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Updated: June 21, 2025
All taxes upon consumable commodities, therefore, tend to reduce the quantity of productive labour below what it otherwise would be, either in preparing the commodities taxed, if they are home commodities, or in preparing those with which they are purchased, if they are foreign commodities.
Such various and complicated revenue laws are not peculiar to France. The little duchy of Milan is divided into six provinces, in each of which there is a different system of taxation, with regard to several different sorts of consumable goods. The still smaller territories of the duke of Parma are divided into three or four, each of which has, in the same manner, a system of its own.
Yet such a man, should he settle in a village of Spanish peasants, would appear of almost illimitable wealth, because he would have at his command an almost indefinite amount of those simple necessities which form the whole category of their consumable values.
Some of the best English writers upon commerce set out with observing, that the wealth of a country consists, not in its gold and silver only, but in its lands, houses, and consumable goods of all different kinds.
In the course of their reasonings, however, the lands, houses, and consumable goods, seem to slip out of their memory; and the strain of their argument frequently supposes that all wealth consists in gold and silver, and that to multiply those metals is the great object of national industry and commerce.
People sometimes speak as though the commodities which constitute our capital, instead of being mainly, as our plain sense tells us that they are, factories, machinery and other durable instruments, were rather a store or stock of immediately consumable goods. The argument takes the following form.
Consumable commodities, it is said, are soon destroyed; whereas gold and silver are of a more durable nature, and were it not for this continual exportation, might be accumulated for ages together, to the incredible augmentation of the real wealth of the country.
The same exchanges may be made, the same quantity of consumable goods may be circulated and distributed to their proper consumers, by means of his promissory notes, to the value of a hundred thousand pounds, as by an equal value of gold and silver money.
When evil, which alone is consumable, shall have passed away in his fire from the dwellers in the immovable kingdom, the nature of man shall look the nature of God in the face, and his fear shall then be pure; for an eternal, that is a holy fear, must spring from a knowledge of the nature, not from a sense of the power.
The nation which, from the annual produce of its domestic industry, from the annual revenue arising out of its lands, and labour, and consumable stock, has wherewithal to purchase those consumable goods in distant countries, can maintain foreign wars there.
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