Page:Observations on the present financial embarassments.djvu/14

10 But let me not be misunderstood:—I am aware that an opposition to the repeal of the assessed taxes is unpopular; I am aware that, from the direct manner in which they operate, no taxes are more frequently objected to; but I am not prepared to allow, that their repeal would be more beneficial even to the parties who pay them, than the remission of others which do not apparently press so heavily upon them. I would submit, to those who are so violently opposed to these taxes, whether they are quite sure they are consulting their own interest? I put it to them, whether it is not very probable, that, by the repeal of the taxes that press on the sources of industry, which repeal would lessen the cost of production, they would not be great gainers?

By the assessed taxes, I grant, so much money is taken out of the pockets of those who pay them; but what does that signify, if, by the diminution of the price of commodities, the remainder of their income is rendered of more value?

There is rather an apparent than a real difference; because it is quite plain, that if the price of commodities be lowered, and a less amount of income will go to a greater extent, those who pay assessed taxes will derive benefit from this arrangement.

Having thus attempted to show why it is not advisable to remit the assessed taxes, I now proceed to the more agreeable task of considering