第7章

whichthenon-agriculturalpopulationbearsaverysmallproportiontothehusbandmen，itisusuallyinvaintoexpect，that

theadditionalcapitalandskillnecessarytoeffectgreatnationalimprovementsincultivation，canbegeneratedanywherebut

onthelanditself，andamongitsactualoccupiers。Ifonce，therefore，thepeasantryaresofarreducedintheircircumstances

andcharacter，astohaveneitherthemeans，nor，afteratime，thewishorhope，toacquirepropertyandimprovetheir

condition；thestateofagriculturalproduction，andtherelativenumbersofthenon-agricultural。andotherclassesmustbe

nearlystationary；and，undersuchcircumstances，allplansfortheadvancementofagriculture，andimprovementofthe

conditionofthepeasants，whicharenotfoundedontheprinciplethatthemeansofthecultivatoraretobe，inthefirstplace，

enlarged，prove，almostnecessarily，abortive。Lawswhichconferuponhimpoliticalrightsandsecurity，areinthemselvesa

meredeadletter，whilepovertyweighshimdown，andkeepshimfastinhisposition。TheFrenchmetayershadlongceased

tobesubjecttothearbitrarypoweroftheproprietors:theirpersonsandpropertieswere，withsomeexceptions，assecureas

thoseofanyclassinFrance；yettheircondition，andthecharacteroftheircultivationwere，atbest，stationary，and，insome

districts，certainlydeclining。ItwastheonegreatobjectoftheFrencheconomists，tosubstituteforthisclassofcultivators，

capitalistspayingmoneyrents，andthefaultoftheirplans，foraccomplishingtheirpurpose，wasthis，thatinsteadof

recommendingmeasuresforthegeneraltransformationofthemetayersthemselvesintocapitalists，theyfoundedalltheir

hopesofeffectingthechangetheythoughtsoallimportant，ontheremovalofthemetayers，andthegradualspreadof

capitalists，fromthedistrictsinwhichtheyhadalreadyestablishedthemselves。Thiswasaprocess，whichcouldonlyhave

goneonatallunderaveryfavourablestateofthemarketsforagriculturalproduce，andwhich，itwillbeclear，musthave

takenagestocomplete，ifweconsiderthesmallpartofFranceoccupiedbycapitalists，andtheverylargeproportionofher

surfacetilledbymetayers。Thetransformationofthemetayersthemselveswaslessdifficult，butitwasopposedbythemoral

obstaclewearespeakingof，whichformstherealimpedimenttotheprogressofimprovement，underalltheformsof

peasantrent。Itrequiredadistinctsacrificeofimmediateincome，onthepartoftheproprietorsorthegovernment。The

metayerswereoppressedbytaxes，morethanbyrent:theshareofthelandlordintheproducehadnever

beenincreased；but

theexactionsofgovernmentfromthetenant"sportion，hadreducedhimtothestateofmiserywhichTurgotdescribes。To

enablethecultivatorsthentoamendtheircircumstances，toaccumulate，andultimatelytochangetheirformofholding，it

wasnecessarytobeginbylighteningtheactualpressureonthem:toeffectthis，eitherthegovernmentmusthaveremitted

partofitstaxes，ortheproprietorshaveconsentedtopaypartofthem，andtorelinquishthusapartoftheirownrevenue。

Onthesideofthestate，publicnecessity，partlyreal，andpartlyassumedbyministerswhodidnotforeseetowhatpointthey

weredrivingthepopulation；onthepartoftheproprietors，whatTurgotispleasedtocalltheillusionsofselfinterestill

understood，preventedsucharemissionoftheburthensofthepeasantryasmighthaveenabledthemtomakeastartin

advance:theycontinuedthereforepoor，inefficient，stationary；andtheagriculturalresourcesofthestatewerestuntedand

stoptintheirgrowthwiththepeasantry。Inspiteofthemiseriesofthatrevolution，throughwhichthefreedomofthe

cultivatorsfromtheirancientoppressionshasbeenearnt，therevenuesofthebodyofagriculturistshavesoincreased，that

Franceconsumesmorethanthreetimesthequantityofmanufacturedcommoditiesshedidbeforetherevolution，andher

nonagriculturalpopulationhasdoubled。Thesefactstellatoncehowmuchsirelostinstrengthandwealth，bythefeebleness

oftheagriculturaleffortsofthepeasantryundertheoldregime。ButconvulsionslikethatwhichinFrancedestroyedthe

relationsbetweenlandlordandtenant，andconvertedalargeportionofthemetayersintosmallproprietors，arenottobe

countedonintheordinarycourseofhumanaffairs；andwhenonceeithertheexactionsoflandlords，or

ofthestate，or

indeedanyothercircumstances，havereducedapeasanttenantrytopenury，thesamedifficultyconstantlyopposesitselfto

thecommencementofimprovement。Nooneiswillingtomake，nooneordinarilythinksofmaking，adirectsacrificeof

revenue，forthepurposeofaugmentingtheiractualmeans；andnothingshortofthatwillenablethemtostart。InIndia，the

Anglo-IndiangovernmenthavebeencreditablyreadytogivemoresecurityandmorecivilrightstotheirIndiansubjectsthan

theybeforeenjoyed；butwhenitbecameaquestionofdirectsacrificeofrevenue，notwithstandingtheclearestconvictionin

theirownminds，thatthepopulationwouldbeincreased，cultivationimproved，andthewealthandresourcesoftheir

territoriesrapidlymultiplied，stilltheexigenciesofthegovernmentwouldnotpermitthemtoremittheactualrentstothe

amountof25percent。，or15percent。，eventoensurealltheseconfessedulterioradvantages；andthereforetheyconcludedthatthestateofcultivation，andthepovertyofthetenantrymustcontinueastheywere。(2)Fromthesamecauses，theposterityoftheemancipatedserfsofeasternEuropeareshutoutfromthepossibilityofforminga

bodyofcapitalisttenants，fittedtotakechargeofthecultivationofthedomainsoftheproprietors。Personalfreedom，

hereditarypossessionoftheirallotments，rightsandprivilegesinabundance，thelandlordsandsovereignsarewillingto

grant；anditwouldbeextravaganttosaythesegrantsareworthnothing:butthatwhichisnecessarytoenablethepeasants

toprofitbytheirnewposition，thatis，animmediaterelaxationofthepressureuponthem，anincreaseoftheirrevenue，

proceedingfromadirectsacrificeofincomeonthepartofeitherthecrownorthelandlord，issomethingmuchmore

difficulttobeaccomplished。InPrussia，therentchargefixedupontheserf，nowconstitutedaproprietor，forms，aswehave

seen，oneoftheheaviestrentsknowninEurope。Andamongthevariousschemesforimprovingtheconditionofthe

peasantry，afloatintheeastofEurope，Iknowbutofone，thatoftheLivoniannobility，inwhichadirectsacrificeofrevenueonthepartofthelandlordsiscontemplatedasthebasisoftheexpectedamelioration。(3)Itisunquestionablytheactualpenuryofthepeasants，andthelittlewhichhasbeendonetoenablethemtotakethefirst

stepstoemergefromit，whichhave，inagreatmeasure，frustratedallthehopesofaugmentedwealthandimproved

civilization，whichhavebeenentertainedbythebenevolentreformersofthenorth。Itisthistoo，whichhasbeenthecauseof

theapathywithwhichthepeasanthasreceivedthegiftofpoliticalrights，andwhichhasmadethevariousboonsbestoweduponhimalmostnominal。Abstractingthenfromtheeffortsoflandlordsorgovernments，andlookingatthewholeextentofthatpartoftheglobe

whichisatpresentlanguishingundertheinefficienteffortsofadepressedpeasanttenantry，itappearsthatwhenoncetheir

circumstanceshavebecomereducedandtheirpovertyextreme，nothingbutarelaxationofthetermsoftheircontractwith

thelandlord，oradiminutionoftheburthensimposedbythestate，cangivethemanopportunityofmakingthatfirst

movementinadvancewhichmustbetheinitiativeoftheirnewcareer。Thedifficultyofprocuringsucharelaxation，arising

oftenfromthenecessitiesortheblindness，morerarelyfromthepureselfishness，ofthelandlordsorsovereigns，isthereal

causeofthestagnationandinefficiencyoftheartofagriculhire，andofthedurationofthepresentformsofholdingovera

greatpartoftheworld。Inthehandsofapeasantrythoroughlydepressed，cultivationmayspread，butitspowerswillnot

increase；thepeoplemaymultiply，buttherelativenumbersofthenonagriculturalclasseswillnotbecomemuchgreater；and

abstractingfromtheincreaseofgrossnumbers，thewealthandstrengthofthepopulation，andtheelementsofpoliticalinstitutions，undergonoalteration。Suchthen，isthemiserablecausewhichhasmaintainedtherudeformsofprimitiveholdingsolongandsoextensively

unchanged，andwhichseemsunhappilytopromisethemalongperiodoffuturedominion，overtoomanywidedistrictsoftheearth。Wemayobserveonsomesmallspots，ofwhichEnglandisone，theeffectsofadifferentsystem。Agricultureisfurther

advancedtowardsperfection，andhencearisesacapacityofsupportingmuchmorenumerousnon-agriculturalclasses，

whichaffordabundantandexcellentmaterialsforabalancedformofgovernment；hencetoo，intellect，knowledge，leisure，

andalltheindicationsandelementsofhighcivilizationmultipliedandconcentrated。Werethewholeoftheearth"ssurface

cultivatedwithlikeefficiency，howdifferentwouldbetheaggregateofthecommercialmeans，politicalinstitutions，theintellectandcivilizationoftheinhabitantsofourplanet!Theadvancingwealthofabodyofpeasantrydoesnot，however，alwaysleadeithertothepermanentimprovementoftheir

