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confound　the　calculations　both　of　the　farmer　and　landlord。

　　　　With　the　cautions　here　noticed　in　letting　farms；　the　landlord

may　fairly　look　forward　to　a　gradual　and　permanent　increase　of

rents；　and；　in　general；　not　only　to　an　increase　proportioned　to

the　rise　in　the　price　of　produce；　but　to　a　still　further

increase；　arising　from　an　increase　in　the　quantity　of　produce。

　　　　If　in　taking　rents；　which　are　equally　fair　for　the　landlord

and　tenant；　it　is　found　that　in　successive　lettings　they　do　not

rise　rather　more　than　in　proportion　to　the　price　of　produce；　it

will　generally　be　owing　to　heavy　taxation。

　　　　Though　it　is　by　no　means　true；　as　stated　by　the　Economists；

that　all　taxes　fall　on　the　net　rents　of　the　landlords；　yet　it　is

certainly　true　that　they　are　more　frequently　taxed　both

indirectly　as　well　as　directly；　and　have　less　power　of　relieving

themselves；　than　any　other　order　of　the　state。　And　as　they　pay；

as　they　certainly　do；　many　of　the　taxes　which　fall　on　the　capital

of　the　farmer　and　the　wages　of　the　labourer；　as　well　as　those

directly　imposed　on　themselves；　they　must　necessarily　feel　it　in

the　diminution　of　that　portion　of　the　whole　produce；　which　under

other　circumstances　would　have　fallen　to　their　share。　But　the

degree　in　which　the　different　classes　of　society　are　affected　by

taxes；　is　in　itself　a　copious　subject；　belonging　to　the　general

principles　of　taxation；　and　deserves　a　separate　inquiry。



NOTES：



1。　I　cannot；　however；　agree　with　him　in　thinking　that　all　land

which　yields　food　must　necessarily　yield　rent。　The　land　which　is

successively　taken　into　cultivation　in　improving　countries；　may

only　pay　profits　and　labour。　A　fair　profit　on　the　stock　employed；

including；　of　course；　the　payment　of　labour；　will　always　be　a

sufficient　inducement　to　cultivate。



2。　J。B。　Say；　Traite　d'economie　politique；　2nd　ed。；　2　vols。

（Paris；　1814）　ii；　p。　124。　Of　this　work　a　new　and　much　improved

edition　has　lately　been　published；　which　is　highly　worthy　the

attention　of　all　those　who　take　an　interest　in　these　subjects。



3。　J。C。L。S。　de　Sismondi；　De　la　richesse　commerciale；　2　vols。

（Geneva；　1803）；　i；　p。　49。



4。　Adam　Smith；　An　inquiry　into　the　nature　and　causes　of　the

wealth　of　nations；　ed。　D。　Buchanan；　4　vols。　（Edinburgh；　1814）　iv；

p。　134。



5。　Smith；　Wealth　of　nations；　iii；　p。　212。



6。　It　is；　however；　certain；　that　if　either　these　materials　be

wanting；　or　the　skill　and　capital　necessary　to　work　them　up　be

prevented　from　forming；　owing　to　the　insecurity　of　property；　to

any　other　cause；　the　cultivators　will　soon　slacken　in　their

exertions；　and　the　motives　to　accumulate　and　to　increase　their

produce；　will　greatly　diminish。　But　in　this　case　there　will　be　a

very　slack　demand　for　labour；　and；　whatever　may　be　the　nominal

cheapness　of　provisions；　the　labourer　will　not　really　be　able　to

command　such　a　portion　of　the　necessaries　of　life；　including；　of

course；　clothing；　lodging；　etc。　as　will　occasion　an　increase　of

population。



7。　I　have　supposed　some　check　to　the　supply　of　the　cotton

machinery　in　this　case。　If　there　was　no　check　whatever；　the

effects　wold　show　themselves　in　excessive　profits　and　excessive

wages；　without　an　excess　above　the　cost　of　production。



8。　Smith；　Wealth　of　nations；　iv；　p。　35。



9。　The　more　general　surplus　here　alluded　to　is　meant　to　include

the　profits　of　the　farmer；　as　well　as　the　rents　of　the　landlord；

and；　therefore；　includes　the　whole　fund　for　the　support　of　those

who　are　not　directly　employed　upon　the　land。　Profits　are；　in

reality；　a　surplus；　as　they　are　in　no　respect　proportioned　（as

intimated　by　the　Economists）　to　the　wants　and　necessities　of　the

owners　of　capital。　But　they　take　a　different　course　in　the

progress　of　society　from　rents；　and　it　is　necessary；　in　general；

to　keep　them　quite　separate。



10。　According　to　the　calculations　of　Mr　Colquhoun；　the　value　of

our　trade；　foreign　and　domestic；and　of　our　manufactures；

exclusive　of　raw　materials；　is　nearly　equal　to　the　gross　value

derived　from　the　land。　In　no　other　large　country　probably　is　this

the　case。　P。　Colquhoun；　Treatise　on　the　wealth；　power；　and

resources　of　the　British　Empire；　2nd　ed。　（1815）；　p。　96。　The　whole

annual　produce　is　estimated　at　about　430　millions；　and　the

products　of　agriculture　at　about　216　millions。



11。　To　the　honour　of　Scotch　cultivators；　it　should　be　observed；

that　they　have　applied　their　capitals　so　very　skilfully　and

