First, notice that ground values will fall enormously! Of course, so long as the 121 square miles out of the 58,000 square miles of England exercise a magnetic attraction so great as to draw to it one-fifth of the whole population, who compete fiercely with each other for the right to occupy the land within that small area, so long will that land have a monopoly price. But de-magnetise that people, convince large numbers of them that they can better their condition in every way by migrating elsewhere, and what becomes of that monopoly value? Its spell is broken, and the great bubble bursts.
But the life and earnings of Londoners are not only in pawn to the owners of its soil, who kindly permit them to live upon it at enormous rents—£16,000,000 per annum, representing the present ground value of London, which is yearly increasing; but they are also in pawn to the extent of about £40,000,000, representing London's municipal debts.
But notice this. A municipal debtor is quite different from an ordinary debtor in one most important respect. He can escape payment by migration. He has but to move away from a given municipal area, and he at once, ipso facto, shakes off not only all his obligations to his landlord, but also all his obligations to his municipal creditors. It is true, when he migrates he must assume the burden of a new municipal rent, and of a new municipal debt; but these in our new cities will represent an extremely small and diminishing fraction of the burden now borne, and the temptation to migrate will, for this and many other reasons, be extremely strong.
But now let us notice how each person in migrating