owncondition，ortoanalterationintheconstituentelementsofsociety，orinthedegreeofitscivilization。Arapidincrease

ofthenumbersofthecultivators，andafteratimeapeasantryequallypoorasatfirst，andmorenumerous，aresometimes

theresultofanaugmentationoftherevenuesofapeasanttenantry。Morethanonefavorablecircumstancemustconcur，to

makethecommencementoftheirprosperityabasisforageneraladvanceofthenation，andfortheprogressive

augmentationofitsvariouselementsofitsstrengthandcivilization。Whatthosecircumstancesare，weshallhavehereafter

toobserve，whenexaminingthecauses，whichatdifferentstages，andindifferentpositionsofsociety，promoteorretardimprovedhabitsinthebodyofthepeople。Atpresentitisenoughifwesee，thatthelongenduranceandstationarystateofpeasanttenuresoveragreatpartoftheworld，aremainlyattributabletothestateofpovertyinwhichthecultivatorshaveso

longfoundthemselves:astateofpoverty，whichwhileitlasts，effectuallypreventsanymovementsinadvancefrom

originatingwiththepeasantsthemselves，andwhichcanonlyberelievedbysuchsacrificesonthepartofotherclasses，astheyarerarelyableandwillingtomake。Whilewehavebeenreviewingthedifferentclassesofpeasantrents，thosefactshavebeenstudiouslydweltuponand

reproduced，whichshewthatimprovementintheefficiencyofagriculture，followedbyanincreaseoftheterritorialproduce

ofacountry，andconsequentlyofitsgeneralwealthandstrength，isthefoundationonwhichapermanentandprogressiveincreaseintherevenuesofthelandedproprietorscanbestsustainitself。Strangeopinionsastoanecessaryoppositionbetweentheinterestsoftheproprietorsofthesoil，andthoseoftherestofthe

communityandofthestate，havelatelybeencurrent。Thefallacyoftheseitwasthoughtwouldbemoreeasilyandmore

distinctlyexposedbyasimpleexpositionoffacts，astheyexistintheworldaroundus，thanbyfollowingthosewhohave

promulgatedsuchopinions，intoalabyrinthofabstractargument。Thedogmasalludedtoaresufficientlyfamiliartoall

readersoflaterwritersonPoliticalEconomy。Theirsubstanceandtheirspiritmaybecollectedfromthefollowingpassages。

"Thecapacityofacountrytosupportandemploylaborers，isinnodegreedependentonadvantageousnessofsituation，

richnessofsoil，orextentofterritory。"(4)"Itappears，therefore~thatintheearlieststagesofsociety，andwhereonlythebest

landsarecultivated，norentiseverpaid。Thelandlords，assuch，donotbegintoshareintheproduceofthesoiluntilit

becomesnecessarytocultivatelandsofaninferiordegreeoffertility，ortoapplycapitaltothesuperiorlandswitha

diminishingreturn。Wheneverthisisthecase，rentbeginstobepaid；anditcontinuestoincreaseaccordingascultivationis

extendedoverpoorersoils；anddiminishesaccordingasthosepoorersoilsarethrownoutofcultivation。"(5)"Anincreaseof

rentisnot，therefore，asisverygenerallysupposed，occasionedbyimprovementsinagriculture，orbyanincreaseinthe

fertilityofthesoil。Itresultsentirelyfromthenecessityofresorting，aspopulationincreases，tosoilsofadecreasingdegree

offertility。Rentvariesinaninverseproportiontotheamountofproduceobtainedbymeansofthecapitalandlabor

employedincultivation，thatis，itincreaseswhentheprofitsofagriculturallabordiminish，anddiminisheswhenthey

increase。"(6)"Theriseofrentisalwaystheeffectoftheincreasingwealthofthecountry，andofthedifficultyofprovidingfor

itsaugmentedpopulation。Itisasymptom，butitisneveracauseofwealth。"(7)"Nothingcanraiserent，butademandfor

newlandofaninferiorquality，orsomecause，whichshalloccasionanalterationintherelativefertilityofthelandalready

undercultivation。"(8)"Theinterestofthelandlordisalwaysopposedtothatoftheconsumerandmanufacturer。"(9)"The

dealingsbetweenthelandlordandthepublicarenotlikedealingsintrade，wherebyboththesellerandthebuyermayequally

besaidtogain，butthelossiswhollyononeside，andthegainwhollyontheother。"(10)"Rentthenisacreationofvalue，but

notacreationofwealth；itaddsnothingtotheresourcesofacountry，itdoesnotenableittomaintainfleetsandarmies；for

thecountrywouldhaveagreaterdisposeablefundifitslandswereofabetterquality，anditcouldemploythesamecapital

withoutgeneratingarent。Itmustthenbeadmitted，thatMr。SismondiandMr。Buchanan，forboththeiropinionswere

substantiallythesame，werecorrect，whentheyconsideredrentasavaluepurelynominal，andasformingnoadditiontothe

nationalwealth，butmerelyasatransferofvalue，advantageousonlytothelandlords，andproportionablyinjurioustotheconsumer。"(11)Theutterfallacyoftheseopinions，whenappliedtoanyclassofpeasantrents，hasbeenshewnseparatelyforeachclassin

thecourseoftheremarkswhichhavealreadybeenmade:viz，forlaborrents，atp。61。，formetayers，atp。105。，forryots，atp。140。，andforcottierrentsatp。153。Butletusforamomentpicturetoourselvestheeffectsofanaddress，byaphilosopherofthisschool，toanassembly

composedofsovereignproprietorsofterritoriesoccupiedbyryots，andofthelandholdersofcountriescultivatedbyserfs，

metayers，orcottiers。Hewouldassurethem，fromMr。Macculloch，thattheextentandrichnessofthetractsofcountrythey

mightown，affectedinnodegreetheirpowerofsupportingandemployinganindustriouspopulation:thatintheearliest

stagesofsociety(beingthosewithwhichtheyarethemostfamiliar)norentsareeverpaid:thattheyonlybegintobepaid

whenitbecomesnecessarytocultivatelandsofaninferiordegreeoffertility。Hewouldfurtherinformthelandholders，that

noimprovementsoftheirincomecouldeverbypossibilityoriginateinimprovementsinagriculture，orinanincreased

fertilityofthesoil。Hewouldtellthemtoo，thateveryaugmentationoftheirrentalmustresultentirelyfromthenecessityof

resorting，aspopulationincreased，tosoilsofadecreasingdegreeoffertility。Thatthedecrepitudeofagriculture，andthe

prosperityoftheownersoftheland，advancedalwayshandinhand；thattheirrevenuesmustvaryalwaysinaninverse

proportiontotheamountofproduceobtainedbymeansofthecapitalandlaboremployedincultivation，andthattheirrents，

therefore，wouldincreaseastheprofitsofagriculturallabordiminished，andwoulddiminishastheprofitsofagriculturallaborincreased。TheteachermightnexttakeMr。Ricardo"sforhistext-book，andafterenforcinghisdogmasfromthisparentsource，he

mightproceedfartherwithhisrevelations，andexpoundtohisaudience，thattheirinterestsaslandlordswerealways

opposedtothoseofthenon-agriculturalclassesofthecommunity，thattheincreaseoftheirshareoftheproduceofthesoil

wasacreationofvaluebutnotacreationofwealth；thatsuchanincreaseaddednothingtothegeneralstockofriches，nothingtothecommonresourcesofthestate，nothingtoitsabilitytomaintainitspublicestablishments。Wemayimaginesurelytheamazementofthelisteningcircleoflandholdersofvariousdescription……Theywouldknowthat

theyweresurrounded，astheirforefathershadbeen，byapeasantpopulationyieldingapartoftheirproduceortheirlabor，

asatributefortheuseofthegroundfromwhichtheyraisedtheirfood，andtowhichtheymust

clingordie。Thelordsofthe

soilwouldfeeltherefore，thattheirrevenue，aslandedproprietors，owedneitheritsoriginnoritscontinuancetothe

existenceofgradationsinthequalitiesofland。Theywouldknowthat，asfarastheirexperiencehadgone，with

improvementsinagriculture，andwiththeincreaseofthefertilityofthesoil，theamountofproducewhichformedtheir

annualrentshadsteadilyincreased，andtheywouldhavefoundthattheybecamewealthierasthelaboroftheirpeasant

tenantryproducedmorefromtheearth，andthattheybecamepoorerasitproducedless。Itwouldbeimpossibleforthemto

doubt，thattheirpowerofgivingemploymentandsupporttoapopulationoflaboringcultivators，dependedmainlyonthe

quantityandqualityofthelandattheirdisposal。Theycouldnotshuttheireyestothephysicalfact，thatincreasingproduce

convertedintoincreasedrents，constitutedafreshcreationofmaterialriches。Theycouldonlyfeelbewildered，whenthey

weretold，thatinthecaseofsuchanincrease，thoughtheremightbeacreationofvalue，therecouldnotbeacreationof

wealth。Theymustbeawarethatthedistributionoftheirrevenuewasthedirectsourceofthemaintenanceofthegreater

partofthenon-agriculturalclassesofthepopulationamidstwhichtheylived；theycouldnothear，withoutastonishment，

thattheincreaseoftheirrevenuewasamisfortunetothoseclasses。Finally，observingthatinryotmonarchiesthefleetsand

armiesofthestatewerewhollymaintainedfromtherentsofthesovereignproprietor，andthatinserfandmetayercountries，

rentsalwayscontributedmoreorlesstosimilarpurposes；theywouldlistenwithamazementtothedoctrine，thatthe

increaseoftheterritorialrevenuesofastate，addedinnocaseanythingtoitspublicstrength，ortoitsabilitytomaintainitsmilitaryestablishments。Itisdifficulttoimagine，thatamongacirclefullofsuchrecollectionsourlecturerwouldmakeconverts。Hisaudiencewould

beapttobelieve，thatthephilosophertheywerelisteningtomusthavefallenfromsomeotherplanet:thatthesceneofhis

experiencemusthavedifferedwidelyfromthescenesoftheirs，andthatitwasquiteimpossible，thevariouspropositionshe

wasendeavouringtoimpressuponthem，couldhavebeenderivedfromareviewofthefactswithwhichtheyweredailyfamiliar。Intruth，itisnoteasytoreadanyoftheproductionsofthisschool。ofwriters，withoutseeing，thattheirsystemastorent，is

derivedexclusivelyfromanexaminationoftheclassoffarmers"rents。Andthisclass(howeverinterestingtousas

