, now
fell rapidly, and in 1821 was again at par.
It is difficult to say which has exerted the largest influence on the
finances of Great Britain--the Revolution of 1688, or the wars with
France in the beginning of this century. The first gave to England its
system of taxation, but the last developed the capabilities of that
system, and adapted it to the wants of a growing and commercial people.
The nation came out of its long conflict with taxes pressing upon nearly
every important branch of industry. In the sixteen years that followed
the war with France, taxes to the amount of nearly $200,000,000, were
taken off from the country. These changes gave opportunities for many
important reforms. While the national debt was slowly reduced, the tax
system underwent great changes. Many taxes which had checked the growth
of important branches of business were entirely removed. Efforts were
made to reduce the excise, which was always an unpopular form of
taxation. In carrying forward these changes, it was found that one
really productive tax might be made to take the place of a large number
of small duties which pressed with peculiar severity upon the people.
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