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Example text

But the methods have become ingenious through centuries of experience. It remains for us to examine these methods and to show how they shorten and simplify the operations which we have considered, and how they put them within the reach of the average intelligence comprised in Parliaments. VII Of the numerous operations through which a budget must pass before it becomes final, much the most important, from a purely economic point of view, are those which are grouped under the heading of the preparation of the budget.

But this principle of fmancial accountancy, according to which one should not count on extraordinary revenue to cover extraordinary expenditure, signifies, in the last analysis, that experience has proved the rule that the marginal utility of the enpre ordinary and extraordinary expenditure is equivalent to the sacrifice caused by the exaction of the ordinary revenue alone; and that, in conformity with this rule, a margin must be left for unforeseen events or as a remedy for unavoidable errors in the first c~oice of combinations of expenditure.

For subject peoples it may be good enough, as Franklin said, simply to accept taxation as an inescapable fact, or else to dismiss it with some trivial utilitarianism, like Montesquieu. But those who would be in the vanguard of civilization must go to the bottom of the matter, and in so doing they will gain theoretical and practical knowledge from their understanding of the fundamental idea. We shall briefly try to present the elements necessary thereto. There is no doubt that the community of people with its interaction between all is one of the two major conditions of all progress, the other being the unfolding of the individual's possibilities.

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