Englishmen)hasalreadybeenstatednottoextenditselfoverone-hundredthpartofthecultivatedsurfaceoftheearth。We

shallpresently，inexaminingthatparticulardivisionofrents，haveoccasiontoshew，thatthewriterswehavebeenquoting

andtheirfollowers，havebeennotlesshastyanderroneousindeducingprinciplesfromthenarrowclassoffactsbeforetheir

minds，thantheyhavebeenrashinattemptingtoapplythoseprinciplestotheexplanationofthephenomenaconnectedwithrent，overthatvastportionofthesurfaceoftheglobetowhichtheirfactsareobviouslyandutterlyinapplicable。Weleavenowthenthoseprimitivetenures，whichdecidethelotofthatlargeportionofthehumanrace，whichproducesits

ownfoodwithitsownhandsfromthesoil，andturntotracetherevenuesofthelandedproprietorswhenanotherclassof

agriculturistshavetakenpossessionofthetaskofcultivation，ontermsdifferentinthemselvesandaffectedintheirvariationsbydifferentcauses。1。InEnglandtoo，alargernumberofanimalsarekeptforpleasure，andavarietyofpurposesunconnectedwithcultivation:

thepoweroffeedingthesemustbereckoned，whenwearecalculatingtheefficiencyofheragriculture。

2。SeeBuchanan"seditionofSmith，Appendix，p。66。3。Inthatinstance，thetenantwhobeforeowedhalfhislabortothelandlord，isprotectedagainstthedemandofmorethan

twodaysintheweek，oronethird。

4。Macculloch"sPrinciplesofPoliticalEconomy，p。327。

5。Ibid。p。282。

6。Ibid。p。269。

7。Ricardo"sPoliticalEconomy，2ndEdit。p。62。

8。Ibid。p。518。

9。Ibid。p。428。

10。Ibid。p。424。

11。Ibid。2ndEdit。p。501。

CHAP。VII。

SECT。I。

Farmers"Rents。Introduction。Therentsweareabouttoexamine，offeratfirstsight，itmustbeconfessed，alessattractivefieldofinvestigationthanthose

whichwehaveleft。Wehavenolongertoconsiderrentsasmainlydeterminingbytheirformsandtheirresultsthedestinies

ofnations。Thosenowbeforeuscanonlyexistwhenthemostimportantrelationsofthedifferentclassesofsocietyhave

ceasedtooriginateintheownershipandoccupationofthesoil。Whenaraceofcapitalistshavemadetheirappearance，to

takechargeofthevariedindustryofapopulation，andadvancefromtheirownfundsthewagesofitslabor，propertyinland，

andtheformsoftenancyitmaygivebirthto，nolongerinfluenceinthefirstdegree，eitherthespringsofgovernment，orthe

constituentelementsofsociety。Thecompositionofthecommunitybecomesmorecomplicated，otherinterestsandother

sourcesofpowermingletheirforcestodeterminethecharacterandconditionofapeople，andaffectthedetailofalltheir

multipliedconnexions。Eveninthisstateofthings，however，thatcannotbeotherthananimportantattempt，whichseeksto

discoverthemannerinwhichtherevenuesofthelandedclassswellandenlargethemselveswiththeprogressofthecommunity，soastopreservesomeproportionwiththegrowingwealthofthebodyofthepeople。Buttheexaminationofthevariouscauseswhichaffecttheprogressofrentsatthismoreadvancedperiodofapeople"s

existence，isnotmerelyinterestinginitself。Inthepresentpeculiarstateofpublicopiniononthesesubjects，suchan

examinationcanhardlyfailtothrowausefullightonotherdivisionsofthesubjectofthe"distributionofthenational

wealth。"Itwilldisencumber，forinstance，ofmanyfalsefactsanderroneousopinions，ourfutureexaminationofthecourse

ofprofitsandwagesinthemoreadvancedstagesofsociety。Itwilltendtoremoveacommon，

thoughstrangeandpainful

belief，astosomenecessaryconnexionbetweentheprogressofthemassofrentsandagradualdecreaseinthenational

powerofprovidingfoodforincreasingnumbers。Itwill(incidentally)helptoexplainthemutationswhichtakeplaceinthe

relativenumbersandinfluenceoftheagriculturalandnon-agriculturalclasses。These，andsimilarresults，whichwillpresent

themselvesinthecourseoftheenquiryonwhichweareabouttoenter，will，inadegreecompensate，itmustbehoped，for

theratherdryandabstractnatureofsomeofthecalculationsandreasoningswhichmustbeemployed。

OriginofFarmers"Rents。Thatsystemofcultivationbypeasants，whichwehavebeenexamining，andthevariousrelationsbetweenthelandlordsand

thehusbandmentowhichitgivesbirth，havebeensucceededonparticularspotsoftheglobe，slowlyandpartially，byadifferentmodeofmanagingagriculture，andtheeffectofthischangeonrentswehavenowtotrace。Afteracertainprogressincivilizationandwealth，thewagesofthelaboringclassconsistnolongerofarevenuewhichthey

themselvesextractfromtheearth；foodaccumulatesinthehandsofcapitalists(orpersonsusingtheiraccumulatedstockto

makeaprofitfromit)insufficientquantitiestoenablethemtoadvancethelaborerhismaintenanceduringtheprogressof

hisvarioustasks；theyreceivetheproduceofthosetaskswhencompleted，andthegreatessentialstephasthenbeentaken，whichconfersonaclassofmendistinctfrombothlandlordsandlaborers，themanagementofthenationalindustry。Thischangeusuallybeginswiththenon-agriculturalclasses；itistheartizansandthehandicraftsmenwhofirstrange

themselvesunderthemanagementofcapitalists；andtothispointmostnations，whichhaveany。

pretensionstocivilization，

haveadvanced。Thecaseisdifferentwiththecultivators。Amongsomeofthemostpolishedpeopleoftheglobe，andover

thegreaterpartofitssurface，theagriculturallaborersarethemselvesthemanagersofagriculture:theirwages，aswehave

seen，neversubsistinanyothercharacterthanthatofarevenueoftheirown，andtheyexertanddirecttheirlaborattheirowndiscretion。Thereare，however，districtsofverysmallcomparativeextent，inwhichboththeagriculturalandotherlaborersarefedand

employedbycapitalists。Thesecapitalistsreceiveofcoursetheproduceofthelabortheymaintain，andareresponsibletotheownerofthesoilforitsstipulatedrent。Oneoftheimmediateconsequencesofthischangeisthepowerofmovingatpleasurethelaborandcapitalemployedin

agriculture，tootheroccupations。Whilethetenantwashimselfalaboringpeasant，forced，intheabsenceofotherfundsfor

hismaintenance，toextractithimselffromthesoil，hewaschainedtothatsoilbynecessity；andthelittlestockhemight

possess，sinceitwasnotsufficienttoprocurehimamaintenanceunlessusedforthesinglepurposesofcultivation，was

virtuallychainedtothesoilwithitsmaster。Butwhentheemployersofthelaborersholdintheirhandsanaccumulatedfund

equaltotheirsupport，thisdependanceonthesoilisbroken:andunlessasmuchcanbegainedbyemployingtheworking

classontheland，asfromtheirexertionsinvariousotheremployments，whichinsuchastateofsocietyabound，thebusinessofcultivationwillbeabandoned。Rent，insuchacase，necessarilyconsistsmerelyofsurplusprofits；thatis，ofallthatcanbegainedbyemployingacertainquantityofcapitalandlaborupontheland，morecouldbegainedbyitinanyotheroccupation。SeveranceoftheConnectionbetweenRentandWagesRentsthusconstituted，ceaseatoncetodecidetheamountofwages。Whileobligedtoextracthisownfoodfromtheearth，

thequantityofproducewhichthelaborerretained，theamount，thatis，ofhisrealwages，depended，wehaveseen，mainlyonthecontractmadewiththeproprietor。Whentheengagementofthelaboreriswithacapitalist，thisdependanceonthelandlordisdissolved，andtheamountofhis

wagesisdeterminedbyothercauses。Theseweshallhereaftertrace；buttheterminationoftheinfluenceofrentsonwages，

isaneraintheprogressofboth，toomarkedtobepassedinsilence。Itisthiscircumstancewhichmainlydistinguishesthe

agriculturallaborersofEnglandfromthoseoftherestoftheworld。ForifweexceptHollandandtheNetherlands，England

istheonlycountryinwhichthesystemofrentsweareabouttoexamine，prevailsexclusively，orevenprincipally。

SECTIONII。

DifferentModesinwhichFarmers"Rentsmayincrease。Whenrentsconsistofsurplusprofits，therearethreecausesfromwhichtherentofaparticularspotofgroundmayincrease，

