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complete acquittance upon paying only a certain proportion of
their accumulated debts。 The law which reduced the coin of all
denominations to a sixth part of its former value； as it enabled
them to pay their debts with a sixth part of what they really
owed； was equivalent to the most advantageous New Tables。 In
order to satisfy the people； the rich and the great were； upon
several different occasions； obliged to consent to laws both for
abolishing debts； and for introducing New Tables； and they
probably were induced to consent to this law partly for the same
reason； and partly that； by liberating the public revenue； they
might restore vigour to that government of which they themselves
had the principal direction。 An operation of this kind would at
once reduce a debt of a hundred and twenty…eight millions to
twenty…one millions three hundred and thirty…three thousand three
hundred and thirty…three pounds six shillings and eightpence。 In
the course of the second Punic war the As was still further
reduced； first； from two ounces of copper to one ounce； and
afterwards from one ounce to half an ounce； that is； to the
twenty…fourth part of its original value。 By combining the three
Roman operations into one； a debt of a hundred and twenty…eight
millions of our present money might in this manner be reduced all
at once to a debt of five millions three hundred and thirty…three
thousand three hundred and thirty…three pounds six shillings and
eightpence。 Even the enormous debts of Great Britain might in
this manner soon be paid。
By means of such expedients the coin of； I believe； all
nations has been gradually reduced more and more below its
original value； and the same nominal sum has been gradually
brought to contain a smaller and a smaller quantity of silver。
Nations have sometimes； for the same purpose； adulterated
the standard of their coin； that is； have mixed a greater
quantity of alloy in it。 If in the pound weight of our silver
coin； for example； instead of eighteen pennyweight； according to
the present standard； there was mixed eight ounces of alloy； a
pound sterling； or twenty shillings of such coin； would be worth
little more than six shillings and eightpence of our present
money。 The quantity of silver contained in six shillings and
eightpence of our present money would thus be raised very nearly
to the denomination of a pound sterling。 The adulteration of the
standard has exactly the same effect with what the French call an
augmentation； or a direct raising of the denomination of the
coin。
An augmentation； or a direct raising of the coin； always is；
and from its nature must be； an open and avowed operation。 By
means of it pieces of a smaller weight and bulk are called by the
same name which had before been given to pieces of a greater
weight and bulk。 The adulteration of the standard； on the
contrary； has generally been a concealed operation。 By means of
it pieces were issued from the mint of the same denominations；
and； as nearly as could be contrived； of the same weight； bulk；
and appearance with pieces which had been current before of much
greater value。 When King John of France； in order to pay his
debts； adulterated his coin； all the officers of his mint were
sworn to secrecy。 Both operations are unjust。 But a simple
augmentation is an injustice of open violence； whereas the
adulteration is an injustice of treacherous fraud。 This latter
operation； therefore； as soon as it has been discovered； and it
could never be concealed very long； has always excited much
greater indignation than the former。 The coin after any
considerable augmentation has very seldom been brought back to
its former weight； but after the greater adulterations it has
almost always been brought back to its former fineness。 It has
scarce ever happened that the fury and indignation of the people
could otherwise be appeased。
In the end of the reign of Henry VIII and in the beginning
of that of Edward VI the English coin was not only raised in its
denomination； but adulterated in its standard。 The like frauds
were practised in Scotland during the minority of James VI。 They
have occasionally been practised in most other countries。
That the public revenue of Great Britain can never be
completely liberated； or even that any considerable progress can
ever be made towards that liberation； while the surplus of that
revenue； or what is over and above defraying the annual expense
of the peace establishment； is so very small； it seems altogether
in vain to expect。 That liberation； it is evident； can never be
brought about without either some very considerable augmentation
of the public revenue； or some equally considerable reduction of
the public expense。
A more equal land…tax； a more equal tax upon the rent of
houses； and such alterations in the present system of customs and
excise as those which have been mentioned in the foregoing
chapter might； perhaps； without increasing the burden of the
greater part of the people； but only distributing the weight of
it more equally upon the whole； produce a considerable
augmentation of revenue。 The most sanguine projector； however；
could scarce flatter himself that any augmentation of this kind
would be such as could give any reasonable hopes either of
liberating the public revenue altogether； or even of making such
progress towards that liberation in time of peace as either to
prevent or to compensate the further accumulation of the public
debt in the next war。
By extending the British system of taxation to all the
different provinces of the empire inhabited by people of either
British or European extraction； a much greater augmentation of
revenue might be expected。 This； however； could scarce； perhaps；
be done； consistently with the principles of the British
constitution； without admitting into the British Parliament； or
if you will into the states general of the British empire； a fair
and equal representation of all those different provinces； that
of each province bearing the same proportion to the produce of
its taxes as the representation of Great Britain might bear to
the produce of the taxes levied upon Great Britain。 The private
interest of many powerful individuals； the confirmed prejudices
of great bodies of people seem； indeed； at present； to oppose to
so great a change such obstacles as it may be very difficult；
perhaps altogether impossible； to surmount。 Without； however；
pretending to determine whether such a union be practicable or
impracticable； it may not； perhaps； be improper； in a speculative
work of this kind； to consider how far the British system of
taxation might be applicable to all the different provinces of
the empire； what revenue might be expected from it if so applied；
and in what manner a general union of this kind might be likely
to affect the happiness and prosperity of the different provinces
comprehended within it。 Such a speculation can at worst be
regarded but as a new Utopia； less amusing certainly； but not
more useless and chimerical than the old one。
The land…tax； the stamp…duties； and the different duties of
customs and excise constitute the four principal branches of the
British taxes。
Ireland is certainly as able； and our American and West
Indian plantations more able to pay a land…tax than Great
Britain。 Where the landlord is subject neither to tithe nor
poor…rate； he must certainly be more able to pay such a tax than
where he is subject to both those other burdens。 The tithe； where
there is no modus； and where it is levied in kind； diminishes
more what would otherwise be the rent of the landlord than a
land…tax which really amounted to five shillings in the pound。
Such a tithe will be found in most cases to amount to more than a
fourth part of the real rent of the land； or of what remains
after replacing completely the capital of the farmer； together
with his reasonable profit。 If all moduses and all impropriations
were taken away； the complete church tithe of Great Britain and
Ireland could not well be estimated at less than six or seven
millions。 If there was no tithe either in Great Britain or
Ireland； the landlords could afford to pay six or seven millions
additional land…tax without being more burdened than a very great
part of them are at present。 America pays no tithe； and could
therefore very well afford to pay a land…tax。 The lands in
America and the West Indies； indeed； are in general not tenanted
nor leased out to farmers。 They could not therefore be assessed
according to any rent…roll。 But neither were the lands of Great
Britain； in the 4th of William and Mary； assessed according to
any rent…roll； but according to a very loose and inaccurate
estimation。 The lands in America might be assessed either in the
same manner； or according to an equitable valuation in
consequence of an accurate survey like that which w