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The sum would have been higher, but he was calculating as rent of the theatre only the ground-rent plus six per cent on the total price of the building. What disgusted him was the duplicity of the first-night audience, and he said to himself violently, "I was right all the time, and I knew I was right! Idiots! Chumps! Of course I was right!"
Let it be valued at twice that price, and be charged with the interest of that price as a ground-rent to be paid by the settler. And if, in Barbadoes, the free negro has raised the value of land to three hundred dollars per acre, surely on this coast he can prosper upon land costing one-fiftieth part of the average price of that of Barbadoes.
We have here then the three classes of bourgeois society, and the income which each receives the private landlord in the form of ground-rent, the capitalist in that of profit and the laborer in the form of wages.
This surplus rent is the price which the inhabitant of the house pays for some real or supposed advantage of the situation. In country houses, at a distance from any great town, where there is plenty of ground to chuse upon, the ground-rent is scarce anything, or no more than what the ground which the house stands upon would pay, if employed in agriculture.
In 1800 the Sierra Leone Company obtained a Charter of Justice from the Crown, authorising the directors to appoint a Governor and Council, and to make laws not repugnant to those of England. During the same year the settlers, roused to wrath by a small ground-rent imposed upon their farms, rose in rebellion.
The economic idea of ground-rent, which Herr Duehring undertakes to explain to us, is transformed right away into the juristic concept so that we are no further than at first. He compares the leasing of a piece of land with the loan of capital to an entrepreneur but finds, as is so often the case, that the comparison will not hold.
"There is the ground-rent," said the youngster when he came to the palace, and threw the bag with the money to the king with such a crash that you could hear it all over the hall. The king thanked him, and appeared to be well pleased, and promised him good pay and leave of absence if he wished it, but the youngster wanted only more work. "What shall I do now?" he said.
He told me that he and his brother had lately been laying out and letting a piece of land at Blackheath, that had been left them by their father, and that the ground-rent would bring them in two thousand pounds per annum. With such an independent income, I doubt whether any American would consent to be anything but a gentleman, certainly not an operative watchmaker.
Without going too much into detail, it may be stated that at the end of a month Joe was out of debt and had three hundred dollars over. He called on the owner of the land to pay the monthly ground-rent. "Why don't you buy the land, and get rid of the rent?" asked the owner. "Do you want to sell?" asked Joe. "Yes; I am about to return to the East." "What do you ask?" "I own two adjoining lots.
The building-rent, or the ordinary profit of building, is, therefore, everywhere regulated by the ordinary interest of money. Where the market rate of interest is four per cent. the rent of a house, which, over and above paying the ground-rent, affords six or six and a-half per cent. upon the whole expense of building, may, perhaps, afford a sufficient profit to the builder.
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