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"And what are this gentleman's commands with me?" said the Justice, somewhat peevishly. "One man introduces another, like the rhymes in the 'house that Jack built, and I get company without either peace or conversation!" "Both shall be yours, sir," answered Campbell, "in a brief period of time. I come to release your mind from a piece of troublesome duty, not to make increment to it."
The Colleges were very generally placed in strict subordination to the University by their founders; but, in many cases, their endowment, consisting of land, has undergone an "unearned increment," which has given these societies a continually increasing weight and importance as against the unendowed, or fixedly endowed, University.
And these will thrive so long as men seek health or fortune with closed eyes and open hands. In no way has the unearned increment been more mischievous than in the booming of towns. With the growth of towns comes increase in the value of the holdings of those who hold and wait. If the city grows rapidly enough, these gains may be inordinately great.
But we believe in the situation in which we find ourselves in this country, and in the general situation of the world at the present time that the taxes on incomes over £3,000 a year, upon estates at death, on motor-cars before they cause death, upon tobacco, upon spirits, upon liquor licences, which really belong to the State, and ought never to have been filched away; and, above all, taxes upon the unearned increment in land are necessary, legitimate, and fair; and that without any evil consequences to the refinement or the richness of our national life, still less any injury to the sources of its economic productivity, they will yield revenue sufficient in this year and in the years to come to meet the growing needs of Imperial defence and of social reform.
Nothing is more amusing than to watch the efforts of our monopolist opponents to prove that other forms of property and increment are exactly the same and are similar in all respects to the unearned increment in land. They talk to us of the increased profits of a doctor or a lawyer from the growth of population in the towns in which they live.
But the right hon. gentleman cannot call the increment unearned which the railway acquires through the regular service of carrying goods, rendering a service on each occasion in proportion to the tonnage of goods it carries, making a profit by an active extension of the scale of its useful business he cannot surely compare that process with the process of getting rich merely by sitting still.
Now, with this aggregate, you, and I, and everyone can own vast estates, buy forty-year debentures, lend money on approved security, buy real estate, the unearned increment of which will net in some cases two or three hundred per cent. interest, besides an increased valuation on the original sum invested."
The finding of the plum was not a matter of world-wide importance, but it was a great pleasure for Jack Horner, and he did not care who knew it. What joy Mr. Micawber gets out of his own eloquence! We cannot begrudge him this unearned increment. We sympathize, as, "much affected, but still intensely enjoying himself, Mr.
Should the perpetual leaseholders retain the right of converting at any time their leasehold into a freehold by paying down the cash value of their farm, or should the State always retain the fee simple? Next, if the State should retain this, ought there to be periodical revisions of the rent, so as to reserve the unearned increment for the public?
And imperceptibly, subtly, so subtly that never at any time can we mark with certainty the increment of its coming, there creeps into this soft and claimant little creature a mind, a will, a personality, the beginning of all that is real and spiritual in man.
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