1821. April 14.

First Lines.

Means of accomplishment

The great cause by which decrease is given to /produced in/ the abundance fund always without pleasure and in too great degree without proportionable security to the possessors, is that produced by /which consists of/ the draughts made upon it by Government. See below distribution of burthens: see also Constitutional Law.

The abundance fund, being composed of savings made out the subsistence fund, included in it the subsistence fund: some without, some not without, nor otherwise than by exchange the materials or instruments of abundance are the materials or matter of subsistence.

Subject to this distinction, the greater the quantity and value of the matter of the abundance fund, the greater the degree of security it affords for subsistence.

Diminution of consumption being one of the two means of encrease to the abundance fund, hence under occasion where under the notion of providing security in all its branches for the several instruments of felicity - draughts are made by government upon the abundance fund by taxes, some indication may be afforded respecting the subjects on which, with least detriment, the taxes will /may/ be imposed.

With or without design, in so far as a tax is imposed upon any article, the consumption, the use, and thereby the production of it, is discouraged: to that article discouragement is applied, and to all other articles /by the same process/ in so far as they are rivals to it, encouragement.

All /Hence,/ other effects laid out of the question, hence for enrease of the abundance fund with a view to subsistence, there is a use in imposing taxes rather on objects to the use of which prompt consumption is necessary rather than on objects to the use of which slow and gradual consumption is sufficient: on objects applicable to the purpose of subsistence of themselves, and without exchange, rather than on objects not applicable to that purpose otherwise than by exchange, especially if not otherwise than by exchange with foreign or distant countries.