Adam Smith：The Wealth of Nations, Book V, Chapter II, Paragraph 1970

The tax upon stock, imposed by the land tax bill in England, though it is proportioned to the capital, is not intended to diminish or, take away any part of that capital. It is meant only to be a tax upon the interest of money, proportioned to that upon the rent of land; so that when the latter is at four shillings in the pound, the former may be at four shillings in the pound too. The tax at Hamburg, and the still more moderate taxes of Underwald and Zurich, are meant, in the same manner, to be taxes, not upon the capital, but upon the interest or neat revenue of stock. That of Holland was meant to be a tax upon the capital.

Source： https://www.gutenberg.org/ebooks/3300
Locator：Book V, Chapter II, paragraph 1970 · Verified：2026-10-19 · Verification：Exact match

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