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Comments on Terminable Annuities (S411a: 1888)

Editor Charles H. Smith's Note: Letter excerpt printed as part of a footnote in George Lacy's 1888 book Liberty and Law. Original pagination indicated within double brackets. To link directly to this page, connect with: http://people.wku.edu/charles.smith/wallace/S411A.htm

     [[p. 331]] Dr. Wallace in reply to an inquiry, writes, "My words 'full revenue' mean 'income,' not 'rental'--or rental less all expenses of management, &c. These on all large estates are at least from 10 to 15 per cent. This would be gain to the State. Then the unearned increment accruing year by year on all lands around and near towns and manufactories is another gain to the State. Again, the payments to the landlord being terminable annuities, some of which year by year would fall in, would be a large and steadily increasing gain to the State. Now [[p. 332]] these three clear items of gain would far exceed any possible loss, even if the maximum revenues hitherto derived from land were paid to the landlords--but the average revenue (which is all my words imply) would take account of all the remissions on rents, all the losses on farms unoccupied and uncultivated, all the losses on land sold at a ruinous sacrifice, and thus the above gains would be clear gains and something more."

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