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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 difference