Revenue cutter

“ Mr Smith is the name of that young gentleman whose jacket is so out at the elbows; he has been intending to mend it these last two months; but is too lazy to go to his chest for another. He has been turned out of half the ships in the service for laziness; but he was born so—and therefore it is not his fault. A revenue-cutter suits him, she is half her time hove to; and he has no objection to boat-service, as he sits down always in the stern-sheets, which is not fatiguing. Creeping for tubs is his delight, as he gets over so little ground. ”

“ But the smuggler had more wind than the revenue-cutter, and increased her distance.
“If we were to wear round, my lord,” observed Mr Stewart, “she is just abreast of us and in shore, we could prevent her escape.”
“Round with her, Mr Stewart,” said Lord B—; “we must do our duty and protect the laws.”
“That will not be fair, papa,” said Cecilia Ossulton; “we have no quarrel with the smuggler: I’m sure the ladies have not, for they bring us beautiful things.”
“Miss Ossulton,” observed her aunt, “it is not proper for you to offer an opinion.” ”

“ Creeping for tubs is his delight, as he gets over so little ground. He is fond of grog, but there is some trouble in carrying the tumbler so often to his mouth; so he looks at it, and lets it stand. He says little because he is too lazy to speak. He has served more than eight years; but as for passing—it has never come into his head. Such are the three persons who are now sitting in the cabin of the revenue-cutter, drinking hot gin-toddy. ”

“ There is no question, economically speaking, that that has been the history of capital gains tax cuts, that they do lead to a short-term boost in revenue. And estimators will differ about the long-term effects, whether they lose money or gain money over a sustained period of time. ”

“ Diminished consumption, in consequence of the augmentation of duties, does not necessarily imply diminished revenue. The increase of the duty may compensate the decrease in the consumption, and give you as large a revenue as you before possessed.
Can any one doubt the impolicy of government resting solely upon the precarious resource of such a revenue? It is constantly fluctuating. It tempts us, by its enormous amount, at one time, into extravagant expenditure; and we are then driven, by its sudden and unexpected depression, into the opposite extreme. ”

“ Treat the deficit as an outlay of capital. Even if the hope of ultimate profit should altogether fail, let us recur to some other tax ... any tax but this, certain that none can operate so fatally on all the other sources of revenue. Letters are the primordia rerum of the commercial world. To tax them at all is condemned by those who are best acquainted with the operations of finance. ”

“ This, with an annual interest payment of $115,000,000, all unproductive expenditure, makes a demand upon her revenue that is draining her people of their life's blood. Every sort of taxation is resorted to—direct and indirect ”

“ Granting that a certain sum is required for the annual engagements and expenditure of the country, no wise statesman would abolish any source of revenue, without, at the same time, introducing another equivalent. Our error has been abolition without any equivalent at all. It is all very well to say, that by reducing import duties upon particular articles you stimulate the power of production: that stimulus may be given—individuals may in consequence be enriched—and yet still there is a defalcation of revenue. ”

“ In other words, it will help grow the economy and, therefore, bring in additional revenue at a time of a weakness in the economy. Q In the out-years, maybe. In the near-term, revenue has declined because of the tax cut, as well. ”

“ If it means failure to provide the necessary means to defray all the expenses of Government, and thereby repudiation of the public debt and pensions, then I am still more opposed to such kind of revenue reform. Revenue reform has not been defined by any of its advocates to my knowledge, but seems to be accepted as something which is to supply every man's wants without any cost or effort on his part. ”

“ Well, then, let us suppose this done; let us assume that every article of foreign produce is admitted duty-free: the question still remains, how are you to raise the fifty-five millions for the public revenue, and a still further enormous sum for local taxation, including the maintenance of the established churches, the poor and county rates, and all the other necessary charges? It obviously cannot be done from capital, without gradually, but surely, making capital disappear altogether. It must be done from income; and income, as we have seen, is entirely dependent upon the value of produce. ”

“ While a Treasury surplus is not the greatest evil, it is a serious evil. Our revenue should be ample to meet the ordinary annual demands upon our Treasury, with a sufficient margin for those extraordinary but scarcely less imperative demands which arise now and then. Expenditure should always be made with economy and only upon public necessity. ”

“ Our national industries, by an impoverishing policy, were themselves prostrated, and the streams of revenue flowed in such feeble currents that the treasury itself was well nigh empty. The money of the people was the wretched notes of 2,000 uncontrolled and irresponsible state bank corporations, which were filling the country with a circulation that poisoned rather than sustained the life of business. ”

“ But the great class of taxes from which revenue may be derived without interference with production are taxes upon monopolies—for the profit of monopoly is in itself a tax levied upon production, and to tax it is simply to divert into the public coffers what production must in any event pay. ”

“ If renouncing a surplus revenue would enable us to dispense with a tax, we ought to consider the very worst of all our taxes as precisely the one which we are keeping up for the sake of ultimately abolishing taxes not so bad as itself. In a country advancing in wealth, whose increasing revenue gives it the power of ridding itself from time to time of the most inconvenient portions of its taxation, I conceive that the increase of revenue should rather be disposed of by taking off taxes, than by liquidating debt, as long as any very objectionable imposts remain. ”

“ When the object in view is worth the sacrifice of such an amount of the expenditure that furnishes the daily enjoyments of the people, the only well-grounded economical objection against taking the necessary funds directly from capital, consists of the inconveniences attending the process of raising a revenue by taxation, to pay the interest of a debt. ”

