Currency fallacies refuted, and paper money ... - University Library

70 PAPER MONEY VINDICATED.4. On the termination of the war, (not to mentionwhat has since been effected on theone hand by a change of the currency,which precluded the addition of taxationto natural price ; and on the other hand bythe enactment of corn laws with the view ofcreating a higher price,the means of supportingwhich the former measure tookaway) such a price becomes ultimatelyfixed on corn, at an average, as leaves thelandlord, in his capacity of consumer, topay all the taxes which the expenses of thewar created, and which the producers ofcorn and otherto pay for him.commodities cannot afford5. As long as these taxes continue to be levied,the Landowner receives in rent a sum ofmoney equal, ifnot superior in amount, tothat which his land produced before thewar commenced, but of less avail, since itwill not procure him, in exchange, an equalquantity of all commodities. The difference,or what he loses, in quantity, is whattion of that system which for a time benefited theagriculturistso remarkably. From 1715 to 1820, there is no instanceof the decennary average of actual price exceeding the demandsof taxation, except that of 1775, which has been alreadynoticed as having attracted the attention of our bestwriters, till that of 1801, in which the actual average ofeight years exceeded the assumed price by one-seventh, or14 per cent.