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employer would likewise remain the same； that risk and trouble
being in no respect altered。 The residue； therefore； that portion
which belongs to the owner of the stock； and which pays the
interest of money； would necessarily remain the same too。 At
first sight； therefore； the interest of money seems to be a
subject as fit to be taxed directly as the rent of land。
There are； however； two different circumstances which render
the interest of money a much less proper subject of direct
taxation than the rent of land。
First； the quantity and value of the land which any man
possesses can never be a secret； and can always be ascertained
with great exactness。 But the whole amount of the capital stock
which he possesses is almost always a secret； and can scarce ever
be ascertained with tolerable exactness。 It is liable； besides；
to almost continual variations。 A year seldom passes away；
frequently not a month； sometimes scarce a single day； in which
it does not rise or fall more or less。 An inquisition into every
man's private circumstances； and an inquisition which； in order
to accommodate the tax to them； watched over all the fluctuations
of his fortunes； would be a source of such continual and endless
vexation as no people could support。
Secondly； land is a subject which cannot be removed； whereas
stock easily may。 The proprietor of land is necessarily a citizen
of the particular country in which his estate lies。 The
proprietor of stock is properly a citizen of the world； and is
not necessarily attached to any particular country。 He would be
apt to abandon the country in which he was exposed to a vexatious
inquisition； in order to be assessed to a burdensome tax； and
would remove his stock to some other country where he could
either carry on his business； or enjoy his fortune more at his
ease。 By removing his stock he would put an end to all the
industry which it had maintained in the country which he left。
Stock cultivates land； stock employs labour。 A tax which tended
to drive away stock from any particular country would so far tend
to dry up every source of revenue both to the sovereign and to
the society。 Not only the profits of stock； but the rent of land
and the wages of labour would necessarily be more or less
diminished by its removal。
The nations； accordingly； who have attempted to tax the
revenue arising from stock； instead of any severe inquisition of
this kind； have been obliged to content themselves with some very
loose； and； therefore； more or less arbitrary； estimation。 The
extreme inequality and uncertainty of a tax assessed in this
manner can be compensated only by its extreme moderation； in
consequence of which every man finds himself rated so very much
below his real revenue that he gives himself little disturbance
though his neighbour should be rated somewhat lower。
By what is called the land…tax in England； it was intended
that stock should be taxed in the same proportion as land。 When
the tax upon land was at four shillings in the pound； or at
one…fifth of the supposed rent； it was intended that stock should
be taxed at one…fifth of the supposed interest。 When the present
annual land…tax was first imposed； the legal rate of interest was
six per cent。 Every hundred pounds stock； accordingly； was
supposed to be taxed at twenty…four shillings； the fifth part of
six pounds。 Since the legal rate of interest has been reduced to
five per cent every hundred pounds stock is supposed to be taxed
at twenty shillings only。 The sum to be raised by what is called
the land…tax was divided between the country and the principal
towns。 The greater part of it was laid upon the country； and of
what was laid upon the towns； the greater part was assessed upon
the houses。 What remained to be assessed upon the stock or trade
of the towns （for the stock upon the land was not meant to be
taxed） was very much below the real value of that stock or trade。
Whatever inequalities； therefore； there might be in the original
assessment gave little disturbance。 Every parish and district
still continues to be rated for its land； its houses； and its
stock； according to the original assessment； and the almost
universal prosperity of the country； which in most places has
raised very much the value of all these； has rendered those
inequalities of still less importance now。 The rate； too； upon
each district continuing always the same； the uncertainty of this
tax so far as it might be assessed upon the stock of any
individual； has been very much diminished； as well as rendered of
much less consequence。 If the greater part of the lands of
England are not rated to the land…tax at half their actual value；
the greater part of the stock of England is； perhaps； scarce
rated at the fiftieth part of its actual value。 In some towns the
whole land…tax is assessed upon houses； as in Westminster； where
stock and trade are free。 It is otherwise in London。
In all countries a severe inquisition into the circumstances
of private persons has been carefully avoided。
At Hamburg every inhabitant is obliged to pay to the state
one…fourth per cent of all that he possesses； and as the wealth
of the people of Hamburg consists principally in stock； this tax
may be considered as a tax upon stock。 Every man assesses
himself； and； in the presence of the magistrate； puts annually
into the public coffer a certain sum of money which he declares
upon oath to be one…fourth per cent of all that he possesses； but
without declaring what it amounts to； or being liable to any
examination upon that subject。 This tax is generally supposed to
be paid with great fidelity。 In a small republic； where the
people have entire confidence in their magistrates； are convinced
of the necessity of the tax for the support of the state； and
believe that it will be faithfully applied to that purpose； such
conscientious and voluntary payment may sometimes be expected。 It
is not peculiar to the people of Hamburg。
The canton of Unterwald in Switzerland is frequently ravaged
by storms and inundations； and is thereby exposed to
extraordinary expenses。 Upon such occasions the people assemble；
and every one is said to declare with the greatest frankness what
he is worth in order to be taxed accordingly。 At Zurich the law
orders that； in cases of necessity； every one should be taxed in
proportion to his revenue… the amount of which he is obliged to
declare upon oath。 They have no suspicion； it is said； that any
of their fellow…citizens will deceive them。 At Basel the
principal revenue of the state arises from a small custom upon
goods exported。 All the citizens make oath that they will pay
every three months all the taxes imposed by the law。 All
merchants and even all innkeepers are trusted with keeping
themselves the account of the goods which they sell either within
or without the territory。 At the end of every three months they
send this account