An Inquiry into the Principles of Political Oeconomy (Vol. 2 of 2): Being an essay on the science of domestic policy in free nations. In which are particularly considered population, agriculture, trade, industry, money, coin, interest, circulation, banks, exchange, public credit, and taxesSteuart, James, Sir
General
An Inquiry into the Principles of Political Oeconomy (Vol. 2 of 2): Being an essay on the science of domestic policy in free nations. In which are particularly considered population, agriculture, trade, industry, money, coin, interest, circulation, banks, exchange, public credit, and taxes
Steuart, James, Sir
Economics
Upon settling accounts after the peace, _anno_ 1748, the King was found
indebted to this bank for a vast sum of money. In order to pay it,
lotteries were set on foot. The tickets were given to the bankers, and
they by the sale of them withdrew their own paper, which was circulating
with very good credit on the exchange of Paris. In order to furnish a
fund for this lottery, the King had interest with the parliament to get
a twentieth penny established, or one shilling in the pound, upon all
the revenues of private people in France, except the clergy, and some
hospitals. The same was charged upon the industry of all corporations of
trades and merchants; and to these was added a capitation upon the Jews.
This was thrown into what they call the _caisse d’amortissement_, or
sinking fund; and appropriated for paying off the lotteries, and some of
the antient debts which were to be drawn, for this purpose, by lot; and
for other extraordinary expences incurred in consequence of the war.
This tax was to subsist, I believe, till 1767. It was this _caisse
d’amortissement_ which was shut up in 1759, by which step a mortal blow
was given to French credit.
Besides this first twentieth penny, there were five other taxes imposed,
and appropriated during a determinate number of years, not exceeding 15
in some, 12 in others, for paying off the debts contracted in the war
ended 1748, and for some extraordinary expences of government.
These shall be specified in the following general view of this branch of
the French revenue.
Second general branch.
Extraordinary taxes established after the peace of Aix-la-Chapelle, with
their appropriations.
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