| OCR Text |
Show OF THE RENT OF LAND. [cu. 111. into gentlen1en, and tetnpting thetn to cultivate their farn1s under the superintendence of careless and uninterested bailiffs, instead of the vigilant eye ' of a 1naster, \vho is deterred fron1 carelessness by the fear of ruin, and stitnulated to exertion by the hope of a cotnpetence. The n1ost numerous instances of successful industry, and well-directed knowledge, have been found an1ong those who have paid a fair rent for their lands; vvho have etnbarked the \vhole of their capital in their undertaking; and \vho feel it their duty to \Vatch over it \vith unceasing case, and add to it \Vhencver it is possible. But vvhen this laudable spirit prevails among a tenantry, it is of the very utn1ost in1portance to the progress of riches, and the pern1anent increase of rents, that it should have the povver as vvell as the \vDl to accun1ulate; and an interval of adv~ ncing prices, not in1mediately follo\vecl by'a proportionate rise of rents, furnishes the n1ost effective po\vers of this kind. These in'tervals of advancing prices, when not succeeded by retrograde n1oven1ents, n1ost po\verfully contribute to th~ progress of national \·vealth. And practically I should say, that \vhen once a character of industry and econon1y has been established, tetnporary high profits are a n1ore frequent and po\verful source of accutnulation than either an increased spirit of saving, or any other cause that ~an be nan1ed.:X: It is the • Adam Smith notices the bad,effects of hjgh profits on the habits of the capitalist. They may perhaps sometimes occasion ex- SEC. VII.] OF TilE RENT 0 F .LAN D. £03 only cause \Vhich seen1s capable of accounting for the prodio·ious accun1ulation an1ong· i11clividuals, b L \vhich n1ust have taken place in this country during the last \va{·, and \vhich left us vvith a greatly increased capital, not\vithstanding the vast annual destruction of stock, for so long a period. An1ong the temporary causes of high price, \vhich may son1eti1nes n1islead the landlord, it is necessary to notice irregularities ,in the currency:. vVhcn they are likely to be of short duration, they . n1ust be treated by the landlord in the sarne manncr as years o~ unusual den1ancl. But \Vhen they continue so long as they have done in this country, it is impossible for the landlord to do other\vise than regulate his rent accordingly, and take the chance of being obliged to lessen it again, on the return of the currency to its natural state. vVith the cautions here noticed in letting farms, the landlord tnay fairly .look forward to a gradual and pen11anent 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 fron1 an increase in the quantity of produce. If in taking rents, \Vhich 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 \vill generally be O\ving to heavy taxation. travagance; but generally, I should say, that extravagant habits were a more frequent cause of a :scarcity of capital and high profit::;, than high profit:; of extravagant habits. |
