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Taxation of Personal Property, Impracticable, Unequal and Unjust (Classic Reprint)

Taxation of Personal Property, Impracticable, Unequal and Unjust (Classic Reprint)

33205640
1612.5 руб.
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Excerpt from Taxation of Personal Property, Impracticable, Unequal and Unjust

Let this syndicate mortgage this property for half its market value. That will add one billion to the national wealth. As loans might safely be made upon this mortgage, to its full face value, let A, the first lender, hypothecate it as security for another loan of a billion, and B pledge it again to C, C to D, D to E, and so on, until promissory notes are outstanding to the amount of one hundred billions ($100,000,000,000), all secured by the original mortgage for one billion ($1,000,000,000).

But why confine ourselves to paper promises? Is not our word as good as our bond? There are more than ten million men in the United States, accustomed to business of some kind. Let each of them agree to pay to his next neighbor, one million dollars. No writing is necessary. The promise of No. 1 to pay No. 2 will be good, because founded upon the promise of No. 10,000,000 to pay the same amount to No. 1. It will cost them nothing, because all their promises can be literally fulfilled, without using a dollar. But (on the McLeod-farmer-credit-tax theory), the United States will increase its wealth by the gigantic sum of $10,000,000,000,000 - all in talk. How little knew the ancient sage, who said: "The talk of the lips tendeth only to penury" (Proverbs xiv. 23).

All this, on the farmer's theory, is an actual increase of national wealth; for every promise is perfectly good. The philosopher's stone and Fortunatus' purse are completely outdone.

But what says plain common sense? Debt cannot increase the general stock of wealth.

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