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Updated: July 2, 2025
So, let us fancy, quoth Mynheer van Duyne away back in anno Domini 1803, and when he died in 1850 or thereabouts, the estate, having but a moderate value as city property goes, was allowed to remain in statu quo; the heirs had ground-rents enough and to spare without it, and Arcadia House might be considered a proper memorial of the ancient state and dignity of the Van Duynes.
Whoever allows red herrings like these to be trailed across the path of his moral consciousness, to the detriment of the scent which should lead him straight on to the lairs of gigantic evils, deserves little credit either for conscience or sagacity. My son, be wise. Strike at the root of the evil. Let Monte Carlo go, but keep a stern eye on London ground-rents.
Item, whereas it is very plain that the poor common man who has been everywhere subjected to restrictions of a hard and severe character, by clerical prelates and convents, as well as by noble and plebeian judges, in their restraints on marriage, their lowering of prices, their rents and other feudal claims and privileges, and especially among our bailiwicks and dependencies, which now highly grieves and surprises us Confederates, and because, according to the terms of the federal compact no one canton can break off from the others in its rights, claims and privileges, and as in our bailiwicks collectively abuses and grievances have been very much practised against the common people, by the monasteries, nobles and judges, therefore, be it hereby resolved, that we take measures to alleviate and pass judgment therein, so that the poor common man may not be burdened by the lowering of prices, and heavy ground-rents, and so severely bound, but that favor and a remedy may be discovered.
As the wealth of those competitors would in no respect be increased by a tax upon ground-rents, they would not probably be disposed to pay more for the use of the ground. Whether the tax was to be advanced by the inhabitant or by the owner of the ground, would be of little importance.
Money was the god he worshipped, and to gain this, he was ready to make almost any sacrifice. He started in life with five thousand dollars a legacy from a distant relative. To risk this sum, or any portion of it, in trade, would have been, in his view, the most egregious folly. His first investment was in six per cent. ground-rents, from which he received three hundred dollars per annum.
Ground-rents, so far as they exceed the ordinary rent of land, are altogether owing to the good government of the sovereign, which, by protecting the industry either of the whole people or of the inhabitants of some particular place, enables them to pay so much more than its real value for the ground which they build their houses upon; or to make to its owner so much more than compensation for the loss which he might sustain by this use of it.
During the last ten years, as you know, he has cut this up into over five hundred villa sites, which he has sold upon long lease at ground-rents that to-day bring in annually as much as he paid for the whole property." "Yes, father; but you might have done the same. He advised you to before he bought the land." "Perhaps I might, but I am not a tradesman; I do not understand these affairs.
He sat down and began to figure up the result of the one operation in comparison with the other, and found that while his investment in ground-rents yielded only three hundred dollars a year, five thousand dollars, at two and a half per cent. a month, the rate at which he had made the operation just referred to, would yield fifteen hundred dollars per annum!
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