L *3 2 J 



renew, than to run against the lives; for when compound interest 

 of money, be set against the reversionary income, the latter is soon 

 swallowed up. Great advantages would also result to society from 

 the general adoption of such a measure, for it is well known, that 

 estates falling into hand, are greatly reduced in value, let the re- 

 strictions in the lease be ever so judicious. In confirmation of this 

 idea, do we not see that lands held under the church, under corpo- 

 rations, and under charity endowments, &c. where renewal is cer- 

 tain, are nearly in as good a state as freehold property ; and easily 

 to be distinguished from lands held under private Lords, where 

 such renewal is frequently withheld. Various are the opinions, 

 respecting the comparative advantage attending the purchase of 

 freehold and leasehold property. In favor of the former, the natu- 

 ral, and indeed laudable pride of man steps in, and decidedly de- 

 termines. Most men wish to possess property independent of all 

 controul, and the suits, and services exacted under many leases, are 

 a relict of feudal tyranny, highly disgusting to men, fond of free- 

 dom and independence ; but let us have recourse to figures, and 

 we shall find that two men starting together aviih one thousand four 

 hundred pounds each, and purchasing, the one a freehold estate, of 

 fifty-six pounds per annum, at twenty-five years purchase, and the 

 other a leasehold for three lives, of one hundred pounds per annum, 

 at fourteen years purchase, would be in very different situations at 

 the end of twenty-one years. Calculating the interest of each at 

 five per cent, and allowing three renewals at two years purchase, 

 (clear income) the leaseholders estate of one hundred pounds per 

 annum (nett) would at the expiration of twenty-one years cost him 

 1205I. 18s. od. and the freeholders estate of fifty-six pounds per 

 annum (nett) would at the expiration of the same term, cost him 

 3900I. is, od. as the following calculation will confirm. 



Free- 



