of silver to a lower denomination, or by raising it to a higher; had an ounce of silver, for example, instead of being coined into five shillings and twopence, been coined, either into pieces which bore so low a denomination as two shillings and sevenpence, or into pieces which bore so high a one as ten shillings and fourpence, it would in one case have hurt the revenue of the proprietor, in the other that of the sovereign.
In circumstances, therefore, somewhat different from those which have actually taken place, this constancy of valuation might have been a very great inconvenience, either to the contributors or to the commonwealth. In the course of ages such circumstances, however, must, at some time or other, happen. But though empires, like all the other works of men, have all hitherto proved mortal, yet every empire aims at immortality. Every constitution, therefore, which it is meant should be as permanent as the empire itself, ought to be convenient, not in certain circumstances only, but in all circumstances; or ought to be suited, not to those circumstances which are transitory, occasional or accidental, but to those which are necessary, and therefore always the same.
A tax upon the rent of land which varies with every variation of the rent, or which rises and falls according to the improvement or neglect of cultivation, is recommended by that sect of men of letters in France, who call themselves the Economists, as the most equitable of all taxes. All taxes, they pretend, fall ultimately upon the rent of land, and ought therefore to be imposed equally upon the fund which must finally pay them. That all taxes ought to fall as equally as possible upon the fund which must finally pay them, is certainly true. But without entering
