Daily union and American. [volume] (Nashville, Tenn.) 1865-1866, 1866-03-11


The number of citizens in every commu-
nifty who feel proper interest in public
matters, is generally in proportion to those
who own the houses in which they live. So
long az man remains tenant, he will not
manifest that concern in the management of
municipal affairs which attaches to the own
ers of property. And the reason is obvious
In the one case, taxes and assessments press
directly upon the property owner and make
him feel their full weight--in theother, they
come in an indirect manner, and ccnse-
quently do not seem 50 burdensome. Rents
may be raised on account of the imposition
of extraordinary taxes, and although the
whole increase falls upon the tenant, yet as
he pays by the month, the amount divided
by twelve does not produce such an un-
pleasant impression upon him as it does
upon the landlord who is called upon to pay
the whole bill at once The tenant may for
get-the owner will not-and this remem-
branee may, in the end, produce certain re-
suits at the ballot-box.
Numerous plans have been suggested
having in view the use Of capital in such a
manner as to reconpense the owners, and at
the same time to increase the number of
property holders, especially in our large
cities and towns. One is, that capitalists, or
associations of such, shall build neat and
eommodious houses, finished in plain and
substantial manner, and put them in posses
sion of honest, Woodworking tenants, who,
in addition to fair rent, shall pay small
or larger amount Per month, as their circum-
stances will admit, towards the ultimate
purchase of the property. THUS, if man
who is now paying ten or fifteen or twenty
dollars rent, per month, can, by little ad-
ditional economy, raise those amounts five
or ten dollars each pay day, in the end he
will own his house, and thus be free from
the perplexities that too often attend the APP
proach of pay day. The dispensing with a
few luxuries and the abandonment of mere
unnecessary articles in his family, will easily
enable a man to increase the margin be-
tween his receipts and expenses, and thus
constitute monthly or quarterly fund to be
appropriated in the manner indicated.
The Chicago Times, journal which has
given much attention to this question, in a
recent article upon the subject says:
In a contract by which the occupant of house
has his rent assigned to the liquidation of the
purchase of the property, there should be care
full regard for the rights of both parties. 1t would
for instance, be manifest injustice after tenant
had paid say two-thirds of the value of the pro-
perty, should be be summarily dispossessed
through a failure to pay his rent at the close of
month or even of two or three months. We think
contract should be so drawn that'.the difficulty
of dispossessing q tenant should increase exactly
in proportion that do his payments. We can per-
haps make this better understood by supposing
that a tenant occupies house for which he can
pay in five years. During the first year it might
be arranged that failure TO pay rent for one
month would involve a forfeiture of any right to
the property. During the second year let three
mouths failure; the third year five months; the
fourth. seven months; and the fifth year. nine
months failure work a forfeiture. We suggest
one. three, Eve, seven and nine months failure.
in purchase requiring five years, not as the pro-
per number of months in each case, but as an il
lustration of plan by which the tenant would
be hedged with protection strong in proportion to
his interests.
The total price of a house and lot put into the
possession of a tenant on this plan should not ex-
coed fair value of the property, at cash sale,
with the interest of this amount added to il. The
interest should be computed only for such times
and on such an amount as would actually exist
Thus, a property which would sell for $500
should be valued under this plan ut about $1,000,
and would be paid for in six years at $500 per
Rnnum. The interest on 81, 500 one year would be
$l75 and this added to the principal would make
$3.50. The $500 rent deducted from this
afRlA fhn kNh rh
terest should be reekoned for the next year.
and so on decreasing each year the amount
at interest by the, yearly payments. The
amounts. added together, would give the amount
which should be added to the cash value of the
property, and the total would represent the value
at which the property should be turned over to
Il is needless to add that if the tenant at any
time should choose 20 anticipate his payments, or
increase their size, he should be allowed to do So
and these increased payments should in proper
ton TO their frequency and amounts lower the
value of the property.
The Board of Real Estate Brokers in
Chicago have considered this plan and given
it their unanimous approval, and several
property holders and capitalists in that city
have signifed their intention of aiding in the
movement We have abundant capital in
this city, and our mechanics and traders and
working men need homes. VIII not the
owners of unimproved property and men of
capital join in some such system as that
about to be inaugurated in Chicago? The
city, the capitalists and those wishing dwell
lings, would all be benefited by such an az
rangement. The details of the Chicago plan
may be imperfect, but that some such sys-
TEN could be made to work advartageously
there is no doubt The subject is one of inn
mense Importance to the growth and pros
perity of the city, as well as the comfort of
its people, and it should be carefully con-
sidered.