First，anincreaseoftheproducefromtheaccumulationoflargerquantitiesofcapitalinitscultivation；Secondly，themore

efficientapplicationofcapitalalreadyemployed；Thirdly，(thecapitalandproduceremainingthesame)thediminutionofthe

shareoftheproducingclassesinthatproduce，andacorrespondingincreaseoftheshareofthelandlord。Thesecausesmay

combineindifferentproportionsintheaugmentationoftherentsofacountrycultivatedbycapitalists，butwhenthedistinctpowerandmodeofoperationofeachareonceunderstood，theirjointactionwillbeeasilycalculated。OntheProgressandEffectsofaRiseofRentsfromanIncreaseofProduce，causedbytheUseofmoreCapitalinCultivation。Inthinlypeopledandrudecountries，thequantityoflaborandcapitalemployedinthecultivationofthesoil，isusuallysmall

whencomparedwiththeextentofgroundoccupied。Widenaturalpasturesonwhichafewcattlepickupaprecariousliving，

ploughedlandsworkedtoexhaustion，andthencarelesslyrested，rudeimplements，scantybuildings，deficientfencingand

draining，thesecircumstancesallmarktheagricultureofPolandorHungary，andverymanyothercountries，now，asthey

didthatofEnglandinotherdays。Asthenumbersandskillofthepeopleincrease，themodesofcultivationandthefaceof

thecountrychange:thedistrictsdevotedtoforestsorroughpasturageshrink，thegroundis

eitherconvertedintorich

meadows，orploughedup，andmade，byajudiciousrotationofcrops，tocombinewithandstrengthenthegeneralsystemof

thefarmer。Theportionoftheoldcultivatedlandsoncedevotedtoleysandfallowsiscarefullyattendedto，becomeslessin

extent，andhasitsproductivenessincreasedbybeingmadetobeargreencropswhilerestingfromcorn。Whilethischangeis

inprogress，thecattlemaintainedfordraftorslaughtermultiplyrapidly:betterandmorenumerousimplements，drains，

fencesanbuildingsmaketheirappearance:all，andperhapsmorethanall，thelaborandcapitalwhichoncelooselyoccupied500acres，arenowconcentratedforthemorecompletetillageof100。Wehavetoexaminewhatmustbetheeffectsofthisprogressiveincreaseofcapitalonthesurplusprofitsorrentsrealizedoneachportionofthesoil。Cornmaybesellingeitheratamonopolyprice，thatis，atapricewhichmorethanpaysthecostsandprofitsofthosewho

growitundertheleastfavourablecircumstances；oratsuchapriceaswillonlyrepaytheircommonprofits。Letusfirst

considerit，assellingatamonopolyprice。`Then，abstractingfromalldifferenceoffertilityinthesoilscultivated，therent

willconsistofthatportionofthepriceoftheproduce，whichexceedsthecostofproduction，andtheordinaryrateofprofit

onthatcost。Let10percent。betheordinaryrateofprofit。Ifthecornproducedonanyspotoflandby？00。soldfor？15。，

therentwouldbe？。Ifintheprogressofimprovementthecapitalemployedonthesamelandweredoubled，andthe

producedoubled，then？00。wouldyield？30。，and？20。beingcapitalandprofits，thesurplus，or？0。，wouldberent，and

therentwillbedoubled。Ifcorn，then，isatamonopolyprice，increasedproduceobtainedbyincreasedcapital(pricesremainingthesame)mayincreasetherents，inproportiontotheincreasedcapitallaidout。Suchacaseasthis，thoughveryunusual，mayoccur:andthereforemustnotbeomitted。Insmallcommunitiescornmaybe

constantlyatamonopolyprice。ItissoprobablyintheIsleofJersey，wherethereisalwaysapressingdemandforraw

produce，whichinwarkeptuprentsto？4。perEnglishacre，andinpeaceto？。or？。Inlargercountriestoo，though

possessingmuchuncultivatedsoil，cornmay，foralongperiodoftime，beatamonopolyprice，pro……videdtheincreaseofpopulationkeepssteadilyaheadoftheincreaseoftillage。Itmustbeconfessed，however，thatacontinuousmonopolypriceofcornisacircumstancewhich，thoughnotimpossible，is

veryunusualincountriesofconsiderableextentandgreatvarietyofsoil。Insuchcountries，iftheproduceofthesoilsin

cultivationsellsformorethanwillrealizetheusualrateofprofitonthecapitalemployed，otherlandsarecultivated；ormore

capitallaidoutontheoldlands，tillthecultivatorfindshecanbarelygettheordinaryprofitonhisoutlay。Then，ofcourse，

tillagewillstop，andinsuchcountries，therefore，cornisusuallysoldataprice，notmorethansufficienttoreplacethe

capitalemployedundertheleastfavorablecircumstances，andtheordinaryrateofprofitonit:andtherentpaidonthebetter

soilsisthenmeasuredbytheexcessoftheirproduceoverthatofthepoorestsoilcultivatedbysimilarcapitals。IfAbeasoil

whichproducestoaquantityofcapital(n)10quarters，andpaystheordinaryprofitsonstock；thenB，iftothesamecapital

(a)ityields12quarters，willhavethepriceoftwoquartersassurplusprofits，andwillpayitasrent。Letussupposea

countrythen，possessinggradationsoftoil，increasinginfertilityfromAtoZ，ofwhichAreturnsto？00。？10。，andthe

othersprogressivelytoZ，morethan？10。Thiswillrepresenttherealpositionofthesoilscultivatedinsuchextensive

countries。Intheprogressifnumbers，ofwealthandknowledge，letussupposearudeandunskilfulmodeofcultivation

graduallygivingplacetoabetter；andadditionalcapitalandlaboraccumulatingforthemorecompletecultureofeveryclass

ofsoil:andthenletusobservewhatwouldbethenecessaryeffectsuponrents(orsurplusprofits)ofthisgeneralaccumulationofcapital，inthecultivationofsoilsofunequalgoodness。LetAhavebeenformerlycultivatedwith？00。yieldingannually？10。，？0。beingtheordinaryprofitsonstock:andBwith？00。yielding？15。:andCwith？00。yielding？20。:andsoontoZ。Asallabove？10。oneachwouldbesurplusprofits。

orrent，therentofBwouldbe？。，andthatofC？0。，&；c。&；c。Insomeindefinitetimeleteachofthesequalitiesofsoilbe

cultivatedwithacapitalof？00。，andtheirrelativefertilityremainingasbefore，lettheirproducebeproportionably

increased，Awillproduce？20。，B？30。，C？40。Allabove？20。oneachwillnowbesurplusprofits，orrent。Therentof

B，therefore，willhavebecome？0。，thatofC？0。Thatis，therentofeachwillhavedoubled。Itisinthismannerthatthe

increasingamountofcapitalemployedonthelandofanimprovingcountrynecessarilyelevatesrents(orthesurplusprofits)

onallthebettersoils；andthisquiteindependentlyofalterations，eitherintherelativefertilityofthesoilscultivated，orintheamountofproduceobtainedbytheapplicationofgivenquantitiesofcapitaltotheinferiorsoils。Itmaybesuggested，perhaps，thatthoughweadmittheadditionalcapitalemployedontheworstsoil，toyieldthesame

profitasthatwithwhichitwasoriginallycultivated，(acircumstanceofwhichweshallpresentlyexaminetheprobability)，

stillitisnotprobablethatthebetterlandswillyieldalargerproducetotheadditionalcapitalused，exactlyproportionedto

thesuperiorityoftheiroriginalfertility。Thismaybeso，andariseofrentswillstilltakeplace，butitwillbedifferentinamount。Theyyieldedtothefirst？00。laidoutascapital，A？10。，B？15。，C？20。Letthemyieldtothesecond，A？10。，B？13。，C？18。Allabove？10。oftheadditionalproducewillberent，Bwillthenpay？。additionalrent，C？。Therelative

fertilityofthedifferentsoilswillbechanged。Thesuperiorityofthebettersoilswillhavebecomeless，ifconsideredrelatively

tothewholemassofcapitalnowemployedoneach；butstillrentswillrisegenerally:notsomuch，however，itwillbe

observed，asiftherelativefertilityofthevarioussoils，aftertheadditionaloutlayonall，remainedpreciselythesame。Itis

probable，thatinmostinstancestheactualrisewillaccordwiththefirstcalculation；andthattheseveraladditionswillbe

proportionedtotheoriginalgoodnessofthesoils。IfBandChadacertainsuperiorityoverA，whencultivatedinrough

pastures，corncrops，andfallows，thenwhenthepastureandfallowsofeachhave，bytheapplicationofmorelaborand

capital，beencoveredwithpulse，roots，orartificialgrasses，itisprobablethatthesuperiorproductivenessofeachwill

continuetobeinaboutthesameproportion。All，however，thatisnecessarytoeffectariseofrentsoverthesurfaceofa

countrypossessingsoilsofunequalgoodness，isthis:thatthebettersoilsshouldyieldtotheadditionalcapitalemployed

uponthemintheprogressofcultivation，somethingmorethanthesoilsconfessedlyinferiortothem；forthenwhilemeans

canbefoundofemployingfreshcapitalonanysoilbetweentheextremesAandZ，attheordinaryrateofprofit，rentswillriseonallthe。soilssuperiortothatparticularsoil。Oncemore，then，thegeneralaccumulationofthecapitalemployedincultivation，whileitaugmentstheproduceofall

gradationsofsoils，somewhatinproportiontotheiroriginalgoodness，mustofitselfraiserents；withoutreferencetoany

progressivediminutioninthereturntothelaborandcapitalemployed，and，indeed，quiteindependentlyofanyothercause

whatever。Weknowthatagreatincreaseintheamountofcapitalemployedinagriculture，isobservableintheprogressofall

improvingcountries，asithastakenplaceinourown。Thiscause，therefore，mustnecessarilyhaveaveryconsiderableshareinproducingtheriseofrents，whichordinarilytakesplaceinallcountriesincreasinginrichesandpopulation。Thismightreasonablybeexpected:ageneralincreaseoftheproduceoftheland，followingtheapplicationofadditionalcapitalandlabortoitsmoreperfectcultivation，seemsaverynaturalandobviouscauseofariseofrents。Ithas，however，beenverypositivelydenied，thatrentscaneverbethusincreased；eveninthestrongestcasewehaveput，thatofanundiminishedreturntoadditionalcapital，andanunalteredproportionintheproduceofthedifferentsoils。Ithasbeenstated，indeed，thatsuchanundiminishedreturntotheadditionalcapitalbestowedupontheoldlandis

impossiblefromthelawsofnature；andthatifpossible，itwouldeffectuallykeepdownrents:thatallimprovementsin

agriculturemustchecktheirprogress，andsobeprejudicialtotheinterestsofthelandlords:andthatnothingcanraiserents

butsomecausewhichshallaltertherelativefertilityofthelandsincultivation。ThesearethewellknownopinionsofMr。

