11 January 1868.

The Economist, 11. Januar 1868. S. 30/31.
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The Succession Duties.

In 1796 Pitt’s proposal to apply Legacy Duties, without distinction, to Real and Personal Estates, defeated by the Country and Landed Interest, as to tax to Real Estate. Von 1796 to 1853 duties at the rate of 1% to children, 3% to brothers, 5% to uncles, and 10% to strangers in blood, have been assessed on all Legacies of Personal property, including in that definition leasehold and copyhold estates. Successions to Real Estate and the inheritance of fortunes secured by settlement where were wholly exempt from Legacy Duties, und auch Real Property exempt from Probate Duties, first imposed in 1694, and augmented from time to time till the last revision in 1815. These Probate Duties amount to 21/4% on sums up to 1,000£, 2% from £1000 to 10,000, 11/2%  Zusatz von Marx.
in the higher accounts, so that the smallest fortunes pay the heaviest rates.

Gladston measure of 1853: (The Succession Duty Act of 1853 (16 and 17 Vict. cap. 51)[)] did not touch the Probate Duties at all. Jezt noch Probate Duties nicht applicable to Real Estate. The Act (of 1853) so far extended the Legacy Duties to Real Estates as to provide that the rates of duty already named should apply to the capitalised value of the life interest of any successor – say A – according to his age at the time of his succession to the estate. F.e. A, in his capacity of brother to a testator, succeeds at age of 50 to a landed property worth 10,000l., producing say 300£ of income (annual). Then, according to tables appended to the Act, A pays Succession Duty of 111l., or 3% on 3,716l. – the calculated value of 300l. p.a. at age 50.

A bequest of the same value, £10,000, but in Personal Property, to a second brother B would be subject to –

B. – Probate Duty 2 P.C. £200
Legacy 3 300
A. Real Estate, as above 111
Excess against Personality 389
In 1852 Probate and Legacy Duties paid 2,286,000
1866 4,184,000

Rent of Land und Value of Land and Taxes etc

A Tenant hiring a farm frames his offer of rent on the produce of the land as diminished by taxes and all other outgoings, and any one who buys the fee simple of the farm, buys it on the basis of such net income – that is, he deducts, as against the seller, the incidence of the local taxes. If, therefore, the State should make any special exemption to landholders on the ground of Local taxes, it would be simply paying them twice over.

The Economist, 11. Januar 1868. S. 32/33.
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Bad Trade and Short Employment in the U. States. (Times. New York Correspondent New York. 16 Dec. 1867)

Harvest and Cotton Crop of 1867 most favourable throughout U. St. ⦗Economist meint, damit habe auch zu thun growing pressure on debtors as paper gradual approaches towards par.⦘

Times Correspondent says: „Too much misfortune in business and to too many unemployed workmen. … Between Christmas 1866, und Christmas 1867, the sharpest contrast. Men in successful business then now bankrupt; Trades Unions then planning strikes for higher wages now willing to work for any wages at all … even breadriots apprehended. … The New York World declares that at present 50000 men out of employment in New York; that there is a complete stagnation in all trades, general poverty and destitution among the labouring classes. Armies of the unemployed crowd the docks and wharves, fill the employment offices, flock to the few situations that offer. Of the 4,000 jewellers in New York, 1500 unable to find work; 1,000 out of 2,500 jewelry boxmakers, and 300 out of 500 diamond setters are idle; of the 3000 others employed in the different branches of the jewelry trade, nearly 2,000 are adrift. 900 engravers in New York seek employment, only 200 can get it. 6,000 carpenters, of whom 500 idle, und 1000 working for half wages. Masons and bricklayers almost all employed, but only half their time. The 10,000 people in the hat trades are employed from 1 to 3 days in the week for small wages, the employers thinking this better than discharge 1/2 or 1/3 of them. The iron trades employ but 1/5 of their force a year ago, 5000 iron workers idle; in shipbuilding dulness supreme; shipcarpenters, in despair, have long since sought other employment; 1/2 of the 8000 cigarmakers without employment; of 6,000 stevedores or navvies 4,2000 4,200 without regular work; among the clerks and other assistants in business houses and retail shops sorrowful destitution, at least 5000 of them wandering idle over the streets; of house servants, a class constantly reinforced by immigration, 3000 want places.“  Zusatz von Marx.
(Alles dieß, wie die folgenden Citate aus der New York World, die der Times Correspondent excerpirt.)

„Philadelphia, the leading manufacturing city, has 25,000 idle working people. From Baltimore, Boston, Chicago, Cincinnati, St. Louis, similar reports. Ebenso im South jezt kein work für die Blacks. In the agricultural regions of the North not the same destitution as in Cities, chance for procuring labour, so that the unemployed of the city are urged to go to the Country. They will starve if they remain. This sad state of affairs produced by the great stagnation of trade. Retail dealers in New York complain that they are not doing anything like the holyday average business.“ The New Haven Register, in Connecticut, says: „More men are out of employment to-day in New Haven than at any previous time in last 10 years. Our manufacturers are reducing, or have reduced, their forces, and it is a difficult matter for a mechanic or working man to obtain employment of any kind. In this city, not less than 15,00 1,500 working men unemployed.“ The New Bedford Standard, the organ of the whale oil business, says: „There has not been a transaction in oil or bone from first hands in this market for about a month.“ The Pittsburg Despatch Dispatch report that a general lock out imminent in the glass and iron works of that city, as the employers have resolved to close them to compel a reduction of wages.

The great Rensselaer Ironworks at Troy, New York, have stopped, thrown large body of men out of employment. The „Louisville“, Kentucky, Journal reports more unemployed people than at any time within its knowledge.

A correspondent of the Boston Journal writes from Portland that, ‘go where you may in Maine, business will be found crippled, |61 and the cry of dull times goes up on every hand. Never before our manufacturing interests in such languishing state.“ The Manchester Journal, in New Hampshire, says this gloomy report is true of all New England. Along the lakes the shipyards are idle, and their owners cannot get contracts. Dazu a sudden „cold snap“ has frozen up all our rivers and most of the harbours, before the cities and towns on them and in the interior had procured their winter’s supply of coals. This has raised the cost of fuel to – very high rates.

II) Italy:

Deficits (24)


  • Inhaltsverzeichnis von Friedrich Engels
  • 1869 I Heft
  • Money Market. 1868.
  • Money Market Review. Jahrgang 1868.
  • The Economist. Jahrgang 1868. Nachträge
    • The Economist. Jahrgang 1868.
    • Inhaltsregister für 1868 Jahrgang. („Money Market Review“ und „Economist“.)
    • Kommentar zu George Joachim Goschen
      • George J. Goschen: The Theory of the Foreign Exchange. 7th edit. London 1866.
      • Friedrich Ernst Feller, Carl Gustav Odermann: Das Ganze der kaufmännischen Arithmetik
      • Inhalt.