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Show 5-18 SUMMARY-. SEcT. VI.-Of the Connection betwern great comparati·oe TVealth and a lLigh c~mparati'Ve Price if Raw Produce. PAGE Adan1 Smith, in explaining the cau cs of the rise of many sorts of raw products con1pared with corn, has omitted to consider the causes of the differences in the value of corn at different times, and in different countries I 92 The two main causes of these difl'erences are, a difference in the value of the precious metal , and a difference in the cost of producing com . . . . . . : ·. · · · . · 193 To the first cause is to be attributed the ma1n differences m the prices of corn il). different countries, particularly in those situated at a great distance from each other ib. If the value of n1oney 'vere the same in all countries, then the differences of price lvould arise exclusively from the different costs of production, under all the actual circum-stances of each country . 194 Nations richer than others must, under sin1ilar circumstances, either have their corn at a higher price, or be dependant upon their neighbours for their support . . · · · I95 High price, or the importation of necessaries) are the natural alternatives belonging to a great increase of wealth, though liable to various n1odifications from circun1stances . · · 196 Corn has a natural tendency to rise in the progress of society, from the increasing cost of production, and Inanufactures have a constant tendency to fall from an opposite cause · I 97 Whichever of the two causes of the high price of corn we consider) this high price is generally connected with wealth, . contrary to the staten1ent of Adam S1nith · · · Ih. SEcT·. VII.-Of the Causes whz.c h may mz·s ze a d tztZ e L an dlord in lett· ing his Lands, to tiLe in.fury if both himself and tlze Cou_ntry. The landlord, under all the circumstances of hI.S S'l tu a twn ' may naturally expect to raise his rents on the ren~wa~ .of leases, but in doing this he may fall into errors preJudicial to hin1self and the country . . . . . · · ' 199 By letting his lands to the best bidder, without any further attention ; or by mistaking a temporary for a permane~t rise of price, he may prevent the improvement of Ius farms . .- · · · 200 S U !Ill\ I Ak Y. In the progress of prices, even when likely to be permanent, PAGE rents ought always to be a little behind . 20 J If the landlords were to give the whole of their rents to their tenants, there is no reason to think that corn would be more plentiful or cheaper . ib. But when a proper spirit of industry· and enterprize prevails among a tenantry, it is of importance that they should have the means of accumulation and improvement . 202 Ivregularities in the currency arc another source of error to the landlord. When they continue long he must raise his rents accordingly, and lower them again when the value of Inoney is restored · 203 With these cautions, the landlord n1ay fairly look to a pet'manent increase of rents, and if in a country, the cultivation of which is extending, they do not rise more than in proportion to the price of corn, it can only be owing to taxation ib. Though it is not true, as stated by the Economists, that all taxes fall on the landlords ; yet it is true that they have little power of relieving themselves . 204 SEC'l'. VIII.--On the strict and necessary Connection qftlte Interests of the Landlord and of the State, irt a Country wh.iclt support~ its own Population. The interests of the landlord are considered by Adam Smith as closely connected with those of the state, and this seems to be. confirmed by the theory of rent, as laid down in the present chapter , . 204 But Mr. Ricardo considers these interests as directly opposed to each· other. To this opinion he has been led by the peculiar and confined view which he has taken of rent as arising exclusively fi'X>m high price and difficulty of pro-duct1. on • • • • • • · , . 205 If this view were correct, the opjnions above stated might be w.e ll-founded '· but if the landlord's inc01ne is practically found to depend chiefly upon facility of production, the - . opinion cannot be maintained I h. It is allowed that if a most extraordinary degree of fertility NN3 |