twentieth penny would utterly destroy the trade and the manufactures of
the country. The hundredth penny, or the one per cent. assessment on all
property throughout the land, although a severe subsidy, might be borne
with for once. To pay, however, a twentieth part of the full value of a
house to the government as often as the house was sold, was a most
intolerable imposition. A house might be sold twenty times in a year,
and in the course, therefore, of the year be confiscated in its whole
value. It amounted either to a prohibition of all transfers of real
estate, or to an eventual surrender of its price.

As to the tenth penny upon articles of merchandise, to be paid by the
vendor at every sale, the scheme was monstrous. All trade and
manufactures must, of necessity, expire, at the very first attempt to put
it in execution. The same article might be sold ten times in a week, and
might therefore pay one hundred per cent. weekly. An article, moreover,
was frequently compounded of ten, different articles, each of which might
pay one hundred per cent., and therefore the manufactured article, if ten
times transferred, one thousand per cent. weekly. Quick transfers and
unfettered movements being the nerves and muscles of commerce, it was
impossible for it long to survive the paralysis of such a tax. The
impost could never be collected, and would only produce an entire
prostration of industry. It could by no possibility enrich the
government.

The King could not derive wealth from the ruin of his subjects; yet to
establish such a system was the stern and absurd determination of the
Governor-general. The infantine simplicity of the effort seemed
incredible. The ignorance was as sublime as the tyranny. The most
lucid arguments and the most earnest remonstrances were all in vain.
Too opaque to be illumined by a flood of light, too hard to be melted