154 AMERICAN FARMS. 



ft 



The rate of interest is governed by demand as well as 

 supply ; decrease the number of those who borrow, and 

 demand decreases. Every financial burden lifted from 

 the borrower makes the lender less necessary. Relieve 

 the one million or more mortgaged farms of the United 

 States from all taxation for five years (say $350 in all to 

 each), and put it upon the loaners of money, and then 

 mark the decrease in the number of mortgaged farms. 



In shifting these burdens from the borrower to the 

 lender you increase the number of those who have cap- 

 ital ; you are working in the direction of breaking up a 

 monopoly. With a sugar, a salt, or an oil combine it is 

 different ; put the single tax upon them and still they 

 control the price of sugar, of salt, and of oil ; for these 

 articles are still required, and these combines only fur- 

 nish them. Something further is necessary in regulating 

 the incidence of taxation, a subject which will receive 

 due consideration further on. 



It is argued by the supporter of the single-tax theory 

 that the cities would bear as large a share of the burden 

 as the rural districts, with all taxes levied upon the rent 

 value of land, since real estate in our cities is reaching 

 an aggregate value as great as in the country. Even so 

 it but proves an abnormal condition, which we wish to 

 remedy. Give to rural property the relative value which 

 it had forty years ago, that is to say, from representing 

 35 per cent, of the total wealth of the nation to 60 per 

 cent., — a desirable change, — and where then would the 

 tax fall the heaviest ? Or, apply the tax to-day in Can- 

 ada, and which but the country would pay it ? 



Looking upon the single tax in this, its most flattering 

 aspect, it is found that it can only be applied to an 

 abnormal condition, one which it would aid in continu- 



