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Updated: July 2, 2025
Well, in 1885, the year before he died, the ground-rents from that field now covered with houses were seven hundred and ninety pounds a year. That's how men get on who have capital and know how to use it. If I had had capital, it would never have yielded me more than three or four per cent. I was doomed to work for other people who were growing rich.
For instance, were it laid out in the Million Lottery tickets, which are now sold at 6 pounds each, and bring in 1 pound per annum for fifteen years, every 1,000 pounds so laid out pays back in time 2,500 pounds, and that time would be as fast as it would be wanted, and therefore be as good as money; or if laid out in improving rents, as ground-rents with buildings to devolve in time, there is no question but a revenue would be raised in time to maintain one-third part of the number of subscribers, if they should come to claim charity.
Ground-rents seem, in this respect, a more proper subject of peculiar taxation, than even the ordinary rent of land. The ordinary rent of land is, in many cases, owing partly, at least, to the attention and good management of the landlord. A very heavy tax might discourage, too much, this attention and good management.
The more the inhabitant was obliged to pay for the tax, the less he would incline to pay for the ground; so that the final payment of the tax would fall altogether upon the owner of the ground-rent. The ground-rents of uninhabited houses ought to pay no tax.
I feel as if I were a thief. You say my grandmother is not a rich woman? 'Not rich as the world goes nowadays. Nobody is rich now, except your commercial magnates, like Smithson. Great peers, unless their money is in London ground-rents, are great paupers. To own land is to be destitute.
Ground-rents are a still more proper subject of taxation than the rent of houses. A tax upon ground-rents would not raise the rent of houses; it would fall altogether upon the owner of the ground-rent, who acts always as a monopolist, and exacts the greatest rent which can be got for the use of his ground.
Heritable leases and ground-rents charged upon property could not legally exist. Contracts On the other hand, contracts between private persons under ordinary circumstances gave no claim for legal aid on the part of the state.
The inequality with which a tax of this kind might fall upon the owners of different ground-rents, would arise altogether from the accidental inequality of this division. But the inequality with which it might fall upon the inhabitants of different houses, would arise, not only from this, but from another cause.
Heritable leases and ground-rents charged upon property could not legally exist. Contracts On the other hand, contracts between private persons under ordinary circumstances gave no claim for legal aid on the part of the state.
More or less can be got for it, according as the competitors happen to be richer or poorer, or can afford to gratify their fancy for a particular spot of ground at a greater or smaller expense. In every country, the greatest number of rich competitors is in the capital, and it is there accordingly that the highest ground-rents are always to be found.
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