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Updated: June 21, 2025
Taxes upon consumable commodities may either he levied by an administration, of which the officers are appointed by govermnent, and are immediately accountable to government, of which the revenue must, in this case, vary from year to year, according to the occasional variations in the produce of the tax; or they may be let in farm for a rent certain, the farmer being allowed to appoint his own officers, who, though obliged to levy the tax in the manner directed by the law, are under his immediate inspection, and are immediately accountable to him.
Though in representing the labour which is employed upon land as the only productive labour, the notions which it inculcates are, perhaps, too narrow and confined; yet in representing the wealth of nations as consisting, not in the unconsumable riches of money, but in the consumable goods annually reproduced by the labour of the society, and in representing perfect liberty as the only effectual expedient for rendering this annual reproduction the greatest possible, its doctrine seems to be in every respect as just as it is generous and liberal.
It is to be added that a large share of those features of consumable goods which figure in popular apprehension as marks of serviceability, and to which reference is here had as elements of conspicuous waste, commend themselves to the consumer also on other grounds than that of expensiveness alone.
The same variation in matters of taste, from one class of society to another, is visible also as regards many other kinds of consumable goods, as, for example, is the case with furniture, houses, parks, and gardens. This diversity of views as to what is beautiful in these various classes of goods is not a diversity of the norm according to which the unsophisticated sense of the beautiful works.
Thus Adam Smith occasionally attacks the capitalists, Destutt de Tracy attacks the money-changers, Simonde de Sismondi attacks the factory system, Ricardo attacks landed property, and thus almost all political economists attack the non-industrial capitalists who regard property merely as consumable goods.
It is not always necessary to accumulate gold and silver, in order to enable a country to carry on foreign wars, and to maintain fleets and armies in distant countries. Fleets and armies are maintained, not with gold and silver, but with consumable goods.
Taxes upon such consumable goods as are articles of luxury, are all finally paid by the consumer, and generally in a manner that is very convenient for him. He pays them by little and little, as he has occasion to buy the goods. As he is at liberty too, either to buy or not to buy, as he pleases, it must be his own fault if he ever suffers any considerable inconveniency from such taxes.
The jurisconsults of former times expressed the idea by the words RES FUNGIBILES, by which they meant consumable commodities, or those things which are consumed in their use for the supply of man's animal wants, as contradistinguished from unconsumable commodities, which latter writers, by an extension of the term, in a figurative sense, have called FIXED capital."
The success of an expedient of this kind must have depended upon three different circumstances: first, upon the demand for some other instrument of commerce, besides gold and silver money, or upon the demand for such a quantity of consumable stock as could not be had without sending abroad the greater part of their gold and silver money, in order to purchase it; secondly, upon the good credit of the government which made use of this expedient; and, thirdly, upon the moderation with which it was used, the whole value of the paper bills of credit never exceeding that of the gold and silver money which would have been necessary for carrying on their circulation, had there been no paper bills of credit.
Increase the use of them, increase the consumable commodities which are to be circulated, managed, and prepared by means of them, and you will infallibly increase the quantity; but if you attempt by extraordinary means to increase the quantity, you will as infallibly diminish the use, and even the quantity too, which in those metals can never be greater than what the use requires.
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