare the effects of taxes on. the prices of
commodities; which became an object of suspi-
cion, and their subsequent effects, with their al-
most imperceptible effects in ADAM SMITH'S time,
when he considered the component parts of the
price of corn, for example, were -not more than
labour, rent, and profit, we shall no longer dis,
guise from ourselves the important fact, that in
our times a very considerable addition to the
natural price of corn, for example, has been made
in taxes. That although previously to the year
1792 the direct and indirect operation of taxes
upon the prices of things had progressively is
some slegree enhanced their prices, this circtun.
stance was growing more and more into impoits-.
ance ; and the subsequently. increasing scale of
taxation, which became necessary during the War;
raised the taxes combined, directly and indirect 4. '
ly, with the natural price of- every commodity's
into a very material additional component part tif
price. Consequently, instead of three, the natui
.ral price' of every commodity has, especially,
within the last thirty years, resolved itself- int 6
four component parts, namely, labour, taxes-,
rent, and profit.
Dr. ADAM SMITH'S observation regardings.th
accumulating effects of taxes, -is in our times; -
therefore, worthy the utmost attention : 66 The
" observation of Sir MATIIEW DAKER, that eer-
" tans taxes .are in the price of certain goods;
" sometimes repeated . and accumulated four 'or.
" five times, is perfectly just, with regard -to
CC taxes upon the necessaries of life. In the 'mice
Cc of leather, for example, youmust pay, not 011 if
" for the tax upon the leather of your
own shoes,
'4 but for a part of that upon those of the shoe.
cc maker and the tanner. You must pay too for
cc the lax upon the salt, upon the soap, and upon
" the candles; which those workmen consume.
" while employed in your service, and for -the-
" tax upon the leather, which -the salt-maker;
" the soap-maker, and the candle-maker cons
" sume. while employed in their "Service. In
" Great Britain, the principal taxes upon the
/4 necessaries of life are those upon the four
cc commodities just now mentioned, salt, leather',
cc soap and candles."
Since 1792, the taxes upon salt, soap, candles,
leather, glass, malt, beer, have been increased.
Their having enhanced the prices of those corn.
modifies is unquestionable. Their accumulating
effects upon the prices of all the other necessaries
of life: have therefore increased. -As, for exs
ample, it requires the labour of nearly one Ilan,
dred persons to Make a piece of fine woolleis•
cloth, and each of these persons must consume
the taxed necessaries of life, as well as all the
persons employed in producing necessaries for
those manufactures ; the wages of the people;
and consequently the price of the cloth -must
comprehend such taxes, to enable the clothier.
and his labourers to live by their industry:.
Again, the price of the quartern loaf must com--,
prebend the taxes interchangeably paid by all-,
persons employed in producing i 4; and even the
duty on the salt consumed in making bread for
this community, may amount to at least four
hundred thousand a year, although not to a far-
thing per quartern loaf. And bread being unis- -
versaily consumed by all producers, the accumu:-
'talon of this tax in the prices of commodities is
beyond calculation. It is true, that machinery
has in some cases counteracted these effects-, and
this is remarkable in Manchester goods, many
of which; by improved machinery, have been
reduced below the old official rates of value,.
So in all articles of hosiery, improved Ma-
chinery has diminished the price in the course
of years'. But if- we contemplate the doubling
and trebling the price of a 'gentleman's coach
within thirty years ; that a coach--maker employs
more than forty different tradesmen ; and these
subordinate division-s of labour, perhaps we shall
find nothing in the price of which the accurnu-
hating effects of taxation has made a greater im-
pression in the course of years." •
We might, however, -even confine these views
to the growing price of bread corn, as being-the
article of first necessity ; as essentially governing
the price of labour, and therefore the price of
commodities. Food- also constitutes the princi-
pal part of the riches of every great land Nations
I'he land constitutes by far the greatest, ttie

.