Adam Smith：The Wealth of Nations, Book V, Chapter II, Paragraph 2077

The objections of Dr Davenant to this alteration in the present system of excise duties, seem to be without foundation. Those objections are, that the tax, instead of dividing itself, as at present, pretty equally upon the profit of the maltster, upon that of the brewer and upon that of the retailer, would so far as it affected profit, fall altogether upon that of the maltster; that the maltster could not so easily get back the amount of the tax in the advanced price of his malt, as the brewer and retailer in the advanced price of their liquor; and that so heavy a tax upon malt might reduce the rent and profit of barley land.

Source： https://www.gutenberg.org/ebooks/3300
Locator：Book V, Chapter II, paragraph 2077 · Verified：2026-10-19 · Verification：Exact match

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