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particularly by so general a one as the property tax。 The farmer；
therefore； by paying a less rent to his landlord on the renewal
of his lease； is relieved from any peculiar pressure； and may go
on in the common routine of cultivation with the common profits。
But his encouragement to lay out fresh capital in improvements is
by no means restored by his new bargain。 This encouragement must
depend； both with regard to the farmer and the landlord himself；
exclusively on the price of produce； compared with the price of
the instruments of production； and； if the price of these
instruments have been raised by taxation； no diminution of rent
can give relief。 It is； in fact； a question； in which rent is not
concerned。 And； with a view to progressive improvements； it may
be safely asserted； that the total abolition of rents would be
less effectual than the removal of taxes which fall upon
agricultural capital。
I believe it to be the prevailing opinion； that the greatest
expense of growing corn in this country is almost exclusively
owing to the weight of taxation。 Of the tendency of many of our
taxes to increase the expenses of cultivation and the price of
corn； I feel no doubt； but the reader will see from the course of
argument pursued in this inquiry； that I think a part of this
price； and perhaps no inconsiderable part； arises from a cause
which lies deeper； and is in fact the necessary result of the
great superiority of our wealth and population； compared with the
quality of our natural soil and the extent of our territory。
This is a cause which can only be essentially mitigated by
the habitual importation of foreign corn； and a diminished
cultivation of it at home。 The policy of such a system has been
discussed in another place； but； of course； every relief from
taxation must tend； under any system； to make the price of corn
less high； and importation less necessary。
In the progress of a country towards a high state of
improvement； the positive wealth of the landlord ought； upon the
principles which have been laid down； gradually to increase；
although his relative condition and influence in society will
probably rather diminish； owing to the increasing number and
wealth of those who live upon a still more important surplus（18*）
… the profits of stock。
The progressive fall； with few exceptions； in the value of
the precious metals throughout Europe； the still greater fall；
which has occurred in the richest countries； together with the
increase of produce which has been obtained from the soil； must
all conduce to make the landlord expect an increase of rents on
the renewal of his leases。 But； in reletting his farms； he is
liable to fall into two errors； which are almost equally
prejudicial to his own interests； and to those of his country。
In the first place； he may be induced； by the immediate
prospect of an exorbitant rent； offered by farmers bidding
against each other； to let his land to a tenant without
sufficient capital to cultivate it in the best way； and make the
necessary improvements upon it。 This is undoubtedly a most
short…sighted policy； the bad effects of which have been strongly
noticed by the most intelligent land surveyors in the evidence
lately brought before Parliament； and have been particularly
remarkable in Ireland； where the imprudence of the landlords in
this respect； combined； perhaps； with some real difficulty of
finding substantial tenants； has aggravated the discontents of
the country； and thrown the most serious obstacles in the way of
an improved system of cultivation。 The consequence of this error
is the certain loss of all that future source of rent to the
landlord； and wealth to the country； which arises from increase
of produce。
The second error to which the landlord is liable； is that of
mistaking a mere temporary rise of prices； for a rise of
sufficient duration to warrant an increase of rents。 It
frequently happens； that a scarcity of one or two years； or an
unusual demand arising from any other cause； may raise the price
of raw produce to a height； at which it cannot be maintained。 And
the farmers； who take land under the influence of such prices；
will； in the return of a more natural state of things； probably
break； and leave their farms in a ruined and exhausted state。
These short periods of high price are of great importance in
generating capital upon the land； if the farmers are allowed to
have the advantage of them； but； if they are grasped at
prematurely by the landlord； capital is destroyed； instead of
being accumulated； and both the landlord and the country incur a
loss； instead of gaining a benefit。
A similar caution is necessary in raising rents； even when
the rise of prices seems as if it would be permanent。 In the
progress of prices and rents； rent ought always to be a little
behind； not only to afford the means of ascertaining whether the
rise be temporary or permanent； but even in the latter case； to
give a little time for the accumulation of capital on the land；
of which the landholder is sure to feel the full benefit in the
end。
There is no just reason to believe； that if the lands were to
give the whole of their rents to their tenants； corn would be
more plentiful and cheaper。 If the view of the subject； taken in
the preceding inquiry； be correct； the last additions made to our
home produce are sold at the cost of production； and the same
quantity could not be produced from our own soil at a less price；
even without rent。 The effect of transferring all rents to
tenants； would be merely the turning them into gentlemen； and
tempting them to cultivate their farms under the superintendence
of careless and uninterested bailiffs； instead of the vigilant
eye of a master； who is deterred from carelessness by the fear of
ruin； and stimulated to exertion by the hope of a competence。 The
most numerous instances of successful industry； and well…directed
knowledge； have been found among those who have paid a fair rent
for their lands； who have embarked the whole of their capital in
their undertaking； and who feel it their duty to watch over it
with unceasing care； and add to it whenever it is possible。 But
when this laudable spirit prevails among a tenantry； it is of the
very utmost importance to the progress of riches； and the
permanent increase of rents； that it should have the power as
well as the will to accumulate； and an interval of advancing
prices； not immediately followed by a proportionate rise of
rents； furnishes the most effective powers of this kind。 These
intervals of advancing prices； when not succeeded by retrograde
movements； most powerfully contribute to the progress of national
wealth。 And practically I should say； that when once a character
of industry and economy has been established； temporary high
profits are a more frequent and powerful source of accumulation；
than either an increased spirit of saving； or an