The Principles of Political Economy with some of t

第46章

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第46章

The Principles of Political Economy with some of t 佚名

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The Principles of Political Economy with some of t
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  andithasbeennecessaryinGreatBritaintorelax,bystatute,therigourofentails,inordertoalloweitheroflongleases,oroftheexecutionofimprovementsattheexpenseoftheestate。

  Itmaybeaddedthattheheirofentail,beingassuredofsucceedingtothefamilyproperty,howeverundeservingofit,andbeingawareofthisfromhisearliestyears,hasmuchmorethantheordinarychancesofgrowingupidle,dissipated,andprofligate。

  InEngland,thepowerofentailismorelimitedbylaw,thaninScotlandandinmostothercountrieswhereitexists。A

  landownercansettlehispropertyuponanynumberofpersonssuccessivelywhoarelivingatthetime,andupononeunbornperson,onwhoseattainingtheageoftwenty—one,theentailexpires,andthelandbecomeshisabsoluteproperty。Anestatemayinthismannerbetransmittedthroughason,orasonandgrandson,livingwhenthedeedisexecuted,toanunbornchildofthatgrandson。Ithasbeenmaintainedthatthispowerofentailisnotsufficientlyextensivetodoanymischief:intruth,however,itismuchlargerthanitseems。Entailsveryrarelyexpire;thefirstheirofentail,whenofage,joinswiththeexistingpossessorinresettlingtheestate,soastoprolongtheentailforafurtherterm。Largeproperties,therefore,arerarelyfreeforanyconsiderableperiod,Fromtherestraintsofastrictsettlement;thoughthemischiefisinonerespectmitigated,sinceintherenewalofthesettlementforonemoregeneration,theestateisusuallychargedwithaprovisionforyoungerchildren。

  Inaneconomicalpointofview,thebestsystemoflandedpropertyisthatinwhichlandismostcompletelyanobjectofcommerce;passingreadilyfromhandtohandwhenabuyercanbefoundtowhomitisworthwhiletoofferagreatersumfortheland,thanthevalueoftheincomedrawnfromitbyitsexistingpossessor。Thisofcourseisnotmeantofornamentalproperty,whichisasourceofexpense,notprofit;butonlyoflandemployedforindustrialuses,andheldforthesakeoftheincomewhichitaffords。Whateverfacilitatesthesaleofland,tendstomakeitamoreproductiveinstrumentofthecommunityatlarge;

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