the nature of rent- 第5部分

of　production　should　fall　in　price　at　the　same　time；　and　that　the

difference　between　the　price　of　produce　and　the　expense　of

cultivation　might　increase；　although　either　the　profits　of　stock

or　the　wages　of　labour　might　be　higher；　instead　of　lower。

　　　　In　the　same　manner；　when　the　produce　of　a　country　is

declining；　and　rents　are　falling；　it　is　not　necessary　that　all

the　instruments　of　production　should　be　dearer。　In　a　declining　or

stationary　country；　one　most　important　instrument　of　production

is　always　cheap；　namely；　labour；　but　this　cheapness　of　labour

does　not　counterbalance　the　disadvantages　arising　from　the

dearness　of　capital；　a　bad　system　of　culture；　and；　above　all；　a

fall　in　the　price　of　raw　produce；　greater　than　in　the　price　of

the　other　branches　of　expenditure；　which；　in　addition　to　labour；

are　necessary　tO　cultivation。

　　　　It　has　appeared　also；　that　in　the　progress　of　cultivation　and

of　increasing　rents；　rent；　though　greater　in　positive　amount；

bears　a　less；　and　lesser　proportion　to　the　quantity　of　capital

employed　upon　the　land；　and　the　quantity　of　produce　derived　from

it。　According　to　the　same　principle；　when　produce　diminishes　and

rents　fall；　though　the　amount　of　rent　will　always　be　less；　the

proportion　which　it　bears　to　capital　and　produce　will　always　be

greater。　And；　as　in　the　former　case；　the　diminished　proportion　of

rent　was　owing　to　the　necessity　of　yearly　taking　fresh　land　of　an

inferior　quality　into　cultivation；　and　proceeding　in　the

improvement　of　old　land；　when　it　would　return　only　the　common

profits　of　stock；　with　little　or　no　rent；　so；　in　the　latter　case；

the　high　proportion　of　rent　is　owing　to　the　impossibility　of

obtaining　produce；　whenever　a　great　expenditure　is　required；　and

the　necessity　of　employing　the　reduced　capital　of　the　country；　in

the　exclusive　cultivation　of　its　richest　lands。

　　　　In　proportion；　therefore；　as　the　relative　state　of　prices　is

such　as　to　occasion　a　progressive　fall　of　rents；　more　and　more

lands　will　be　gradually　thrown　out　of　cultivation；　the　remainder

will　be　worse　cultivated；　and　the　diminution　of　produce　will

proceed　still　faster　than　the　diminution　of　rents。

　　　　If　the　doctrine　here　laid　down；　respecting　the　laws　which

govern　the　rise　and　fall　of　rents；　be　near　the　truth；　the

doctrine　which　maintains　that；　if　the　produce　of　agriculture　were

sold　at　such　a　price　as　to　yield　less　net　surplus；　agriculture

would　be　equally　productive　to　the　general　stock；　must　be　very

far　from　the　truth。

　　　　With　regard　to　my　own　conviction；　indeed；　I　feel　no　sort　of

doubt　that　if；　under　the　impression　that　the　high　price　of　raw

produce；　which　occasions　rent；　is　as　injurious　to　the　consumer　as

it　is　advantageous　to　the　landlord；　a　rich　and　improved　nation

were　determined　by　law；　to　lower　the　price　of　produce；　till　no

surplus　in　the　shape　of　rent　anywhere　remained；　it　would

inevitably　throw　not　only　all　the　poor　land；　but　all；　except　the

very　best　land；　out　of　cultivation；　and　probably　reduce　its

produce　and　population　to　less　than　one　tenth　of　their　former

amount。

　　　　From　the　preceding　account　of　the　progress　of　rent；　it

follows；　that　the　actual　state　of　the　natural　rent　of　land　is

necessary　to　the　actual　produce；　and　that　the　price　of　produce；

in　every　progressive　country；　must　be　just　about　equal　to　the

cost　of　production　on　land　of　the　poorest　quality　actually　in

use；　or　to　the　cost　of　raising　additional　produce　on　old　land；

which　yields　only　the　usual　returns　of　agricultural　stock　with

little　or　no　rent。

　　　　It　is　quite　obvious　that　the　price　cannot　be　less；　or　such

land　would　not　be　cultivated；　nor　such　capital　employed。　Nor　can

it　ever　much　exceed　this　price；　because　the　poor　land

progressively　taken　into　cultivation；　yields　at　first　little　or

no　rent；　and　because　it　will　always　answer　to　any　farmer　who　can

command　capital；　to　lay　it　out　on　his　land；　if　the　additional

produce　resulting　from　it　will　fully　repay　the　profits　of　his

stock；　although　it　yields　nothing　to　his　landlord。

　　　　It　follows　then；　that　the　price　of　raw　produce；　in　reference

to　the　whole　quantity　raised；　is　sold　at　the　natural　or　necessary

price；　that　is；　at　the　price　necessary　to　obtain　the　actual

amount　of　produce；　although　by　far　the　largest　part　is　sold　at　a

price　very　much　above　that　which　is　necessary　to　its　production；

owing　to　this　part　being　produced　at　less　expense；　while　its

exchangeable　value　remains　undiminished。

　　　　The　difference　between　the　price　of　corn　and　the　price　of

manufactures；　with　regard　to　natural　or　necessary　price；　is　this；

that　if　the　price　of　any　manufacture　were　essentially　depressed；

the　whole　manufacture　would　be　entirely　destroyed；　whereas；　if

the　price　of　corn　were　essentially　depressed；　the　quantity　of　it

only　would　be　diminished。　There　would　be　some　machinery　in　the

country　still　capable　of　sending　the　commodity　to　market　at　the

reduced　price。