Ricardo。Thatgentlemanhavingadoptedasthebasisofaverycomplicatedandingenioussystemofthedistributionofwealth，thesinglefactofaprogressiveandinvariablediminutiontothereturnsofagriculturallabor，decidedthatthiswas###第8章thecause，andthesolecause，ofeverygeneralriseofrentswhichcouldtakeplaceintheprogressofnations。Itbecame

necessary，then，forhimtoshewthateveryothersupposedsourceofincreasingrentswasimaginary，andamongthemthe

onewehavebeenstating，namely，agenerallyincreasedproduce，fromtheemploymentofgreaterquantitiesofcapitalin

cultivation。Mr。Ricardoaccordinglyfirstdeclares:"Thatwitheveryincreasedportionofcapitalemployedupontheland，theremustbeadiminishedrateofproduction。"(1)Thisproved，itwouldofcoursebeimpossiblethattheproduceshouldincrease，aswehavesupposedittoincrease，inthe

sameproportionasthecapitallaidout。Buthefurtherdeclares，thatifitcouldsoincrease，noriseofrentswouldfollow:he

says:"Ifcapitalcouldbeindefinitelyemployedupontheoldlandwithoutadiminishedreturn，therecouldbenoriseof

rent。"(2)"Improvementsinagriculture，whicharecommontoalllands，anddonotmuchdisturbtherelativeproportions

whichbeforeexistedbetweenthem，cannotraiserent，becausenothingcanraiserentbutademandfornewlandofan

inferiorquality，orsomecausethatshalloccasionanalterationintherelativefertilityofthelandalreadyundercultivation。""Rentinvariablyproceedsfromtheemploymentofanadditionalquantityoflabor，withaproportionallylessreturn。"(3)Theopinionthatthepowersofagriculturalcapitalnecessarilydecrease，asthequantityemployedincreases，istheoneof

which，perhaps，itisthemostimportanttoseetheunsoundness:ifnoadditionalproducecouldeverbeobtainedfromthe

soil，withoutadiminishedreturntothecapitalandlaboremployed，suchalawofproductionwouldmateriallyinfluence，no

doubt，thoughindifferentdirections，thefortunesofallclassesofsociety。Andiftherebenosuchlaw，thosewhohaveset

outwithassumingitsexistenceandunceasingactionandinfluence，mustnecessarilyhavebeenledintoveryseriousmistakes

astotherealcausesofthatgradualincreaseoftherevenuesofthelandedproprietorswhichisusuallyseentokeeppacewiththeprogressoftheartofcultivation。Mr。Ricardo"sviewsofthenecessarydecreaseinthereturntoeverysuccessiveportionofthecapitalandlaborbestowedon

thesameland，areputverydistinctlyandforciblybyMr。Mill，whosework，inmanyofitsparts，isacondensedexpositionofMr。Ricardo"sopinions。"Apieceofland，"Mr。Millsays，inthecommencementofhisSectiononrent，(4)"maybecapableofyieldingannually10

quartersofcorn，ortwice10，or3times10。Ityields，however，thefirst10，withacertainquantityoflabor，thesecond10

notwithoutagreater，thethird10withagreaterstill，andsoon；everyadditional10requiringtoitsproductionagreater

costthanthe10whichprecededit。Thisiswellknowntobethelaw，accordingtowhich，byagreaterexpenditureofcapital，agreaterproduceisobtained，fromthesameportionofland。"ThelawthusunhesitatinglydescribedbyMr。Mill，andasunhesitatinglyreasoneduponbyMr。Ricardoandallhisfollowers，

asthesolebasisoftheirtheoryofrent，isone，theexistenceofwhichitrequires，atleast，strongfactstoprove。Ifevery

successiveadditiontotheproduceofthesoilrequiresadditionalcosttoobtainit，thenimprovedcultivationandincreasedcropsare，really，onlystepsinthedeclensionofthepowersofagriculture。TheaveragecornproduceofEnglandatonetimedidnotexceed12bushelsperacre；itisnowaboutdouble。Arcweto

believethatthereisalawofnature，whichmakesitinevitablethatthecostofgetting24bushelsfromoneacreisreallymorethanthecostofgettingthesamequantityfromtwo？Veryobviousconsiderationspoint，surely，toanoppositeconclusion。Themorecontractedspaceinwhichtheoperationsof

thehusbandry，whichproducesthe24bushels，arenowcarriedon，mustgivesomeadvantages，andsavesomeexpense；the

fencing，draining，seed，harvestwork，andeventillagetosomeextent，mustsurelybelesswhenconfinedtoanacre，than

whenspreadovertwo。Theancientagriculturistswerecertainlyofthisopinion，asIbelievethemodernsare。"Necdubium，"saysColumella，"quinminusreddatlaxusagernonrectecultusquamaugustuseximie。"(5)Thatthereisacertainpoint，beyondwhichhumanlaborcannotbeemployeduponalimitedspotofground，withouta

diminishedreturntoitsexertions，mustbeadmittedatonce。lintintheprogressofthoseimprovementsintheartof

cultivation，bywhichitsmostprofitableamountofproduceisapproached，itmaybeverypossible，thateverysuccessiveportionofthecapitalandlaborconcentratedontheland，maybemoreeconomicallyandefficientlyappliedthanthelast。Suchalawwouldbeatleastasprobableaprioriasthatwhichsupposesthatheaviercrops，andlessproductivecultivation，areinseparable。Ifindeedweweretoconfineourviewstosomeveryminutespotofground，toasquareyard，forinstance，wemightforan

instantbemisledintoacquiescingintheplausibility，atleast，ofthisunpleasantversionofthelawsofnature。Whensucha

spothadbeenweeded，anddug，anddrained，andmanured，aswellasourpresentknowledgemadepossible，itmightseemthatmorelabourbestoweduponitmustbemorefeeblyrewarded。Evenastosuchalimitedspotwemightpossiblybemistaken:butwhenweincludeinourviewlargerdistricts，suchasare

usuallycultivatedunderthedirectionofoneperson，thecasebecomesaltogetherdifferent；becausewemustthentakeinto

calculationtheincreasedpowergainedbyincreasedskillinthecombinationandsuccessionofdifferentcrops，andinthemodesofconsumingthem，andmakingthemreactonthefertilityofthefarms。Ithasalreadybeenstated，thatinthecoursewhichagriculturehasordinarilyfollowed，fromrudenesstowardsperfection，

menhavebeganbydevotingaconsiderableportionofthegroundtopasture，whileanotherhasbeenkeptploughedforgrain

crops，andrestedbyoccasionalfallows，orleys，astheexhaustedfieldswereoncecalledinEngland，whenabandonedtotheirnaturalproduceforatime，thoughdestinedtobeploughedupagain。Letussuppose1000acrestohavebeenthustreated；thatthedemandforhumanfoodincreases，andthatitbecomesnecessarybymorelaboriouscultivation，toforcethepowersofthesoil。Themeasuresthishasordinarilyledto，havebeenthebreakingupthewhole，oraportionofthepastureland，coveringthe

fallowsandleyswithroots，artificialgrasses，andvariousgreencrops；feedinganincreasednumberofcattle，withthe

produceofploughedground，producingthusmoreanimalmanure，keepingthepowersoftheearthinmoreconstantandvigorousaction，andobtainingthusfromeverypartofthefarmamoreabundantproduce。Whilethesechangesareinprogress，muchmorecapitalandlabormustbebestoweduponthecultivationof1000acres。

Nowhowdoesthefundamentalpropositioninthetheoryofrent，promulgatedbyMessrs。Ricardo，MillandMacculloch，applytothestateofthingsheredescribed？Asthenationalagriculturethusbecomesintheprogressofagesmorecompleteandscientific，maynottheincreasedlabor

andcapitalusedberequitedatleastasamplyasthesmallerquantitybeforeemployed。underamoreignorantorindolent

system。Musteveryadditional10bushelsofcornnecessarily，beobtainedbyalargercomparativeoutlay？Isthere-reallya

lawofnaturewhichmakesthisresultinevitable？Surelyitisneitherimpossiblenorimprobable，thattheearth，underan

improvingsystemofhusbandry，maydisclosepowersofrewardingasbountifullytheskilfulandefficientindustrybestowed

uponher，asshedidthelanguidandignorantoperationsofalesslaboriouscultivation。Thereisanindefinitepoint，no

doubt，beyondwhichagriculturalproductioncannotbeforcedwithoutaloss；butwemustnot，therefore，

conclude，that

manwithincreasingknowledgeandmeans，cannotadvancefromhisrudestessaystowardsthisindefinitepoint，without

sustainingateachstepalossofproductivepower，andthathewhoextracts40bushelsofwheatfromanacreofground，is

necessarilyworsepaidthanhewhoextracts30；andhewhoextracts30，worsethanhewhoextracts10。Thestatureofman

islimited:thereisapointbeyondwhichweknowthatitwouldbeidletoexpectthatahumanbeingshouldincreasein

height，withoutdecreasinginstrengthandenergy。Ifweweretoargue，thence，thateveryinchaddedtoayoungperson"s

statureinhisprogresstomaturitymustbefollowedbyincreasingdebility，weshouldargueveryill:butnotworsesurely

