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Show 198 OF THE RENT OF LAND. [CU. I fl. ' the abundance of the n1ines; but taken relatively, or in cotnpari,son ,vith the state of other countries, n1uch 1nay inferred frotn it. If we are to n1easure the value of the precious n1etals in different countries, and at different periods in the san1e country, by the price of corn, as proposed by himself: it ap-pears to me that ,,vhether \ve consider the first or second cause ,vhich has been referred to in this section, there are fe,v n1ore certain signs of wealth than the high average price of raw produce. vVith the value of n1oney uniform in respect to cost, then, independently of in1portation and improveInents in agriculture, the vvealth and population of a country \vould be proportioned to the high price of its corn. And in the actual state of things, \vith great differences in the value of money, it may generally be presun1ecl that those countries, which have the greatest abundance of exportable commodities, are either rich, or in the way rapidly to hecon1e rich.):.- * This conclusion may app~ar to contradict the doctrine of the level of the prPcious metals. And so it does, if by level be meant level of value estimated in the usual way. I consider that doctrine, indeed, as quite unsupported by facts. 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 differ<'nt 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 iJl a1l places, could look around him, and yet say that the precious me- SEC. VII.] OF THE RENT OF LAND. 199 It is of in1portance to ascertain this poiht; that 've n1ay not con1plain of one of the n1ost certain proofs of the prosperous condition of a cotn1try. SECTION VII. On tlte Causes whiclt nzay mislead the Landlord in letting llis Lands, to the Injury uoth of himself aud the Country. In the progress of a country to\vards a high state of i1nproven1ent, the positive \i\realth of the land .. lord ought, u1ion the principles \vhich have been laid do\vn, gradually to increase; although his relative condition and influence in society 'vill probably rather din1inish, owing to the increasing ntnnber and \Vealth of those who live upon a still n1ore important surplus*-the profits of stock. The progressive fall, with fe\v exceptions, in the value of the precious tnetals throughout Europe; the still greater fall, which has occurred in the richest countries, together vvith the increase of produce which has been obtained from the soil, tals 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. * I have hinted before, that profits may, without impropriety, be called a surplus. But, whether surplus or not, they arc the most important source of wealth, as they are, beyond all question, the main source of accumulatiop. 04 |