　　　　The　earth　has　been　sometimes　compared　to　a　vast　machine；

presented　by　nature　to　man　for　the　production　of　food　and　raw

materials；　but；　to　make　the　resemblance　more　just；　as　far　as　they

admit　of　comparison；　we　should　consider　the　soil　as　a　present　to

man　of　a　great　number　of　machines；　all　susceptible　of　continued

improvement　by　the　application　of　capital　to　them；　but　yet　of

very　different　original　qualities　and　powers。

　　　　This　great　inequality　in　the　powers　of　the　machinery　employed

in　procuring　raw　produce；　forms　one　of　the　most　remarkable

features　which　distinguishes　the　machinery　of　the　land　from　the

machinery　employed　in　manufactures。

　　　　When　a　machine　in　manufactures　is　invented；　which　will

produce　more　finished　work　with　less　labour　and　capital　than

before；　if　there　be　no　patent；　or　as　soon　as　the　patent　is　over；

a　sufficient　number　of　such　machines　may　be　made　to　supply　the

whole　demand；　and　to　supersede　entirely　the　use　of　all　the　old

machinery。　The　natural　consequence　is；　that　the　price　is　reduced

to　the　price　of　production　from　the　best　machinery；　and　if　the

price　were　to　be　depressed　lower；　the　whole　of　the　commodity

would　be　withdrawn　from　the　market。

　　　　The　machines　which　produce　corn　and　raw　materials　on　the

contrary；　are　the　gifts　of　nature；　not　the　works　of　man；　and　we

find；　by　experience；　that　these　gifts　have　very　different

qualities　and　powers。　The　most　fertile　lands　of　a　country；　those

which；　like　the　best　machinery　in　manufactures；　yield　the

greatest　products　with　the　least　labour　and　capital；　are　never

found　sufficient　to　supply　the　effective　demand　of　an　increasing

population。　The　price　of　raw　produce；　therefore；　naturally　rises

till　it　becomes　sufficiently　high　to　pay　the　cost　of　raising　it

with　inferior　machines；　and　by　a　more　expensive　process；　and；　as

there　cannot　be　two　prices　for　corn　of　the　same　quality；　all　the

other　machines；　the　working　of　which　requires　less　capital

compared　with　the　produce；　must　yield　rents　in　proportion　to

their　goodness。

　　　　Every　extensive　country　may　thus　be　considered　as　possessing

a　gradation　of　machines　for　the　production　of　corn　and　raw

materials；　including　in　this　gradation　not　only　all　the　various

qualities　of　poor　land；　of　which　every　large　territory　has

generally　an　abundance；　but　the　inferior　machinery　which　may　be

said　to　be　employed　when　good　land　is　further　and　further　forced

for　additional　produce。　As　the　price　of　raw　produce　continues　to

rise；　these　inferior　machines　are　successively　called　into

action；　and；　as　the　price　of　raw　produce　continues　to　fall；　they

are　successively　thrown　out　of　action。　The　illustration　here　used

serves　to　show　at　once　the　necessity　of　the　actual　price　of　corn

to　the　actual　produce；　and　the　different　effect　which　would

attend　a　great　reduction　in　the　price　of　any　particular

manufacture；　and　a　great　reduction　in　the　price　of　raw　produce。

　　　　I　hope　to　be　excused　for　dwelling　a　little；　and　presenting　to

the　reader　in　various　forms　the　doctrine；　that　corn　in　reference

to　the　quantity　actually　produced　is　sold　at　its　necessary　price

like　manufactures；　because　I　consider　it　as　a　truth　of　the

highest　importance；　which　has　been　entirely　overlooked　by　the

Economists；　by　Adam　Smith；　and　all　those　writers　who　have

represented　raw　produce　as　selling　always　at　a　monopoly　price。

　　　　Adam　Smith　has　very　clearly　explained　in　what　manner　the

progress　of　wealth　and　improvement　tends　to　raise　the　price　of

cattle；　poultry；　the　materials　of　clothing　and　lodging；　the　most

useful　minerals；　etc。；　etc。　compared　with　corn；　but　he　has　not

entered　into　the　explanation　of　the　natural　causes　which　tend　to

determine　the　price　of　corn。　He　has　left　the　reader；　indeed；　to

conclude；　that　he　considers　the　price　of　corn　as　determined　only

by　the　state　of　the　mines　which　at　the　time　supply　the

circulating　medium　of　the　commercial　world。　But　this　is　a　cause

obviously　inadequate　to　account　for　the　actual　differences　in　the

price　of　grain；　observable　in　countries　at　no　great　distance　from

each　other；　and　at　nearly　the　same　distance　from　the　mines。

　　　　I　entirely　agree　with　him；　that　it　is　of　great　use　to　inquire

into　the　causes　of　high　price；　as；　from　the　result　of　such

inquiry；　it　may　turn　out；　that　the　very　circumstance　of　which　we

complain；　may　be　the　necessary　consequence　and　the　most　certain

sign　of　increasing　wealth　and　prosperity。　But；　of　all　inquiries

of　this　kind；　none　surely　can　be　so　important；　or　so　generally

interesting；　as　an　inquiry　into　the　causes　which　affect　the　price

of　corn；　and　which　occasion　the　differences　in　this　price；　so

observable　in　different　countries。

　　　　I　have　no　hesitation　in　stating　that；　independently　of

irregularities　in　the　currency　of　a　country；（13*）　and　other

temporary　and　accidental　circumstances；　the　cause　of　the　high

comparative　money　price　of　corn　is　its　high　comparative　real

price；　or　the　greater　quantity　of　capital　and　labour　which　must

be　employed　to　produce　it：　and　t