thanthose，`whohavingobservedthatinthecultureoftheearththereisapointbeyondwhichfreshlaborbestowedmust

producefeeblerresults；layitdownasalaw`ofnature，thatnoadditionallaborcanatanytimebebestowedupontheearth，withoutareturn，lessinproportionsthanthatyieldedtothelaborbeforeapplied。Wemayreject，therefore，asfanciful，thedoctrineofMr。Ricardoandhisschool，whentheywouldteachus，that"withevery

increasedportionofcapitalemployeduponthelandtherewillbeadecreasedrateofproduction。"Andwemayproceedto

considerthosepositionsinwhichtheymaintain，thatevensupposingthemwronginthis，andadmittingthatcapitalmay

continuetoaccumulatewithundiminishedpoweronthelandscultivated，stillnoaugmentationofrentscouldpossiblyproceedfromsuchacause。Theseopinionsareembodiedinthefollowingpassages:"Ifcapitalcouldbeindefinitelyemployedwithoutadiminished

returnontheoldland，therecouldbenoriseofrent，forrentinvariablyproceedsfromtheemploymentofanadditionalquantityoflabor，withaproportionallylessreturn。"(6)Thetruthofthelastofthesetwopropositionsdependsevidentlyuponthatofthefirst，ofwhichweshallpresentlyseethe

value。Mr。Ricardoafterwardsstatesthat"Improvementsinagriculture，andinthedivisionoflaborarecommontoallland，

theyincreasetheabsolutequantityofrawproduceobtainedfromeach，butdonotmuchdisturbtherelativeproportions

whichbeforeexistedbetweenthem。"Andthencehearguesthatsuchimprovementswillnotraiserents，because"Nothing

canraiserent，butademandfornewlandofaninferiorquality，orsomecausewhichshalloccasionanalterationinthe

relativefertilityofthelandalreadyundercultivation。"(7)Totrythesoundnessofthesepositions，letustakeacasewhereall

thecircumstancesofwhichtheyaffecttostatetheeffectsconcur，thatis，Wheremorecapitalisemployedupontheland

withoutadiminishedreturn，andwherethisadditionalcapital，increasingtheabsolutequantityofrawproduceobtainedfrom

eachgradationofsoil，doesnotdisturbtheproportionswhichbeforeexistedbetweentheirproduce。LetArepresenta。class

oflandwhichreturnsonlytheordinaryprofitsofstockat10percent。andpaysnorent；LetB，CandDrepresentother

portionsofbetterland，alsocultivatedwithacapitalof？00。，andlettheirproducebeasfollows:

ABCD？10。？15。？20。？30。Allabove？10ineach，willbesurplusprofits，orrent，ofwhichrentBwillpay？。，C？0。，andD？0。Nextletthecapital

employedoneachbedoubled，withoutadiminishedreturn，andwithoutdisturbingtheproportionbetweentheproduceof

each，oralteringtheirrelativefertility，theirproducewillbeasfollows:

ABCD？20。？230。？40。？60。

Allabove？20。ineachwillbesurplusprofit，orrent，ofwhichBwillpay？0。，C？0。，andD？0。

Thatis，therentofeachwillbedoubled。Anditisclear，thatwitheveryadditionalportionofcapital，laidoutwithsimilareffect，rentswillincreaseproportionably，

thatis，willdouble，whencapitalisdoubled，treble，whenitistrebled，quadruple，whenitisquadrupled，andsoon

indefinitely，aslongascapitalcanbeemployedupontheoldlandwithoutadiminishedreturn，andwithoutalteringtherelativefertilityofthesoilscultivated。Itissufficientlyevident，thatabstractingfromallothercausesofincrease，rentsdo，andmustriseinthismanner，inall

improvingcountries，asmoreandmorecapitalisinvestedinagriculture。Wehaveseen，however，thatitisnotessentialtotherisethattheproportionbetweenthefertilityolthesoilsshouldbeexactlystationary。(8)Fromhisgeneraltrainofreasoning，onewouldbetemptedtobelieve，thatMr。Ricardo，indeny-ingthattheaccumulation

ofcapitalcouldeverraiserents，withoutsomedecreaseinitsproductivepowers，hadwhollyoverlookedthenecessarily

unequaleffectsofadditionalcapitalonsoilsofunequalfertility:andhadassumedinhisownmind，

thattheeffectproduced

ontheworstsoilsbyalltheadditionalcapitalemployedonagriculture，wouldequaltheeffectitproducedonthebest。On

thepresentoccasion，however，hecommittednosuchoversight，hehimselfhasaddedthesupposition，thattheirproduce

shouldbeproportionallyincreased，andhisdenialofthenecessaryeffectsofthisunequalincreaseonrentsisthereforethe

moreunaccountable。Anotherassertionwemayobserveis，thatnothingcanraiserentsbutademandfornewlandofan

inferiorquality，orsomecausewhichshalloccasionanalterationintherelativefertilityofthelandalreadycultivated。This

opinioniscertainlynotlesserroneous，thanthatwhichdecidesontheentireinefficiencyofanindefiniteaccumulationof

capital，inraisingrents，butitismoreeasilyaccountedfor。Mr。Ricardo，overlookingaltogetherthepeasanttenantry，which

occupyninety-ninehundredthsoftheglobe，hadpersuadedhimselfthattheexistenceofagradationofsoilsofdifferent

fertilitywastheonlycause，whyrentseverexistedatall。Itwasnotunnatural，therefore，thatheshouldconclude，thatan

alterationintheirrelativefertilitywasthesolecauseofeveryvariationofrents:butevenadmittingforamomentthe

correctnessofthesepremises，thisconclusionwouldbefallacious。Ifwesupposetheexistenceofagradationofsoilstobe

(whatitmostcertainlyisnot)thesolecauseofthepaymentofrents，itwouldstillbeuntrue，that"nothingcanraiserents

butsomecausewhichshalloccasionanalterationintherelativefertilityofthe。landscultivated。"Ifwetakeitforgranted

withMr。Ricardo，thatadifferenceinthenaturalfertilityofsoilsisthesoleoriginofrent；stillitistheabsolutedifferenceof

theirproductswhichmustalwaysdeterminetheamountoftherentspaidatanygiventime，andthisdifference，and

consequentlytheamountofrentsmaybeincreasedindefinitely，whiletheproportionbetweentheseveralproductsofallthesoilscultivatedtoequalquantitiesofcapital，thatis，whiletheirrelativefertility，remainsunaltered。Ifabstractnumbers，bearingacertainproportiontoeachother，aremultipliedbythesamenumber，weknowthatthoughthe

proportionbornebytheproductstoeachother，willbethesameasthoseoftheoriginalnumbers；yetthedifferencebetween

theamountsoftheseveralproducts，willincreaseateachstepoftheprocess。If10，15，20，bemultipliedby2or4，and

become20，30，40，or40，60，80，theirrelativeproportionswillnotbedisturbed80and60bearthesameproportionto40，

as20and15doto10:butthedifferencesbetweentheamountoftheirproductswillhaveincreasedateachoperation，andfrombeing5and10，become10and20，andthen20and40。Soifsoilshavearelativefertility，whichisindicatedbytheirproducingtoacapitalof？00，respectively？10。，？15。and？30。，andthenthecapitalemployedbedoubled，andtheproducedoubled，theirproducewillbecome？20。，？30。and？60。；andthedifferencebetweentheamountoftheirproducts，ortheirrentswouldbedoubled，thoughtheirrelative

fertilityremainedpreciselywhatitwas。Although，therefore，thedifferencebetweentherelativefertilityofsoilswerethe

solecauseofrents，itwouldnotfollow，thatnothingcouldraiserentsbutsomecausewhichalteredtherelativefertilityof

thelandscultivated，sinceanycausewouldraiserents，whichincreasedtheamountofproduceofall，whileitlefttheir

relativefertilityuntouched；andjustsuchacausewouldbethatindefiniteincreaseofcapitalontheoldsoils，withouta

diminishedreturn，whichMr。Ricardosostoutlydeclares，wouldmakeitimpossible，thattherevenueofthelandedproprietorscouldeverincreaseatall。(9)Uponpushingthisverysimplearithmeticalcalculationalittlefarther，itwillbeseenyetmoreclearly，thatMr。Ricardowas

utterlymistakeninsupposing，evenonhisownshewing，thatanincreaseddifferenceintherelativefertilityofsoilswas

essentialtoariseofrents，sincerentsmayclearlyrise，evenwhilethedifferencebetweentherelativefertilityofthesoilsis

diminishing；providedtheabsolutequantityofproduceineachclassisincreasing。If？00。beemployedonclassesA，Band

C，withaproduceof？10。，？15。and？20。，andsubsequently？00。，withreturnsof？00。，？28。and？35。，therelative

differencesoftheproductswillhavediminished，andthesoilswillhaveapproximatedinfertility；stillthedifferenceofthe

amountsoftheirproductswillbeincreasedfrom？。and？0。to？。and？5。，andrentswillhaverisenaccordingly。

