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Quotation of the Day…

… is from page 921 of Book V, Chapter iii of the 1981 Liberty Fund edition of Adam Smith’s 1776 masterpiece, An Inquiry Into the Nature and Causes of the Wealth of Nations:

When a nation is already overburdened with taxes, nothing but the necessities of a new war, nothing but either the animosity of national vengeance, or the anxiety for national security, can induce the people to submit, with tolerable patience, to a new tax.

DBx: Today’s date is the one given on Adam Smith’s gravestone as the Great Scot’s birthday.