Sir George Wingate has said (1859): ‘Taxes spent in the country from which they are raised are totally different in their effect from taxes raised in one country and spent in another. In the former case the taxes collected from the population…are again returned to the industrious classes… But the case is wholly different when the taxes are not spent in the country from which they are raised... They constitute [an] absolute loss and extinction of the whole amount withdrawn from the taxed country… [The money] might as well be thrown into the sea. Such is the nature of the tribute we have so long
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