按键盘上方向键 ← 或 → 可快速上下翻页，按键盘上的 Enter 键可回到本书目录页，按键盘上方向键 ↑ 可回到本页顶部！
————未阅读完？加入书签已便下次继续阅读！
profits are a more frequent and powerful source of accumulation；
than either an increased spirit of saving； or any other cause
that can be named。（19*） It is the only cause which seems capable
of accounting for the prodigious accumulation among individuals；
which must have taken place in this country during the last
twenty years； and which has left us with a greatly increased
capital； notwithstanding our vast annual destruction of stock；
for so long a period。
Among the temporary causes of high price； which may sometimes
mislead the landlord； it is necessary to notice irregularities in
the currency。 When they are likely to be of short duration； they
must be treated by the landlord in the same manner as years of
unusual demand。 But when they continue so long as they have done
in this country； it is impossible for the landlord to do
otherwise than proportion his rent accordingly； and take the
chance of being obliged to lessen it again； on the return of the
currency to its natural state。
The present fall in the price of bullion； and the improved
state of our exchanges； proves； in my opinion； that a much
greater part of the difference between gold and paper was owing
to commercial causes； and a peculiar demand for bullion than was
supposed by many persons； but they by no means prove that the
issue of paper did not allow of a higher rise of prices than
could be permanently maintained。 Already a retrograde movement；
not exclusively occasioned by the importations of corn； has been
sensibly felt； and it must go somewhat further before we can
return to payments in specie。 Those who let their lands during
the period of the greatest difference between notes and bullion；
must probably lower them； whichever system may be adopted with
regard to the trade in corn。 These retrograde movements are
always unfortunate； and high rents； partly occasioned by causes
of this kind； greatly embarrass the regular march of prices； and
confound the calculations both of the farmer and landlord。
With the cautions here noticed in letting farms； the landlord
may fairly look forward to a gradual and permanent 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 from an increase in the quantity of produce。
If in taking rents； which 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
will generally be owing to heavy taxation。
Though it is by no means true； as stated by the Economists；
that all taxes fall on the net rents of the landlords； yet it is
certainly true that they are more frequently taxed both
indirectly as well as directly； and have less power of relieving
themselves； than any other order of the state。 And as they pay；
as they certainly do； many of the taxes which fall on the capital
of the farmer and the wages of the labourer； as well as those
directly imposed on themselves； they must necessarily feel it in
the diminution of that portion of the whole produce； which under
other circumstances would have fallen to their share。 But the
degree in which the different classes of society are affected by
taxes； is in itself a copious subject； belonging to the general
principles of taxation； and deserves a separate inquiry。
NOTES：
1。 I cannot； however； agree with him in thinking that all land
which yields food must necessarily yield rent。 The land which is
successively taken into cultivation in improving countries； may
only pay profits and labour。 A fair profit on the stock employed；
including； of course； the payment of labour； will always be a
sufficient inducement to cultivate。
2。 J。B。 Say； Traite d'economie politique； 2nd ed。； 2 vols。
（Paris； 1814） ii； p。 124。 Of this work a new and much improved
edition has lately been published； which is highly worthy the
attention of all those who take an interest in these subjects。
3。 J。C。L。S。 de Sismondi； De la richesse commerciale； 2 vols。
（Geneva； 1803）； i； p。 49。
4。 Adam Smith； An inquiry into the nature and causes of the
wealth of nations； ed。 D。 Buchanan； 4 vols。 （Edinburgh； 1814） iv；
p。 134。
5。 Smith； Wealth of nations； iii； p。 212。
6。 It is； however； certain； that if either these materials be
wanting； or the skill and capital necessary to work them up be
prevented from forming； owing to the insecurity of property； to
any other cause； the cultivators will soon slacken in their
exertions； and the motives to accumulate and to increase their
produce； will greatly diminish。 But in this case there will be a
very slack demand for labour； and； whatever may be the nominal
cheapness of provisions； the labourer will not really be able to
command such a portion of the necessaries of life； including； of
course； clothing； lodging； etc。 as will occasion an increase of
population。
7。 I have supposed some check to the supply of the cotton
machinery in this case。 If there was no check whatever； the
effects wold show themselves in excessive profits and excessive
wages； without an excess above the cost of production。
8。 Smith； Wealth of nations； iv； p。 35。
9。 The more general surplus here alluded to is meant to include
the profits of the farmer； as well as the rents of the landlord；
and； therefore； includes the whole fund for the support of those
who are not directly employed upon the land。 Profits are； in
reality； a surplus； as they are in no respect proportioned （as
intimated by the Economists） to the wants and necessities of the
owners of capital。 But they take a different course in the
progress of society from rents； and it is necessary； in general；
to keep them quite separate。
10。 According to the calculations of Mr Colquhoun； the value of
our trade； foreign and domestic；and of our manufactures；
exclusive of raw materials； is nearly equal to the gross value
derived from the land。 In no other large country probably is this
the case。 P。 Colquhoun； Treatise on the wealth； power； and
resources of the British Empire； 2nd ed。 （1815）； p。 96。 The whole
annual produce is estimated at about 430 millions； and the
products of agriculture at about 216 millions。
11。 To the honour of Scotch cultivators； it should be observed；
that they have applied their capitals so very skilfully and
economically； that at the same time that they have prodigiously
increased the produce； they have increase the landlord's
proportion ot it。 The difference between the landlord's share of
the produce in Scotland and in England is quite extraordinary
much greater than can be accounted for； either by the natural
soil or the absence of tithes and poor's rates。 See Sir John
Sinclair's valuable An account of husbandry in Scotland
（Edinburgh； 1812） and General Report； 4 vols。 （Edinburgh； 1814）
not long since published works replete with the most useful
and int