the　sole　cause　which　could　permanently　maintain　the　necessaries
  of　life　at　a　price　not　exceeding　the　cost　of　production。
  Is　it；　then；　possible　to　consider　the　price　of　the
  necessaries　of　life　as　regulated　upon　the　principle　of　a　common
  monopoly？　Is　it　possible；　with　M。　de　Sismondi；　to　regard　rent　as
  the　sole　produce　of　labour；　which　has　a　value　purely　nominal；　and
  the　mere　result　of　that　augmentation　of　price　which　a　seller
  obtains　in　consequence　of　a　peculiar　privilege；　or；　with　Mr
  Buchanan；　to　consider　it　as　no　addition　to　the　national　wealth；
  but　merely　as　a　transfer　of　value；　advantageous　only　to　the
  landlords；　and　proportionately　injurious　to　the　consumers？
  Is　it　not；　on　the　contrary；　a　clear　indication　of　a　most
  inestimable　quality　in　the　soil；　which　God　has　bestowed　on　man　…
  the　quality　of　being　able　to　maintain　more　persons　than　are
  necessary　to　work　it？　Is　it　not　a　part；　and　we　shall　see　further
  on　that　it　is　an　absolutely　necessary　part；　of　that　surplus
  produce　from　the　land；（9*）　which　has　been　justly　stated　to　be　the
  source　of　all　power　and　enjoyment；　and　without　which；　in　fact；
  there　would　be　no　cities；　no　military　or　naval　force；　no　arts；　no
  learning；　none　of　the　finer　manufactures；　none　of　the
  conveniences　and　luxuries　of　foreign　countries；　and　none　of　that
  cultivated　and　polished　society；　which　not　only　elevates　and
  dignifies　individuals；　but　which　extends　its　beneficial　influence
  through　the　whole　mass　of　the　people？
  In　the　early　periods　of　society；　or　more　remarkably　perhaps；
  when　the　knowledge　and　capital　of　an　old　society　are　employed
  upon　fresh　and　fertile　land；　this　surplus　produce；　this　bountiful
  gift　of　providence；　shows　itself　chiefly　in　extraordinary　high
  profits；　and　extraordinary　high　wages；　and　appears　but　little　in
  the　shape　of　rent。　While　fertile　land　is　in　abundance；　and　may　be
  had　by　whoever　asks　for　it；　nobody　of　course　will　pay　a　rent　to　a
  landlord。　But　it　is　not　consistent　with　the　laws　of　nature；　and
  the　limits　and　quality　of　the　earth；　that　this　state　of　things
  should　continue。　Diversities　of　soil　and　situation　must
  necessarily　exist　in　all　countries。　All　land　cannot　be　the　most
  fertile：　all　situations　cannot　be　the　nearest　to　navigable　rivers
  and　markets。　But　the　accumulation　of　capital　beyond　the　means　of
  employing　it　on　land　of　the　greatest　natural　fertility；　and　the
  greatest　advantage　of　situation；　must　necessarily　lower　profits；
  while　the　tendency　of　population　to　increase　beyond　the　means　of
  subsistence　must；　after　a　certain　time；　lower　the　wages　of
  labour。
  The　expense　of　production　will　thus　be　diminished；　but　the
  value　of　the　produce；　that　is；　the　quantity　of　labour；　and　of　the
  other　products　of　labour　besides　corn；　which　it　can　command；
  instead　of　diminishing；　will　be　increased。　There　will　be　an
  increasing　number　of　people　demanding　subsistence；　and　ready　to
  offer　their　services　in　any　way　in　which　they　can　be　useful。　The
  exchangeable　value　of　food　will；　therefore；　be　in　excess　above
  the　cost　of　production；　including　in　this　cost　the　full　profits
  of　the　stock　employed　upon　the　land；　according　to　the　actual　rate
  of　profits；　at　the　time　being。　And　this　excess　is　rent。
  Nor　is　it　possible　that　these　rents　should　permanently　remain
  as　parts　of　the　profits　of　stock；　or　of　the　wages　of　labour。　If
  such　an　accumulation　were　to　take　place；　as　decidedly　to　lower
  the　general　profits　of　stock；　and；　consequently；　the　expenses　of
  cultivation；　so　as　to　make　it　answer　to　cultivate　poorer　land；
  the　cultivators　of　the　richer　land；　if　they　paid　no　rent；　would
  cease　to　be　mere　farmers；　or　persons　living　upon　the　profits　of
  agricultural　stock。　They　would　unite　the　characters　of　farmers
  and　landlords　…　a　union　by　no　means　uncommon；　but　which　does　not
  alter；　in　any　degree；　the　nature　of　rent；　or　its　essential
  separation　from　profits。　If　the　general　profits　of　stock　were　20
  per　cent　and　particular　portions　of　land　would　yield　30　per　cent
  on　the　capital　employed；　10　per　cent　of　the　30　would　obviously　be
  rent；　by　whomsoever　received。
  It　happens；　indeed；　sometimes；　that　from　bad　government；
  extravagant　habits；　and　a　faulty　constitution　of　society；　the
  accumulation　of　capital　is　stopped；　while　fertile　land　is　in
  considerable　plenty；　in　which　case　profits　may　continue
  permanently　very　high；　but　even　in　this　case　wages　must
  necessarily　fall；　which　by　reducing　the　expenses　of　cultivation
  must　occasion　rents。　There　is　nothing　so　absolutely　unavoidable
