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So important did the work of finance become that the study of the Exchequer is in effect the key to English history at this time. It was not from any philosophic love of good government, but because the license of outrage would have interrupted there turns of the revenue that Henry I. claimed the title of the "Lion of justice."
This has raised a general indignation in America. The States see, however, that their constitutions have provided no means of counteracting it. They are therefore beginning to vest Congress with the absolute power of regulating their commerce, only reserving all revenue arising from it, to the State in which it is levied.
Of course things go wrong sometimes and the revenue officers are not to be fooled, but in nine cases out of ten we manage to run our cargoes without a shot being fired. Now I must get off shore again." The orders were given, and the Trois Freres was soon running out to sea.
Taxes upon luxuries are finally paid by the consumers of the commodities taxed, without any retribution. They fall indifferently upon every species of revenue, the wages of labour, the profits of stock, and the rent of land.
To abolish the trade, replete as it was with misery, was desirable also: but it was so connected with the interest of individuals, and so interwoven with the commerce and revenue of the country, that an hasty abolition of it without a previous inquiry appeared to them to be likely to be productive of as much misery as good.
During the Commonwealth and the reign of Charles II. a tax, which has since produced to the state an annual income of $90,000,000, did not probably average more than £500,000. It gives us a singular picture of the simplicity of that period that even this small sum made up one third of the whole royal revenue for the year.
Afterwards, King Edward the Confessor built it entirely new, with the tenth of his whole revenue, to be the place of his own burial, and a convent of Benedictine monks; and enriched it with estates dispersed all over England. In this church the following things are worthy of notice: In the first choir, the tomb of Anne of Cleves, wife of Henry VIII., without any inscription.
They formed the groundwork of an instrument signed by all present, pledging themselves neither to import, nor use any goods, merchandise, or manufactures taxed by Parliament to raise a revenue in America. This instrument was sent throughout the country for signature, and the scheme of non-importation, hitherto confined to a few northern colonies, was soon universally adopted.
To hold this business, however, we should need direct banking and cable connections with all the grand divisions of trade, adequate sea-carrying power, dollar credits, and a government friendly to business. Then, there is the middle English ground which demands a "tariff for revenue only," and subsidy not protection for the new industries.
They would perhaps have excited him to some sort of exertion, if his friend, Sir Hyacinth O'Brien, had not, in consequence of certain electioneering services, and in consideration of his being one of the best sportsmen in the county, and of Simon's having named a horse after him, procured for him a place of about fifty pounds a year in the revenue.
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