<p>A partial tax on profits will raise the price of the commodity on which it falls: a tax, for example, on the profits of the hatter, would raise the price of hats; for if his profits were taxed, and not those of any other trade, his profits, unless he raised the price of his hats, would be below the general rate of profits, and he would quit his employment for another. In the same manner, a tax on the profits of the farmer would raise the price of corn; a tax on the profits of the clothier, the price of cloth; and if a tax in proportion to profits were <a href="http://www.juicycoutureoutletonlinestore.net/">juicy couture outlet</a> laid on all trades, every commodity would be raised in price. But if the mine, which supplied us with the standard of our money, were in this country, and the profits of the miner were also taxed, the price of no commodity would rise, each man would give an equal proportion of his income, and every thing would be as before. If money be not taxed, and therefore be permitted to preserve its value, whilst every thing else is taxed, and is raised in value, the hatter, the farmer, and clothier, each employing the same capitals, and obtaining the same profits, will pay the same amount of tax.
</p><p> If the tax be ￡, the hats, the cloth, and the corn, will each be increased in value ￡. If the hatter gains by his hats ￡,, instead of ￡,, he will pay ￡ to Government for the tax; and therefore will still have ￡, to lay out on goods for his own consumption. But as the cloth, corn, and all other commodities, will be raised in price from the same cause, he will not obtain more for his ￡, than he before obtained for ￡, and thus will he contribute by his diminished expenditure to the exigencies of the State; he will, by the payment of the tax, have placed a portion of the produce of the land and labour of the country at the disposal of Government, instead of using that <a href="http://www.juicycoutureoutletonlinestore.net/juicy-couture-daydreamer-c-3.html">juicy couture daydreamer handbags</a> portion himself. If instead of expending his ￡,, he adds it to his capital, he will find in the rise of wages, and in the increased cost of the raw material and machinery, that his saving of ￡, does not amount to more than a saving of ￡ amounted to before. If money be taxed, or if by any other cause its value be altered, and all commodities remain precisely at the same price as before.
</p><p> The profits of the manufacturer and farmer will also be the same as before, they will continue to be ￡,; and as they will each have to pay ￡ to Government, they will retain only ￡, which will give them a less command over the produce of the land and labour of the country, whether they expend it in productive or unproductive labour. Precisely what they lose, Government will gain. In the first case the contributor to the tax would, for ￡,, have as great a quantity of goods as he before had for ￡; in the second, he would have only as much as he before had for ￡, for the price of goods would remain unaltered, and he would have only ￡ to expend. This proceeds from the difference in the amount of the tax; in the first case it is only an eleventh of his income, in the second it is a tenth; money in the two cases being of a different value. But although, if money be not taxed, and do not alter in value, all commodities will rise in price, they will not rise in the same proportion; they will not after the tax bear the same relative value to each other which they did before the tax.</p>