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The Americans, it has been said by some of us, have shown no disposition to tax themselves for this war; but before the war has as yet been well twelve months in operation, a bill has come out with a list of taxation so oppressive that it must, as regards many of its items, act against itself and cut its own throat.
The sales of these bonds, together with a wide-reaching and, in fact, unduly complex system of taxation, secured the funds necessary for the support of the army and the navy. At the close of the War, the government, after meeting this expenditure, had a national war debt of something over four thousand millions of dollars.
A minister of the Peishwa can rule without question by the people but, acting only as minister to a representative of the Peishwa, he would be far more severely criticised; and it is certain that, to raise money for paying Scindia the sum that has been agreed upon, extra taxation must be put on, the odium resulting from which would fall upon me." The two officers received Harry cordially.
The two laws for purposes of refunding, taken together, authorized the issue of $500,000,000 at five per cent, $300,000,000 at four and a half per cent, and $1,000,000,000 at four per cent, all to be payable in coin, to be exempt from taxation, and to be issued without any increase of the debt.
The inquiry was: Does the act of a state in clothing the individuals with corporate capacity create a new subject matter for taxation by the General Government? That was the real question before the Court, and the decision answers it in the affirmative. Other illustrations of the same apparent confusion of thought are to be found in the opinion.
"What say you to that, gentlemen?" he cried. "Egad, I'll be sworn he deserves credit, an arrant young spark out of the Colonies, scarce turned nineteen, defeating a duke of the realm on horseback, and preaching the gospel of 'no taxation' at Brooks's Club! Nor the favour of Sandwich or March could turn him from his principles."
I believe that if the Indian Government would endeavour to improve the condition of the people by attending to economic principles, by establishing better means of communication, by promoting irrigation, and by affording facilities for education, the Indian population would at once be convinced that there was a feeling of sympathy entertained towards them on the part of their rulers and conquerors, and the idea which I believe prevails very extensively that we held India more with the object of extorting taxation than of benefiting the people, would speedily be removed.
On one occasion he is said to have executed no fewer than eighty collectors of taxes on the report of a commission charging them with extortion. Among the principal reforms which Chosroes is said to have introduced was his fresh arrangement of the taxation.
"Socialistic" taxation is an infringement of individual freedom, the freedom to hold one's own and do as one will with one's own. Such seems to be the ordinary view. But a consistent theory of liberty could not rest wholly satisfied with the actual system under which property is held.
It must be admitted, on the other hand, that there is a possibility of a period of reaction and torpor after the strain of the war; the country will be seriously impoverished, and there will be a heavy burden of taxation in spite of some probable relief from the burden of armaments. Still, social evils and injustices will be more obvious than ever.
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