The American Congress seems to learn finance very slowly indeed.
Late in April it passed an Act increasing all import duties upon luxuries 33 per cent. for two months only, a measure which probably will not yield a sixpence. There is always two months' supply in hand, and importers, instead of bringing in goods, will simply empty their warehouses at enormous prices. Another measure is more sensible ; they have imposed a tax of a shilling in the pound on all incomes over 120/. a year, 18d on those over 2,000/. a year, and 28. upon all over 5,000/. That is the impot progressif of the Convention ; but the same principle is ap- plied in England, and can be worked safely in moderation. It will be Been that moderate men like our correspondent repudiate the preposterous increase of import duties; but then what are we to say of institutions which send to the top men capable of such financial folly ? Who would have dreamt of a sharp-witted trading community putting on a protective duty to last only for two months ?
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