economically；　that　at　the　same　time　that　they　have　prodigiously

increased　the　produce；　they　have　increase　the　landlord's

proportion　ot　it。　The　difference　between　the　landlord's　share　of

the　produce　in　Scotland　and　in　England　is　quite　extraordinary　

much　greater　than　can　be　accounted　for；　either　by　the　natural

soil　or　the　absence　of　tithes　and　poor's　rates。　See　Sir　John

Sinclair's　valuable　An　account　of　husbandry　in　Scotland

（Edinburgh；　1812）　and　General　Report；　4　vols。　（Edinburgh；　1814）

not　long　since　published　　works　replete　with　the　most　useful

and　interesting　information　on　agricultural　subjects。



12。　See　BPP；　1814…5；　V；　p。　66；　evidence　before　the　House　of

Lords；　given　by　Arthur　Young。



13。　In　all　our　discussions　we　should　endeavour；　as　well　as　we

can；　to　separate　that　part　of　high　price；　which　arises　from

excess　of　currency；　from　that　part；　which　is　natural；　and　arises

from　permanent　causes。　In　the　whole　course　of　this　argument；　it

is　particularly　necessary　to　do　this。



14。　It　will　be　observed；　that　l　have　said　in　a　progressive

country；　that　is；　in　a　country　which　requires　yearly　the

employment　of　a　greater　capital　on　the　land；　to　support　an

increasing　population。　If　there　were　no　question　about　fresh

capital；　or　an　increase　of　people；　and　all　the　land　were　good；　it

would　not　then　be　true　that　corn　must　be　sold　at　its　necessary

price。　The　actual　price　might　be　diminished；　and　if　the　rents　of

land　were　diminished　in　proportion。　the　cultivation　might　go　on

as　before；　and　the　same　quantity　be　produced　lt　very　rarely

happens；　however；　that　all　the　lands　of　a　country　actually

occupied　are　good；　and　yield　a　good　net　rent。　And　in　all　cases；　a

fall　of　prices　must　destroy　agricultural　capital　during　the

currency　of　leases；　and　on　their　renewal　there　would　not　be　the

same　power　of　production。



15。　This　conclusion　may　appear　to　contradict　the　doctrine　of　the

level　of　the　precious　metals。　And　so　it　does；　if　by　level　be

meant　level　of　value　estimated　in　the　usual　way。　I　consider　the

doctrine；　indeed；　as　quite　unsupported　by　facts；　and　the

comparison　of　the　precious　metals　to　water　perfectly　inaccurate。

The　precious　metals　are　always　tending　to　a　state　of　rest；　or

such　a　state　of　things　as　to　make　their　movement　unnecessary。　But

when　this　state　of　rest　has　been　nearly　attained；　and　the

exchanges　of　all　countries　are　nearly　at　par；　the　value　of　the

precious　metals　in　different　countries；　estimated　in　corn　and

labour；　or　the　mass　of　commodities；　is　very　far　indeed　from　being

the　same。　To　be　convinced　of　this；　it　is　only　necessary　to　look

at　England；　France；　Poland；　Russia；　and　India；　when　the　exchanges

are　at　par。　That　Adam　Smith。　who　proposes　labour　as　the　true

measure　of　value　at　all　times　and　in　all　places；　could　look

around　him；　and　vet　say　that　the　precious　metals　were　always　the

highest　in　value　in　the　richest　countries；　has　always　appeared　to

me　most　unlike　his　usual　attention　to　found　his　theories　on

facts。



16。　Even　upon　the　system　of　importation；　in　the　actual　state　and

situation　of　the　countries　of　Europe；　higher　prices　must

accompany　superior　and　increasing　wealth。



17。　We　must　not　be　so　far　deceived　by　the　evidence　before

Parliament；　relating　to　the　want　of　connection　between　the　prices

of　corn　and　of　labour；　as　to　suppose　that　they　are　really

independent　of　each　other。　The　price　of　the　necessaries　of　life

is；　in　fact；　the　cost　of　producing　labour。　The　supply　cannot

proceed；　if　it　be　not　paid；　and　though　there　will　always　be　a

little　latitude；　owing　to　some　variations　of　industry　and　habits；

and　the　distance　of　time　between　the　encouragement　to　population

and　the　period　of　the　results　appearing　in　the　markets：　yet　it　is

a　still　greater　error；　to　suppose　the　price　of　labour　unconnected

with　the　price　of　corn；　than　to　suppose　that　the　price　of　corn

immediately　and　completely　regulates　it。　Corn　and　labour　rarely

march　quite　abreast；　but　there　is　an　obvious　limit；　beyond　which

they　cannot　be　separated。　With　regard　to　the　unusual　exertions

made　by　the　labouring　classes　in　periods　of　dearness；　which

produce　the　fall　of　wages　noticed　in　the　evidence；　they　are　most

meritorious　in　the　individuals；　and　certainly　favour　the　growth

of　capital。　But　no　man　of　humanity　could　wish　to　see　them

constant　and　unremitted。　They　are　most　admirable　as　a　temporary

relief；　but　if　they　were　constantly　in　action；　effects　of　a

similar　kind　would　result　from　them；　as　from　the　population