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Company； is said to have amounted to about a fifth part of the
produce。 The land…tax of ancient Egypt is said likewise to have
amounted to a fifth part。
In Asia； this sort of land…tax is said to interest the
sovereign in the improvement and cultivation of land。 The
sovereigns of China； those of Bengal while under the Mahometan
government； and those of ancient Egypt； are said accordingly to
have been extremely attentive to the making and maintaining of
good roads and navigable canals； in order to increase； as much as
possible； both the quantity and value of every part of the
produce of the land； by procuring to every part of it the most
extensive market which their own dominions could afford。 The
tithe of the church is divided into such small portions that no
one of its proprietors can have any interest of this kind。 The
parson of a parish could never find his account in making a road
or canal to a distant part of the country； in order to extend the
market for the produce of his own particular parish。 Such taxes；
when destined for the maintenance of the state； have some
advantages which may serve in some measure to balance their
inconveniency。 When destined for the maintenance of the church；
they are attended with nothing but inconveniency。
Taxes upon the produce of land may be levied either in kind；
or； according to a certain valuation； in money。
The parson of a parish； or a gentleman of small fortune who
lives upon his estate； may sometimes； perhaps； find some
advantage in receiving； the one his tithe； and the other his
rent； in kind。 The quantity to be collected； and the district
within which it is to be collected； are so small that they both
can oversee； with their own eyes； the collection and disposal of
every part of what is due to them。 A gentleman of great fortune；
who lived in the capital； would be in danger of suffering much by
the neglect； and more by the fraud of his factors and agents； if
the rents of an estate in a distant province were to be paid to
him in this manner。 The loss of the sovereign from the abuse and
depredation of his tax…gatherers would necessarily be much
greater。 The servants of the most careless private person are；
perhaps； more under the eye of their master than those of the
most careful prince； and a public revenue which was paid in kind
would suffer so much from the mismanagement of the collectors
that a very small part of what was levied upon the people would
ever arrive at the treasury of the prince。 Some part of the
public revenue of China； however； is said to be paid in this
manner。 The mandarins and other tax…gatherers will； no doubt；
find their advantage in continuing the practice of a payment
which is so much more liable to abuse than any payment in money。
A tax upon the produce of land which is levied in money may
be levied either according to a valuation which varies with all
the variations of the market price； or according to a fixed
valuation； a bushel of wheat； for example； being always valued at
one and the same money price； whatever may be the state of the
market。 The produce of a tax levied in the former way will vary
only according to the variations in the real produce of the land；
according to the improvement or neglect of cultivation。 The
produce of a tax levied in the latter way will vary； not only
according to the variations in the produce of the land； but
according to both those in the value of the precious metals and
those in the quantity of those metals which is at different times
contained in coin of the same denomination。 The produce of the
former will always bear the same proportion to the value of the
real produce of the land。 The produce of the latter may； at
different times； bear very different proportions to that value。
When； instead either of a certain portion of the produce of
land； or of the price of a certain portion； a certain sum of
money is to be paid in full compensation for all tax or tithe；
the tax becomes； in this case； exactly of the same nature with
the land…tax of England。 It neither rises nor falls with the rent
of the land。 It neither encourages nor discourages improvement。
The tithe in the greater part of those parishes which pay what is
called a Modus in lieu of all other tithe is a tax of this kind。
During the Mahometan government of Bengal； instead of the payment
in kind of a fifth part of the produce； a modus； and； it is said；
a very moderate one； was established in the greater part of the
districts or zemindaries of the country。 Some of the servants of
the East India Company； under pretence of restoring the public
revenue to its proper value； have； in some provinces； exchanged
this modus for a payment in kind。 Under their management this
change is likely both to discourage cultivation； and to give new
opportunities for abuse in the collection of the public revenue
which has fallen very much below what it was said to have been
when it first fell under the management of the company。 The
servants of the company may； perhaps； have profited by this
change； but at the expense； it is probable； both of their masters
and of the country。
Taxes upon the Rent of House。
The rent of a house may be distinguished into two parts； of
which the one may very properly be called the Building…rent； the
other is commonly called the Ground…rent。
The building…rent is the interest or profit of the capital
expended in building the house。 In order to put the trade of a
builder upon a level with other trades； it is necessary that this
rent should be sufficient； first； to pay him the same interest
which he would have got for his capital if he had lent it upon
good security； and； secondly； to keep the house in constant
repair； or； what comes to the same thing； to replace； within a
certain term of years； the capital which had been employed in
building it。 The building…rent； or the ordinary profit of
building； is； therefore； everywhere regulated by the ordinary
interest of money。 Where the market rate of interest is four per
cent the rent of a house which； over and above paying the
ground…rent； affords six or six and a half per cent upon the
whole expense of building； may perhaps afford a sufficient profit
to the builder。 Where the market rate of interest is five per
cent； it may perhaps require seven or seven and a half per cent。
If； in proportion to the interest of money； the trade of the
builder affords at any time a much greater profit than this； it
will soon draw so much capital from other trades as will reduce
the profit to its proper level。 If it affords at any time much
less than this； other trades will soon draw so much capital from
it as will again raise that profit。
Whatever part of the whole rent of a house is over and above
what is sufficient for affording this reasonable profit naturally
goes to the ground…rent； and where the owner of the ground and
the owner of the building a