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　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　lan