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Show 186 OF 1,H,E RENT OF LAN D. (cH. III. gradation not only all the vanous qualities of poor land, of 'vhich every large territory has general1y an abundance, but the inferior n1achinery 'vhic.h 1nay be said to be en1ployed '"hen good land is further and further forced for additional produce. .As 1he price of ra\V produce continues to rise, these inferior machines are successively called into action; and as the price of ra\V produce continues to fall, they are successively thrown out of action. 'rhe illustration here used serves to shew at once the necessity of the actual price of corn to the actual produce, in the existing state of n1ost of the countries with which 've are acquainted, and the differen~ effect which would attend a great reduction in the price of any particular n1anufacture, and a great reduction in the price of raw produce. We n1ust not ho\vever draw too large inferences fron1 this gradation of n1achinery on the land. It is 'vhat actually exists in ahnost all countries, and accounts very clearly for the origin and progress of rent, while land still remains in considerable plenty. But such a gradation is not strictly necessat! y, either to the original formation, or the subsequent regular rise of rents. All that is necessary to produce these effects, is, the existence of the t\vo first causes of rent fonnerly mentioned, 'vith the addition of limited territory, or a scarcity of fertile land. Whatever tnay be the qualities of any cotnnlodity, it is 'vell kno\vn that it can ha_ve no exchangeable value, if it exists in a oTeat excess b above the wants of those \Vho are to use it. But SEC. v.J OF THE REN ~r OF LAND. 187 such are the qualities of the necessaries of life that, in a lin1ited territory, and under ordinary circumstances, they cannot be permanently in ex,cess; and if all the land of such a country were precisely equal in quality, and all very rich, there cannot be the slightest doubt, that after the 'vhole of the land had been taken into cultivation, both the profits of stock, and the real wages of labour, '\VOuld go on din1inishing till profits had been reduced to 'vhat were necessary to keep up the actual capital, · and the wages to 'vhat 'vere necessary to keep up the actual population, '\vhile the rents would be high, just in. proportion to the fertility of the soil. Nor would the effect be essentially different, if the quantity of stock which could be etnployed· with advantage upon such fertile soil were extremely limited, so that no further capital "'ere required for it than what was wanted for ploughing and sowing. Still there can be no doubt that .capital and population might go on increasing in other etnployments, till they both came to a stand, and rents had reached the limits prescribed by the powers of the soil, and the habits of the people. In these cases it is obvious that the rents are not regulated by the gradations of the soil, or the different products of capital on the sa1ne land; and that it is too large an inference from the theory of rent to conclude with Mr. Ricardo, that " It is only because la.nd is of different qualities 'vith respect to its productive powers, and because in the progress of population, land of an inferior quality, |
