It is not so much my intention, by this publication, to propose
particular plans for raising money, as it is to show the necessity and
the advantages to be derived from it. My principal design is to form
the disposition of the people to the measures which I am fully
persuaded it is their interest and duty to adopt, and which need no
other force to accomplish them than the force of being felt. But as
every hint may be useful, I shall throw out a sketch, and leave others
to make such improvements upon it as to them may appear reasonable.
The annual sum wanted is two millions, and the average rate in which
it falls, is thirteen shillings and fourpence per head.
Suppose, then, that we raise half the sum and sixty thousand
pounds over. The average rate thereof will be seven shillings per
head.
In this case we shall have half the supply that we want, and an
annual fund of sixty thousand pounds whereon to borrow the other
million; because sixty thousand pounds is the interest of a million at
six per cent.; and if at the end of another year we should be obliged,
by the continuance of the war, to borrow another million, the taxes
will be increased to seven shillings and sixpence; and thus for
every million borrowed, an additional tax, equal to sixpence per head,
must be levied.
The sum to be raised next year will be one million and sixty
thousand pounds: one half of which I would propose should be raised by
duties on imported goods, and prize goods, and the other half by a tax
on landed property and houses, or such other means as each state may
devise.
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