  in　the　progress　of　society　as　the　fall　of　wages；　that　is　such　a
  fall　as；　combined　with　the　habits　of　the　labouring　classes；　will
  regulate　the　progress　of　population　according　to　the　means　of
  subsistence。　And　when；　from　the　want　of　an　increase　of　capital；
  the　increase　of　produce　is　checked；　and　the　means　of　subsistence
  come　to　a　stand；　the　wages　of　labour　must　necessarily　fall　so
  low；　as　only　just　to　maintain　the　existing　population；　and　to
  prevent　any　increase。
  We　observe　in　consequence；　that　in　all　those　countries；　such
  as　Poland；　where；　from　the　want　of　accumulation；　the　profits　of
  stock　remain　very　high；　and　the　progress　of　cultivation　either
  proceeds　very　slowly；　or　is　entirely　stopped；　the　wages　of　labour
  are　extremely　low。　And　this　cheapness　of　labour；　by　diminishing
  the　expenses　of　cultivation；　as　far　as　labour　is　concerned；
  counteracts　the　effects　of　the　high　profits　of　stock；　and
  generally　leaves　a　larger　rent　to　the　landlord　than　in　those
  countries；　such　as　America；　where；　by　a　rapid　accumulation　of
  stock；　which　can　still　find　advantageous　employment；　and　a　great
  demand　for　labour；　which　is　accompanied　by　an　adequate　increase
  of　produce　and　population；　profits　cannot　be　low；　and　labour　for
  some　considerable　time　remains　very　high。
  It　may　be　laid　down；　therefore；　as　an　incontrovertible　truth；
  that　as　a　nation　reaches　any　considerable　degree　of　wealth；　and
  any　considerable　fullness　of　population；　which　of　course　cannot
  take　place　without　a　great　fall　both　in　the　profits　of　stock　and
  the　wages　of　labour；　the　separation　of　rents；　as　a　kind　of
  fixture　upon　lands　of　a　certain　quality；　is　a　law　as　invariable
  as　the　action　of　the　principle　of　gravity。　And　that　rents　are
  neither　a　mere　nominal　value；　nor　a　value　unnecessarily　and
  injuriously　transferred　from　one　set　of　people　to　another；　but　a
  most　real　and　essential　part　of　the　whole　value　of　the　national
  property；　and　placed　by　the　laws　of　nature　where　they　are；　on　the
  land；　by　whomsoever　possessed；　whether　the　landlord；　the　crown；
  or　the　actual　cultivator。
  Rent　then　has　been　traced　to　the　same　common　nature　with　that
  general　surplus　from　the　land；　which　is　the　result　of　certain
  qualities　of　the　soil　and　its　products；　and　it　has　been　found　to
  commence　its　separation　from　profits；　as　soon　as　profits　and
  wages　fall；　owing　to　the　comparative　scarcity　of　fertile　land　in
  the　natural　progress　of　a　country　towards　wealth　and　population。
  Having　examined　the　nature　and　origin　of　rent；　it　remains　for
  us　to　consider　the　laws　by　which　it　is　governed；　and　by　which　its
  increase　or　decrease　is　regulated。
  When　capital　has　accumulated；　and　labour　fallen　on　the　most
  eligible　lands　of　a　country；　other　lands　less　favourably
  circumstanced　with　respect　to　fertility　or　situation；　may　be
  occupied　with　advantage。　The　expenses　of　cultivation；　including
  profits；　having　fallen；　poorer　land；　or　land　more　distant　from
  markets；　though　yielding　at　first　no　rent；　may　fully　repay　these
  expenses；　and　fully　answer　to　the　cultivator。　And　again；　when
  either　the　profits　of　stock　or　the　wages　of　labour；　or　both；　have
  still　further　fallen；　land　still　poorer；　or　still　less　favourably
  situated；　may　be　taken　into　cultivation。　And；　at　every　step；　it
  is　clear；　that　if　the　price　of　produce　does　not　fall；　the　rents
  of　land　will　rise。　And　the　price　of　produce　will　not　fall；　as
  long　as　the　industry　and　ingenuity　of　the　labouring　classes；
  assisted　by　the　capitals　of　those　not　employed　upon　the　land；　can
  find　something　to　give　in　exchange　to　the　cultivators　and
  landlords；　which　will　stimulate　them　to　continue　undiminished
  their　agricultural　exertions；　and　maintain　their　increasing
  excess　of　produce。
  In　tracing　more　particularly　the　laws　which　govern　the　rise
  and　fall　of　rents；　the　main　causes　which　diminish　the　expenses　of
  cultivation；　or　reduce　the　cost　of　the　instruments　of　production；
  compared　with　the　price　of　produce；　require　to　be　more
  specifically　enumerated。　The　principal　of　these　seem　to　be　four：
  first；　such　an　accumulation　of　capital　as　will　lower　the　profits
  of　stock；　secondly；　such　an　increase　of　population　as　will　lower
  the　wages　of　labour；　thirdly；　such　agricultural　improvements；　or
  such　increase　of　exertions；　as　will　diminish　the　number　of
  labourers　necessary　to　produce　a　given　effect；　and　fourthly；　such
  an　increase　in　the　price　of　agricultural　produce；　from　increased
  demand；　as　without