I laid the plan before Mr. Ruskin, who entered into it most warmly. He at once came forward with all the money necessary, and took the whole risk of the undertaking upon himself. He showed me, however, that it would be far more useful if it could be made to pay; that a working man ought to be able to pay for his own house; that the outlay upon it ought, therefore, to yield a fair percentage on the capital invested. Thus empowered and directed, I purchased three houses in my own immediate neighborhood. They were leasehold, subject to a small ground-rent. The unexpired term of the lease was for fifty-six years; this we purchased for £750. We spent £78 additional in making a large room at the back of my own house, where I could meet the tenants from time to time. The plan has now been in operation about a year and a half; the financial result is that the scheme has paid five per cent. interest on all the capital, has repaid £48 of the capital; sets of two rooms have been let for little more than the rent of one, the houses have been kept in repair, all expenses have been met for taxes, ground-rent, and insurance. In this case there is no expense for collecting
lodgers; from the heavy incubus of accumulated dirt: that so the never-dying hope which I find characteristic of the poor might have leave to spring, and with it such energy as might help them to help themselves. I had not great ideas of what must be done for them, my strongest endeavors were to be used to rouse habits of industry and effort, without which they must finally sink—with which they might render themselves independent of me except as a friend and leader. The plan was one which depended on just governing more than on helping. The first point was to secure such power as would enable me to insist on some essential sanitary arrangements.
- It should be remembered that 5 per cent. interest in England on house property, is equivalent to at least 8 per cent. in the United States.—Ed.