“ The influence of an accumulating surplus upon the credit system of the country, producing dangerous extensions and ruinous contractions, fluctuations in the price of property, rash speculation, idleness, extravagance, and a deterioration of morals, have taught us the important lesson that any transient mischief which may attend the reduction of our revenue to the wants of our Government is to be borne in preference to an over-flowing treasury. ”

“ While revenue is applied with success to obtain some valuable end, the profits of every adventure, being more than sufficient to repay its costs, the public should gain, and its resources should continue to multiply. But an expense, whether sustained at home or abroad, whether a waste of the present, or an anticipation of future, revenue, if it bring no proper return, is to be reckoned among the causes of national ruin. ”

“ I started, however, with the simple notion that rates must be reduced,—but soon came to the conclusion that such reduction might be carried to a considerable extent not only without loss to the revenue, but with positive benefit; that a larger reduction might be made without loss, and a still larger without drawing upon the surplus beyond a reasonable extent. ”

“ There the people heard the list of fines levied in the courts; of tolls in the market, or taxes taken at the gates or in the harbour; of the “maltodes,” or sums paid on commodities for sale; of the “scot” levied on the property of individuals; of the “lyvelode” or livelihood, an income tax on rates or profits earned. They learned what means the corporation had taken of increasing the common revenue ”

“ The national aversion to borrowing is courted by one, and its aversion to a land tax, by the other. Our system of revenue, they truly say, is at present composed of duties and loans, and they propose to exchange it for a system of excises. They ought in justice to have said for one of excises and loans; for two bad modes of providing revenue, instead of the best which can probably be devised. I summon all experience to testify, whether the mode of obtaining revenue by excises, has diminished or extended the mode of obtaining it by loans. ”

“ The economic effect is a great preponderance of loss over gain. Somebody makes [244] money out of the consumer, but it is not the farmer who produces the grain, the railroad company that transports it, or the government that taxes it; less than formerly is it the individual saloon-keeper, but the brewer and distiller who in increasing numbers own the local plant as well as manufacture the liquor. Neither the nation that taxes the manufacture for the sake of the internal revenue, nor the city or town that licenses the sale, gets enough to compensate for the economic loss to society. ”

“ Now there are taxes on foreign commodities, and even on income: and the revenue is improving so fast and so much that the salt is to be an open commodity, and the income-tax is to be soon removed. And how has this improvement come about? Why, everything seems to be improving; and the people certainly work much harder than they ever did before. ”

“ If, therefore, by a duty on the importation, it is rendered cheaper to produce the article than to import it, an extra quantity of labor and capital is expended, without any extra result. The labor is useless, and the capital is spent in paying people for laboriously doing nothing. All custom duties which operate as an encouragement to the home production of the taxed article are thus an eminently wasteful mode of raising a revenue. ”

“ The policy, in short, might almost be thought expressly devised to impoverish the entire nation when it most wants enriching—to strangle French industry by slow degrees, to dry up at their source the main currents of revenue. ”

“ The decline of the revenue is not fitful; it is regular. Our people are too apt to look at the state of the revenue merely in a financial point of view. If a surplus, take off taxes; if a deficiency, put them on. But the state of the revenue should also be considered as the index of the condition of the population. According to my impression, the condition of the people is declining ”

“ To relieve the people some would apply commercial practices to taxation. If, for instance, they say, the price of salt were reduced one-half, if letter-postage were lightened in the same proportion, consumption would not fail to increase, the revenue would be more than doubled, the treasury would gain, and so would the consumer. ”

“ When, for defraying the expense of government, a revenue is raised within the year, from the produce of free or unmortgaged taxes, a certain portion of the revenue of private people is only turned away from maintaining one species of unproductive labour, towards maintaining another. ”

“ Frequently recurring deficits are, in themselves, a condemnation of the methods under which they are found. Again, the rule of “economy” in raising revenue, or, in other words, taking as little as possible from the contributors over and above what the state receives, holds good for the whole and for each part of public revenue. In like manner the principle of formal justice has the same claim in respect to revenue as to expenditure. No class of person should bear more than his or its proper share. ”

“ In our case, it may be added, that accustomed, on the subject of improvement, to a long apathy confirmed by the state of a revenue inadequate to the least undertaking, works of magnitude when first proposed created the greatest alarm. ”

“ A high revenue, raised on the large production and consumption of weak cloth and strong liquor, does not show the material prosperity of the country. Suppose you were to tax the production of good pictures, good books, good houses, or honest men, where would your revenue be? ”

“ Can it be denied, that the more of their profits are expended by the great body of the nation which subsists by agriculture, the more of them will be employed in obtaining the comforts of consumption, and in aiding the revenue; and that the more of these profits are taken from this great body of consumers, and tax payers, and applied to the interest, bounties, and dividends which have created our exuberant capitals, the less can be applied to the other objects. ”

“ There is now, but one tax, and each man is made to pay according to the value of his property, or his business, or his labour. A land-holder, a stock-holder and the one who has houses and bonds and mortgages, pays so much per cent, on the advance of his property, and for his annual receipts—the merchant, with a fluctuating capital, pays so much on his book account of sales—the mechanic and labourer, so much on their yearly receipts, for we have no sales on credit now—that demoralizing practice has been abolished for upwards of a century. ”