would therefore lower this most
oppressive tax, supposing its absolute amount undiminished _one-half_.
The same would be the case with land tax, highway rates, church rates,
police rates, &c. They would all be lowered a-half to the persons at
present burdened with them, and that simply by the adoption of the just
principle, that all fortunes in the same situation should be taxed alike
for the general service of the state, and that the commercial classes
who create the poor, and are enriched by their labour, should contribute
equally with the landed to their support.

III. In levying the income tax, a different rate should be imposed on
income, according as it is derived or not derived from realised capital.
If it is so it should be taxed alike for all direct taxes. But if it is
derived from annuity or professions, a lower rate should be adopted. If
the _property_ tax is 5 per cent. the _income_ tax should not exceed
2-1/2 _per cent._; whatever the one is the other should be _a-half_ of
it only. This modification of an impost now felt as so oppressive by all
subjected to it, would go far towards reconciling the numerous class of
small traders, the great majority in all urban constituencies, to the
change--to its continuance, and also justify its extension to all
incomes above L50 or L100 a-year. Without that extension it will
inevitably degenerate into a confiscation of property above a certain
level.

IV. Stamps or conveyances, or burdening of property, should be the same,
and _not higher_, on personalty or landed estates. For the additional
security of the latter, the borrower pays amply in the greater expense
of the law deeds requisite to constitute effectual securities over real
estates than over stock or movable funds. Stamps on bills, &c., which
are advances for a short period only, should be rated at a widely
different scale from that adopted in permanent loans. But there is no
reason why securities over real estates should require to be written on
paper bearing a higher stamp than those over personal effects.

V. The present system of the _assessed taxes_ should be altered, so as
to make it include all classes alike, and not, as at present, fall twice
as heavily on the inhabitants of the country as those of towns. This may
be done best by making these taxes a certain proportion of the _value of
the house_ inhabited by the party, as rated for the property
tax--perhaps a fourth or fifth part, abolishing all other