J. G. FOTHERINGHAM, 8, RUE NEUVE-DES-CAPUCINES LONDON AGENTS: W. KENT & CO., 23, PATERNOSTER ROW 1880 Taxation, speculation on inferior castes by superior, warlike or sacerdotal castes.- India.―Judea.-Athens.-Lacedemonia.-Rome.-Speculation on conquered peoples by a conquering people.-The Middle Ages; same characteristics.-Monarchy. Divine right according to St. Paul, St. Augustine and Bossuet.-The instructions of Louis XIV.-Taxation is speculation on the nation by the king.-Antagonism between the interests of the king and those of his subjects. The financial embarrassments of the monarchy.-Turgot, Necker, de Calonne.— Necessity of suppressing the privileges of the nobility and clergy.-The assembly of notables.-The convocation of the States General is the avowal of the powerlessness of royalty.-The fiscal reforms and the cahiers of the third estate, the clergy and the nobility.-The Revolution and taxation.-The Declaration of the rights of man.-Previous taxes declared "illegal."-Abolition of the taxes of the old régime. The land, personal and property taxes.-Licenses.-Registration.-The reaction of the directory.-Re-establishment of the taxes of the old régime.-How they are justified.-Crétet.-Legrand.-The excise.--Indirect taxes.-Absence of prin- CHAPTER IV. OF THE CONCEPTION OF TAXATION IN ECONOMICAL SCIENCE. PAGES I. Personal taxation.-Causes of the errors of the economists.-II. Various definitions of taxation.-Antagonism between the citizen and the State.-Various definitions: Montesquieu, J. B. Say, M. Garnier, Proudhon, Madame Clémence Royer.— Everyone must pay.-III. Other definitions: Montesquieu, M. d'Audiffret, Raynal, Montyon, Messrs. de Parieu, du Puynode, G. de Molinari.-Taxation as insurance.— M. E. de Girardin.-M. J. Garnier.-IV. Definitions of the physiocrates: Quesnay, Mercier de la Rivière.-Adam Smith, Ricardo, Rossi, M. Courcelle-Seneuil.-Taxation real and not personal. ... 44 Identity of the interests of the nation and those of the government.-The State is but a syndic.-The unities of France.-A nation is a syndicate.-There are not two ways of keeping accounts.-Nor two species of administration.-Real definition of taxes 56 BOOK II. CAPITAL. CHAPTER I. CAPITAL ACCORDING TO THE ECONOMISTS. Is land a part of capital?-Messrs. Coquelin and J. Garnier.-The productive stock of society.-Refutation of Messrs. Rossi and J. Garnier.-The capital of pleasure. -Every utility is a capital.—The capital of a nation is the ensemble of the utilities it possesses. CHAPTER II. 59 DEFINITION OF THE TERMS FIXED AND CIRCULATING CAPITAL. Smith's table of fixed and circulating capitals.-Distinctions made by J. B. Say, Stuart Mill, Molinari and Courcelle-Seneuil.-Confusion made by Smith.-Change of form.-Have the economists established a certain criterion ?-Is there one ?Determination of the characteristics of fixed and circulating capital 64 CHAPTER III. UTILITIES WHICH COMPOSE FIXED CAPITAL AND CIRCULATING CAPITAL PAGES 71 CHAPTER IV. OF THE RÔLE OF FIXED CAPITAL AND CIRCULATING CAPITAL IN THE PRODUCTION OF WEALTH. I. Without fixed capital, no circulating capital; without circulating capital, no fixed capital.-Tendency of circulating capital to become fixed capital.-Homer's mill and the mill of Saint-Maur.-Circulating and fixed capital in the carrying trade.The useful effect of circulating capital is in proportion to the increase of fixed capital. II. Where circulating capital fails, fixed capital disappears.-Ireland.-France.High farming in England.-Contrary effect in France.-Résumé.-The increase of fixed capital tends constantly to predominate over the increase of circulating capital. ... 75 CHAPTER V. CIRCULATION AND PRODUCTION. Are savings the cause of the increase of capital?-The legendary miser.-Savings are a proof of scarcity.-The end in view is not to save existing utilities, but to increase them.-The application of political economy ought to be similar to that of the other sciences.-Definition of the term: Circulation.-The action of fixed and circulating capital.-Coquelin, Skarbek, Carey, Joseph Garnier, J. B. Say.Confusion between circulation and exchange.-Circulation is the transformation of circulating capital into new circulating or fixed capital.-John Stuart Mill.Circulation is one of the forms of the division of labour.-A dozen of eggs.-Time. -Production is in geometrical proportion to the rapidity of circulation. CHAPTER VI. TIME, MONEY, AND CREDIT. 88 How to triumph over time.-Money.-The circulation of a one franc piece.-The Clearing-house.-London, New York.-Economy of coin.-Advantages.-Progress of monetary circulation.-Loss suffered by France.-Rapidity of circulation.Credit.-A piece of iron.-The mine.-Suppression of time the ideal.-How we approach it.-Definition of credit.-Error of the partisans of the gratuity of credit -Error of Ricardo, of McCulloch, of Say, etc.-Influence of credit in England and the United States.-Banks in England.-Lombard Street.-Influence of credit on business.-The aim of circulation is to economise time.-Rapidity of circulation realises the economy of time.-Time and credit. Credit the creator of capital. 98 |