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Show 180 / OF THE IlENrr OF LAND. [cR. IlL general stagnation in all other trades. In the n1ean tin1e, the fall in the price of labour from the competition of the labourers joined to the poverty of the cultivators, and the fall of rents both from the want of power and the want of will to pay the former rents, restored by degrees the prices .of con1modities, the wages of labour, and the rent,s of land, nearly to their forn1er proportions, though all lower than they ~~rere before. 1'he land \V hich had been thrown out of tillage n1ight then again be cultivated with advantage; but in the progress frotn the lovver to the. higher value .... of money, a period would have elapsed of din1inished produce, din1inisbed capital, and din1inished rents. 'I'he country \Vould recotnn1ence a progressive tnovetnent fro1n an in1poverished state; and, owing to a fall in the value of corn greater than in taxed con1- n1odities, foreign cominodities, and others "\V hich form a part of the capital of the _farmer and of the necessaries and conveniences of the labourer, the pern1anent difficulties of cultivation \vou1cl be great compared \vith the natural fertility of the worst soil then actually in tillage. It appeared that, in the progress of cultivation and of increasing rents, it vvas not necessary that all the instruments of production should fall in price at the same titne ; and that the difference between the price of produce and the expense of cul... · tivation n1ight increase, although either the profits of stock or the 'vages of labour n1io-ht be hio·her, • b b Instead of lo,ver. In the san1e mann~r, \V hen the produce of a SEC. IV.] OF THE RENT OF LAND. 1~1 country is declining, and rents are falling, it is not necessary that all the instruments of production should be dearer. In the natural proo-ress of de-l . h ~ b cIne, ~ ~ profits of stock are necessarily low; be-cau_ se It Is sp_ecifically the \Vant of adequate return s-\ Vhich occasions this decline .. After stock has been destroyed, profits may become hio·h and wao·es low· b h b b ' ~t t e lo\v price of raw produce joined to the htgh profits of a scanty capital may more than counterbalance the low 'vao·es of labour and render . . . b ' ~t nnp~ssible to cultivate land \Vhere n1uch capital zs requ1red. I: h~s appeared also, that in the progress of cultivah?n, and of increasing rents, rent thouo·h greater. m positive amount, bears a less 'and l:ss proportion to the quantity of capital enlployed u:on ~he land, an.d the quantity of produce derived fiom It. ~c~o~·dtng to the same principle, \Vhen produce diminishes and rents .call th 1 1 . 1 i , oug 1 t 1e atn?unt_ of rent \VIll always be less, the proportion W~Ich It bears t? capital and produce will be gteater.. And as, In the fornler case, the din1inished proportion. of rent \vas owinoo· to the necess1. ty o f yeat~ly t_aking fresh land of an inferior quality int cultivation and pr d. · 1 . 0 old 1 ' . ocee Ing In t le 11IlprovenJent of and, wben It \Vould return only th profits of t k . . e con1n1on I s oc ' '¥Ith httle or no rent. so in the atter case, the hio·h . . . ' . ' t th d . b piopoi tion of rent Is 0 ,vino-o e Iscourao·em t f. 0 ao- .· . b en o a great expenditure in doilcdultut~, and the necessity of enlployino- the re-uce capital of th · b tivati f . e country In the exclusive cui-on o the richest lands, and leavinoo· the re- · NS |
