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 Rh from London, while making the burden of ground-rents less heavy for those who remain, will (unless there be some change in the law), make the burden of rates on the ratepayers of London yet heavier. For, though each person in migrating will enable those who remain to make better and yet better terms with their landlords; on the other hand, the municipal debt remaining the same, the interest on it will have to be borne by fewer and yet fewer people, and thus the relief to the working population which comes from reduced rent will be largely discounted by increased rates, and in this way the temptation to migrate will continue, and yet further population will remove, making the debt ever a larger and larger burden, till at length, though accompanied by a still further reduction of rent, it may become intolerable. Of course this huge debt need never have been incurred. Had London been built on municipally-owned land, its rents would not only have easily provided for all current expenditure, without any need for a levy of rates or for incurring loans for long periods, but it would have been enabled to own its own water-supply and many other useful and profit-bearing undertakings, instead of being in its present position with vast debts and small assets. But a vicious and immoral system is bound ultimately to snap, and when the breaking-point is reached, the owners of London's bonds will, like the owners of London's land, have to make terms with a people who can apply the simple remedy of migrating and building a better and brighter civilisation elsewhere, if they are not allowed to rebuild on a just and reasonable basis on the site of their ancient city.

We may next notice, very briefly, the bearing of this