Thursday, September 12, 2013

Anti Federalist Papers No 12 - How WIll The New Government Raise Money?

“CINCINNATUS” is an Antifederalist writer. In this essay, from an Address to a Meeting of the Citizens of Philadelphia, the writer responds to James Wilson’s statements about Congress’ powers to tax under the Constitution. It appeared in the November 29 and December 6, 1787, New-York Journal, as reprinted from a Philadelphia newspaper.
On the subject of taxation, in which powers are to be given so largely by the new constitution, you [James Wilson of Pennsylvania] lull our fears of abuse by venturing to predict “that the great revenue of the United States must, and always will, be raised by impost”-and you elevate our hopes by holding out, “the reviving and supporting the national credit.” If you have any other plan for this, than by raising money upon the people to pay the interest of the national debt, your ingenuity will deserve our thanks. Supposing however, that raising money is necessary to payment of the interest, and such a payment [is] requisite to support the credit of the union-let us see how much will be necessary for that end, and how far the impost will supply what we want. The arrearages of French and Spanish interest amount now to–1,500,000 dollars; Interest and installments of do. for 1788–850,227; Support of government; and its departments, for 1788–500,000; Arrears and anticipations of 1787– 300,000; Interest of domestic debt– 500,000 {total} 4,650,227 [3,650,227]
The new Congress then, supposing it to get into operation towards October, 1788, will have to provide for this sum, and for the additional sum of 3,000,000 at least for the ensuing year; which together will make the sum of 7,650,227 [6,650,227].
Now let us see how the impost will answer this. Congress have furnished us with their estimate of the produce of the whole imports of America at five per cent and that is 800,000 dollars. There will remain to provide for, by other taxes, 6,850,227 [5,850,227].
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Anti Federalist Papers No 12 - Raising Money from Chuck Thompson

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