Spencer Heath Archive

Item 1964

Pencil notes for a letter, fastened by paper clip to Item 1967

Probably from 1930s

Dear Sir:

     Do you realize that property is the foundation of society and that real estate is the foundation of all other property?

     Property without income ceases to be owned; it is destroyed or consumed. To be owned it must be prepared for the use of others and its use merchandised or distributed to them. Thus alone can it have income or value.

     Property therefore is an instrument of service, and the recompense for that service is its income or profit. The service of distribution — merchandising — is often equal to that of distribution /sic/ and about equally recompensed.

     Every form of taxation, in its degree, impairs the value of property by absorbing its income, inhibiting its distribution and therefore checking production.