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Editorial
April 20, 1791
Gazette Of The United States
New York, New York County, New York
What is this article about?
Editorial critiques preference for theoretical economic opinions over practical experience, mocking a law professor's land tax idea and attributing congressional opposition to funding, excise, and bank measures to fallacious theory.
Clipping
OCR Quality
98%
Excellent
Full Text
A late writer judiciously observes, that he had rather be guided in his opinions by one experienced man of business, than by an hundred theorists, who are versed only in books.
A celebrated Law Professor in one of the States, once said, that it would be best to raise all public revenue entirely by a land tax, because all taxes come ultimately out of the land. The old financiers of all countries, who know mankind, would laugh at such an opinion, tho advanced by an able law character. Some of the best arguments in Congress, on the funding system, on excise, and the bank, appear to be built on the same sandy basis, fallacious theory—otherwise it is impossible to account for the respectable opposition made to the most necessary measures of government.
A celebrated Law Professor in one of the States, once said, that it would be best to raise all public revenue entirely by a land tax, because all taxes come ultimately out of the land. The old financiers of all countries, who know mankind, would laugh at such an opinion, tho advanced by an able law character. Some of the best arguments in Congress, on the funding system, on excise, and the bank, appear to be built on the same sandy basis, fallacious theory—otherwise it is impossible to account for the respectable opposition made to the most necessary measures of government.
What sub-type of article is it?
Economic Policy
Taxation
What keywords are associated?
Economic Theory
Practical Finance
Land Tax
Funding System
Excise
Bank
Congressional Debates
What entities or persons were involved?
Congress
Law Professor
Old Financiers
Editorial Details
Primary Topic
Critique Of Theoretical Approaches To Public Finance And Taxation
Stance / Tone
Critical Of Fallacious Theory Favoring Practical Experience
Key Figures
Congress
Law Professor
Old Financiers
Key Arguments
Prefer Guidance From Experienced Business Men Over Bookish Theorists
Land Tax As Sole Revenue Source Is A Laughable Opinion
Congressional Arguments On Funding, Excise, And Bank Rely On Fallacious Theory
Such Theory Explains Opposition To Necessary Government Measures