I had thought that this phrase came from J. W. Bengough, in 1914. (For quite some time, I thought I'd originated it, in the shower one morning around 2010, and was later delighted to find that Bengough, creator of The Up-to-Date Primer: A First Book of Lessons for Little Political Economists In Words of One Syllable, With Pictures (1895) and weekly cartoonist in The Public, had used it in his Chalk Talks.) But today, searching for references, I discovered one from 1825 and a 2nd edition from 1827.
"Principles of Political Economy and of Population; including an Examination of Mr. Malthus's Essay on Those Subjects" by John M. McIniscon, a Fisherman (1825) online at https://books.google.com/books?id=wF1U5_IXlWsC. Google says that "Maciniscon" is a pseudonym for J. C. Ross.
Two years later, another edition appeared: "An Examinations of Opinions Maintained in the 'Essay on the Principles of Population' by Malthus; and in the 'Elements of Political Economy' by Ricardo; with some Remarks in reply to Sir James Graham's 'Address to the Land-Owners'." (1827) Its title page at https://books.google.com/books?id=h1hJSjgJxIAC lists the author as J. C. Ross and google says "[A reissue, with additional material, of “Principles of Political Economy and of Population,” published under the pseudonym John MacIniscon.]" The additional material is the 65 page "Remarks."
at pages 83-84 of the McIniscon (1825) edition:
It follows, from what we have observed, that the legislature should equally abstain from any attempts at the forcible creation of fictitious capital, as of offering artificial incitements to the increase of population.* The rent of the soil of the country, which is the only natural public revenue of the State, should be put in a course of resumption, and faithfully applied to the public service and benefit, in defraying the just expense of its government; in the endowment of seminaries of useful and necessary education, under regulations which should render them effective for that purpose, and hold out to ingenious persons the means of attaining the respective objects they may have in view, for the benefit of the community, whether these be travel—learning—the cultivation of knowledge or the inventing and perfecting of improvements in the arts and sciences—or the fitting men for all the higher and more difficult duties of society, and for becoming superintendants in all the more important works by which the domination of the human species is extended over the powers of nature—and to employ the surplus revenue in the cultivation and improvement of the country. These, together with the providing for the external and internal protection of the community, are the only legitimate objects of just legislation and good government.
*The employment of capital unproductively, and especially in war, is an artificial incitement of the most mischievous description; it causes their existence, and, at the same time, destroys the funds by which that existence should be maintained.
I commend these to your attention. You might consider going to the 1827 edition and skipping over the "Remarks" until you've read the rest.
Searching just on McIniscon, I find, among other things, https://www.routledgehistoricalresources.com/economic-thought/sets/malthus-and-the-population-controversy-1803-1830/volumes/an-examination-of-opinions-maintained-in-the-essay-on-the-principles-of-population-two-lectures-on-population
And I've collected a number of other references to Natural Public Revenue. I don't think Thomas G. Shearman uses the phrase, but he certainly has the idea -- see his Natural Taxation.
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