increases or decreases in exact proportion the annual 
cost to the user. 
The moral of this illustration is that a tenant gets 
for use annually $300 worth of land for I300, and a 
house costing I300 for $400. In other words, a house 
tax of $100 takes in taxation $100 a year of the 
user’s income. A land tax of $100 takes in taxation 
no part of the income of the present owner, provided 
that he purchased the land after the tax was 
imposed. 
The beauty of this illustration is that while land 
stands for everything except the products of labour, a 
house is here made to stand as the representative of 
any and all products of individual labour, and the 
illustration thus becomes all inclusive. 
The practical exemption of the selling value of land 
is vital in its bearing upon any proposition for obtain 
ing an increased revenue from that source, accom 
panied by a corresponding exemption of other 
property. 
In the light of the foregoing argument it is interesting 
to consider 
WHAT ONE CITY, THE CITY OF BOSTON, MIGHT 
HAVE DONE TO PROMOTE BUSINESS AND SECURE 
EQUITY THROUGH A SOUND AND JUST SYSTEM 
OF TAXATION 
The following estimate indicates the gigantic pro 
portions of the factor ground rent, and its sufficiency 
to meet all reasonable costs of government economically 
administered, not only without impoverishing the land- 
owner, but without subjecting him at any time to a