Improvements，therefore，whichtendtoapproximatethedegreesoffertilityofthecultivatedsoils，mayverywellraiserents，andthatwithouttheco-operationofanyothercause。Thisprocessgoesonofteninpractice。Theturnipandsheephusbandry，andthefreshcapitalemployedtocarryiton，

producedagreateralterationinthefertilityofthepoorsoils，thaninthatofthebetter；stillitincreasedtheabsoluteproduceofeach，and，thereforeitraisedrents，whileitdiminishedthedifferencesinthefertilityofthesoilscultivated。Wehaveattemptedtoshew，thatincreasingproducefromallthequalitiesofsoilinacountry，producedbytheapplicationof

morecapitalandlabor，willnecessarilyraiserentsinanextensivecountryfarmedbycapitalists，fromtheunequalreturnsto

thatcapitalandlaboronlandsofunequalgoodness:thatrentswillthusberaisedwithoutitsbeingnecessarytosuppose

anyalterationintherelativefertilityofthesoilscultivated，anyresorttoinferiorsoils，oranydiminutionintheproduce

obtainedbyagriculturallaborontheoldsoils:andthatthereisnofoundationwhateverfortheopinion，thatineverystageof

suchaprocess，everyportionofadditionalproducesuccessivelygotfromthesamelands，mustnecessarilybeobtainedbyalessadvantageousexpenditureoflaborandcapital。Mr。Ricardo，however，isnotonlyofopinion，aswehaveseen，thatincreasedproducesoobtainedcouldneverraiserents，

butheassertsthatitwouldactuallylowerthem，atleastforatime；thatis，tilltheonlycausewhichhecontendscanever

possiblyraiserents，comesintoplay，andadditionalcapitalislaidoutwithadiminishedreturn，eitheruponfreshlands，or

uponsomeportionoftheoldland。Thewayinwhichhedefendsthisratherstartlingopinion，thatincreasingcropswillbe

thecauseofdecreasingrents，isthis:heassumes，thatiftheproduceofthelandbeincreasedwhilethepopulationisstanding

still，andthedemandisstationary，someofthelandwillbethrownoutofemployment；andthedifferencebetweenthe

fertilityofthelandsactuallycultivated，willbediminished；acircumstancewhichinMr。Ricardo"ssystemisinvariablystated，

aswehaveseen，toleadtoadecreaseofrents。(10)"If"hesays，"amillionofquartersofcorn，benecessaryforthesupportof

agivenpopulation，anditberaisedonlandofthequalitiesof1，2，3，andifanimprovementbeafterwardsdiscovered，by

whichitcanberaisedonNo。1and2，withoutemployingNo。3，itisevidentthattheimmediateeffectmustbeafallofrent:

forNo。2，insteadofNo。3，willthenbecultivatedwithoutpayinganyrent:andtherentofNo。1，insteadofbeingthe

differencebetweentheproduceofNo。3andNo。1，willbethedifferenceonlybetweenNo。2andNo。1。Withthesame

populationandnomoretherecanbenodemandforanyadditionalquantityofcorn；thecapitalandlaboremployedonNo。3

willbedevotedtotheproductionofothercommoditiesdesirabletothecommunity，andcanhavenoeffectinraisingrent，

unlesstherawmaterialfromwhichtheyaremadecannotbeobtainedwithoutemployingcapitallessadvantageouslyonthe

land，inwhichcaseNo。3mustagainbecultivated。"ThispassagecontainsthesubstanceofthereasoningonwhichMr。Ricardofoundshisfrequentlyrepeatedassertion，thatagriculturalimprovementsarealwaysdetrimentaltothelandlords。Nowwhatwouldhappenwhileproducewasforsometimeslowlyandsteadilyincreasing，whilepopulationanddemand

continuedthesame，andnomore，weneednottroubleourselvestoenquire。Itisacase，whichitwillbeadmittedonall

handsisneverlikelytooccur。NeitheristhisthecaseputbyMr。Ricardo；hesupposesasuddenspreadofimprovement，by

which，asbythestrokeofamagicwand，two-thirdsofthelandofacountryaremadetoproduceasmuchasthewholedid

immediatelybefore，whilethepopulationcontinuesthesame，andnomore，inwhichcasehesupposesthecultivationofone-thirdofthelandwouldbeunnecessary，andcease，andthatrentswouldfalloverthewholecountry。Itisonlynecessarytoremembertheslowlyprogressivemannerinwhichagriculturalimprovementsarepractically

discovered，completed，andspread，toperceivehowveryvisionarythissuppositionofMr。Ricardo"sreallyis。Iftwo-thirds

ofthelandsofEnglandshouldeverproduceasmuchasthewholedoesnow，(aneventextremelyprobable)wemaybequite

surethatitwillbebynosuddenandmagicalstridethattheimprovementwillestablishitself:thatthemeansofeffectingit

willbediscoveredinsmallportionsatatime，perhapsatconsiderableintervals，andwillbeadoptedintogeneralpractice

tardily，andwemayalmostpredict，reluctantlyandsuspiciously。(11)Inthemeantime，populationandthedemandforraw

producewillnothavebeenstandingstill。Inthcprocessbywhichincreasedsuppliesoffood

areproducedforanincreasing

population，weobservenosuchwidedislocationsbetweenthesupplyanddemand，nosuchsuddenstartsandjerksasMr。

Ricardoisdriventosuppose，inordertoprovethatallimprovementsinagricultureareunfavorabletotheinterestsofthe

landlords。Asthemassofthepeopleslowlyincrease，weseethegradualpressureofdemandstimulatingtheagriculturiststo

improvements，whichbyanimperceptibleprogressionofthesupply，keepthepeoplefed。Whiletheseprocessesaregoing

on，everyincreaseofproduce，occasionedbythegeneralapplication，totheoldsoils，ofmorecapital，actinguponthemwith

unequaleffect，accordingtothedifferencesoftheiroriginalfertility，raisesrents；andtheinterestsofthelandlordsareatno

momentopposedtoimprovements，whichwhiletheyincreasetilemassofrawproduce，areasfavorabletotheaugmentationoftherevenuesoftheownersofthesoil，astheyareessentialtothewellbeingofthepeople。Itmayseemhardlynecessarytostate，thatincreasedrents，broughtaboutinthemannerwehavenowbeendescribing，

constituteaportionoffreshwealthcreatedbytheindustryofthecountry，andareanunquestionableandsatisfactory

evidenceofthegeneralincreaseofitsresources。Itsohappens，however，thatthesametrainofreasoningwhichhasledMr。

Ricardoandhisschooltodenythatrentscaneverriseexceptfromonecause(namely，thelayingoutcapitaluponsome

portionoflandwithalessreturn，andtheconsequentdiminutionoftheshareoftheproductiveclassesinalltherest，)has

ledthemtomaintain，asoneoftheconsequencesofthisdoctrine，thatariseofrentisinallcasesameretransferofwealth

alreadyexisting，neveracreationofit；thatitaddsnothingtotheresourcesofacountry；thatitdoesnotenableitto

maintainfleetsandarmies；thatitisameretransferofvalueadvantageousonlytothelandlord，andproportionablyinjurious

totheconsumer。SupposingMr。Ricardo"sopinion，astotheoneexclusivecauseofeveryincreaseofrents，tobecorrect，

thenthisdoctrinemustalsobecorrect。(12)IfthesoilsA，B，CandD，produce，A？10。，B？15。，C？20，D？80。；thenthe

shareoftheproducingclassesineach，being？10，Awillpaynorent；andtherentsofB，CandDwillbe？。，？0。，and？0。respectively。Ifonlyonemodeofraisingtheamountofrentspaidbythesesoilsexisted，namely，thereductionofthe

shareoftheproducingclassesfrom？110。tosomeothersum，say？108。，andthetransferofthedifferencetothelandlords；

thentheproducebeingstillforA？10。，B？15。，C？20。，D？180。，buttheshareoftheproducingclassesbeingreducedto？108。ineach；rentswouldrisetotheextentof？8。onthewhole。A，whichbeforepaidnorent，wouldpay？。，B？。，C？2。，D？2。Butthoughrentshadrisen，theresourcesofthecountrywouldremainpreciselywhattheywere。Therewould

havebeenapartialtransferofwealth，andnoalterationinitsamount；thattransferwouldhavebeenadvantageouscertainly

totheland。lords，andproportionablyinjurioustotheproducingclasses；andfromtheriseintherelativevalueofraw

produce，which，forreasonsweneednotstatenow，wouldaccompanythechange，thetransferwould，tosomeextent，be

injurioustoconsumersofeveryclass。Inthiscase，wehavesupposedtheproduceinconsonancewithMr。Ricardo"sviews，

tobestationary；(13)thisisonemodeunquestionablyinwhichrentsmayrisetoanunlimitedextent；butitisonlyone，

certainlytheleastcommon，andbymuchtheleastefficientcauseoftheincreaseoffarmers"rents:andinlayingdowngeneral

principlesonthesubjectofrent，wecanhardlyavoidbeinginvolvedinerrorbyconfiningourselvestosuchanimperfect

viewofthevarioussourcesofitsincrease，andarguingonanassumptionsocontrarytoobviousfactsandeverydayexperienceasthis，thatwhilerentsarerising，theamountofthenationalproduceisalwaysstationary。Theeffectsonnationalwealthofariseofrentsfromincreasedproduction，obtainedbytheemploymentofadditionalcapital，

areofawidelydifferentcomplexionfromthoseexclusivelycontemplatedbyMr。Ricardo。LetusagainsupposeA，B，C，D，

toproducerespectively？10。，？15。，？20。，and？80。，inacountryinwhiehtheartofagricultureisbackwardand

imperfect。Asskillandwealthincrease，letitscultivationbecomemoreandmorecomplete，and

thecapitalemployedon

thesesoilsbedoubled；andletthemyield(pricesremainingthesame)，A？20。，B？30。，C？240。，D？60。Awillstillpay

norent，buttherewillhavebeenariseofrentsontheothersoils，amountinginthewholeto？5。，Bwillpay？0。，C？20。，

D？0。，andthesenewrentswillbeaclearadditiontothenationalresources，foundedonthecreationoffreshwealth:no

classwillbethepoorer，nothingwillhavehappenedwhichisinjurioustoanyone；therewillhavebeennotransferofwealth；

therelativevalueofrawproducewill(foranythinginvolvedinthischange)haveremainedperfectlystationary:andin

proportiontothisadditiontoitsformerresources，willthecountryaboundmoreinthe"necessaries，conveniences，and

enjoymentsofsociety，"andbebetterable"tomaintain，fleetsandarmies，"ormakeanyotherfinancialeffort，thanitwas。

