CHAPTER III.
RENTS AS DETERMINED BY COMPETITION.
Historical origin of rent.A COMPREHENSIVE history would have to be written, if it were attempted fully to describe the origin of property in land. Every country has probably been subjugated, and grants of the vanquished territory were the ordinary rewards which the conquering chief bestowed upon his more distinguished followers. Some families in this country still retain the lands which their ancestors received from William the Conqueror. Lands obtained by force had to be defended by force; and before law had asserted her supremacy and property was made secure, no baron was able to retain his possessions unless those who lived on his estates were prepared to defend them. There thus arose almost universally some personal relations between landlord and tenant, and the personal services which such a feudal tenure required formed a considerable part of the rent which was paid for the land. As property became secure, and landlords felt that the power of the State would protect them in all the rights of property, every vestige of these feudal tenures was abolished, and the relation between landlord and tenant has thus become purely commercial. A landlord offers his land to any one who is willing to take it; he is anxious to receive the highest rent he can obtain. What are the principles which regulate the rent which may thus be paid?
