will find that, at the rate of only six and a half or seven per cent upon the original expense of building, their house-rent is nearly equal to the whole net rent of their estates. It is the accumulated expense of several successive generations, laid out upon objects of great beauty and magnificance, indeed; but, in proportion to what they cost, of very small exchangeable value.

Ground-rents are a still more proper subject of taxation than the rent of houses. A tax upon ground-rents would not raise the rents 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. 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