ABSTRACT
If the national income shall continue to go on increasing, taxation may be still considerably increased, beyond what it is now, without any real increase of burden on the community. There is another circumstance connected with the question of the degree in which the taxes are oppressive, which is seldom noticed, namely, the different effects produced by different kinds of taxes. There is still another circumstance to be mentioned, as connected with the pressure of taxation, which also is seldom taken into consideration, namely, the effect of monopolies and protections, in raising the prices of the numerous commodities which are the subjects of them. Improvements, whether in agriculture, manufactures, or foreign trade, are still very far from having arrived at a limit; and no country possesses in its resources greater means of continuing in a career of advancement. If, then, peace continue, it may be expected that the national capital and income will become much greater than they now are.