Theincreasedrent，however，willformbutapart，andnotthemostimportantpart，oftheaugmentedwealthandadditional

resources，whichthesamemultiplicationofcapitalthatcreatedtherent，willproduceandplacein

otherhandsthanthoseof

thelandlords。Inthecasewehaveput，itwillbeobserved，thatwhilerentshavedoubled，agriculturalcapital，wagesand

profits，havedoubledtoo。Thelandofthecommunityproducestwicewhatitdid，anditsterritorialresourceshavedoubled，

althoughitsfrontierhasnotbeenextended；andwhilethisprocessiscontinuedandrepeated，whichintheprogressofa

skilfulandwealthypeople，itmaybemorethanonce，suchapeoplewillcontinuetomultiplyinnumbers，inriches，andin

politicalstrength，comparedwithneighbouringnations，amongwhomaruderandmoreinefficientmodeofculturemay

continuetoprevail。Increasedrents，`therefore，originatingintheaccumulationofcapitalontheland，andinincreased

production，arenotonlythemselvesaclearadditiontotheresourcesofacountry，butnecessarilyindicateayetgreater

additioninthehandsoftheproducingclasses；anadditionwhichissubstantiallyequivalenttotheprogressiveenlargementoftheterritoryitself。Thereisonesenseinwhichtheproposition，thatrentisnoadditiontothewealthandresourcesofacountry，isatruth，

thoughaveryinsignificanttruth:whenitismerelymeant，thattheproduceofthelandandlaborofacountrybeing

determined，theappropriationofapartofitasrent，makesthenation，collectively，noricherthanitwasbefore；thiscertainly

isatruth，orratherapueriletruism。Theproduceofthelandandlaborofacountrybeingoncedetermined，theamountofits

collectivewealthcannotofcoursebeaffectedbythesubsequentappropriationofit；whetheritbedevotedwhollytowages，

toprofits，oreventaxes，thenationcollectivelyisasrichandnoricherthanitwas。Butwhenitisasserted，asMr。Ricardo

obviouslymeanstoassert，thatintheprogressofsociety，increasingrentsmerelyindicateatransferofapartofthewealth

alreadyexisting，andneverformanyrealadditiontotheresourcesofanation，thepropositionisanobviousfallacy，founded

onhisownpeculiarlyimperfectviewofthesourcesinwhichsuccessiveadditionstotherentsofacountryoriginate。

DifferentEffectsofCapitolemployedindifferentShapes。Sofarwehavetracedtheeffectsonrentsoftheaccumulationofcapitalgenerally:thatis，withoutdistinguishingbetween

theeffectsofthedifferentshapesinwhichitmaybeappliedtothelandduringtheprogressofitsincrease:andsofarasthenecessaryeffectofsuchanaccumulationonrentswasaloneinquestion，thisgeneralviewwassufficient。Buttoobservemoredistinctlytheprobableprogressoftheincreaseofcapitalemployedinagriculture，andtheultimatelimit

toit；andtotraceitseffectsontheinterestsofthecommunity，ontherelativenumbersandweightoftheclasseswhich

composeit；andonthenatureanddirectionoftheirindustry，wemustcarefullydistinguishbetweentheeffectsofincreasing

capitalwhenitisappliedtothesupportofadditionallabor，andwhenitisappliedasauxiliarytotheindustryofthelaborersalreadyemployed，withoutanyincreaseintheirnumber。IamawarethatifwefollowMr。Ricardo，andsomelaterwriters，thedistinctionheremadeisfanciful。Accordingtothem，

thisauxiliarycapitalistheresultoflabor，and，tracingitsufficientlyfarback，oflaboralone。Itsemployment，therefore，may

beconsideredastheemploymentofthelaborwhichwasusedtoproduceit:andwhetheramanworksfortendaysin

producingaploughtobeemployeduponthesoil，orworkstendaysuponthesoilitself，hedoesvirtuallythesamething；in

eithercasetendayslaborhasbeenemployedincultivation。Therearesomepointsofview，perhaps，inwhichthisforced

identificationoftheresultsoflabor，withlaboritself，maynotbeinadmissible，andmayevenbefoundconvenientforthe

purposesofcalculation。Mr。Ricardo，andthewriterswhohavefollowedhim，universallyspeakofthelaborwhicha

commodityhascost，asthesolefoundationandmeasureofitsvaluerelativelytoallothercommodities。Aquantityofcorn

producedbyamonth"slaborofoneman，andaploughproducedbyamonth"slaborofanotherman，

would，accordingto

them，beofpreciselythesamevalue。Henceallcommoditiesmustbeestimatedassomuchaccumulatedlabor。"Capital，or

whatisthesamething，labor，"isanexpressionofMr。Ricardo"swhichflowsnaturallyenoughfromtheirtheoryoftheorigin

andmeasureofvalue。Thistheoryitisnotnecessaryforourpresentpurposetoexamine。Ibeg，however，inpassing，tobe

numberedamongthosewhobelieveitdefective，andwhothinkthatincomparingtheexchangeablevalueofdifferent

commodities，othercircumstancesmustbetakenintoconsideration，besidesthequantityoflaborbestoweddirectlyor

indirectlyuponeach。Butwhethersuchatheoryofvaluebesoundorunsound，forthepurposesofourpresentinvestigation，

itwillbenecessarytothinkandspeakoflabor，andoftheresultsoflaborastwodifferentthings。Itwillhardlybedenied，

thattheusinganimplementormanuretoproduceaneffectinagriculture，orusingdirectlyonthelandthelaborwhichthe

implementormanuremayhavecost，aresubstantiallydistinctanddifferentoperations；thattheymayleadtodifferent

results，andeachbepracticableorprofitableonlyunderdifferentcircumstances。Nowitissomeoftheeffectsofsuch

differencesthatIamabouttopointout，becauseIthinktheknowledgeofthemwilllayopenimportantviewsofthepresent

conditionandpossibleprogressofnations，andofthecausesofthosechangeswhichtakeplacegraduallyintherelativenumbersandinfluenceofthedifferentbodiesofmenofwhichtheyarecomposed。Thefirstdifferencewhichwewillremark，betweentheapplicationofcapitaltoagricultureinthesupportofadditional

laborers，andintheshapeofimplements，manures，drains，oranythingwhichistheresultofpastlaborasauxiliarytothe

effortsofthelaborersactuallyemployed，isthis，thatinthefirstcase，thequantityofhumanpower，comparedwiththe

capitalemployed，remainsunaltered；thatinthesecondcase，itisinvariablyincreased。Ifacapitalisusedinemployingthree

menonthesoil，andthenthatcapitalisdoubled，andsixarcemployed，thepoweremployedincultivationisdoubled，butit

isnotmorethandoubled；wehavenoreasonforassumingthatthelaborofthethreemenlastemployed，willbemore

efficientthanthatofthethreemenfirstemployed。Butifinsteadofemployingthesecondcapitalinemployingthreefresh

laborers，meansarefoundofapplyingitinsomeoftheshapesofauxiliarycapitaltoincreasethepowerofthethreelaborers

alreadyemployed，wemaythensafelytakeitforgrantedthattheefficiencyofthehumanlaboremployeddirectlyand

indirectlyinagriculturehasbeenincreased，andthatthethreemenassistedbythisauxiliarycapital，

willhavepowerswhich

sixmenemployingalltheirpowerdirectlytothesoil，wouldnotpossess。Toperceivethisdistinctly，itseemstobeonly

necessarytocalltomindwhatmustbetheconstantmotivetoemployhumanlaborinframingmachineryorimplements，or

inobtainingauxiliarycapitalofanykind，inpreferencetoemployingthatlabordirectlytoobtaintheendforwhichthe

auxiliarycapitalistobeused；andwhataretheusualstepsbywhichtheagriculturalandmanufacturingeffortsofcivilized

nationsgainefficiency，ortravelfromtherudenessandfeeblenessoftheindustriouseffortsofthesavage，tothepowerandcomparativeperfectionoftheartsofcivilizedman。Man，inhisattemptstoobtainorfashiontohiswants，thematerialobjectsofhisdesires，differsfromtheloweranimals

principallyinthis，thathisintellectenableshimtocontrivethemeansofusingtheresultsofhispastlabortopushthe

efficiencyofhisactualexertionsbeyondthelimitsofhismereanimalpowers。Whilelivingonthegameoftheforest，the

hunterdevotesaportionofhistimetoforminghisbowandarrows。Iftheweapons，whenmade，enabledhimtosecureno

moregamethanhecouldhaveacquiredbyhisunassistedexertionsinthetimespentinmakingthem，wemaybesurethe

acquisitionofthemwouldnotcontinnetotempthim。Thehusbandmanafterscratchingthegroundforatimewiththe

crookedbranchofatree，devisedatlastanartificiallyconstructedironplough:butiftheeffectsonthesoilofthisplough

whenused，werenogreaterthanthosewhichthelaborwouldhaveproduced，whichwasspentinconstructingtheplough，

hadthatlaborbeenapplieddirectlytotheland，thenwemaybesurethattheploughwouldnothavebeenmade。Itissowith

allthehelpscontrivedbymantoassisthislaborfromthefeeblestandsimplesttothemostcomplicatedandpowerful。Ifthe

laboremployedinconstructingasteamenginecouldbeappliedwiththesameeffectastheengineitselfinthevariousarts

andcallingsoflife，wemaybesurethatsteamengineswouldneverhavebecomecommon。Whenever，therefore，weseea

nation"sstockofwealthaccumulatingintheshapeofauxiliarycapital:when，insteadofusingtheircapitaltosupportfresh

laborersinanyart，theypreferexpendinganequalamountofcapitalinsomeshapeinwhichitisassistanttothelabor

alreadyemployedinthatart，thenwemayconcludewithperfectcertainty，thattheefficiencyofhumanindustryhasincreasedrelativelytotheamountofcapitalemployed。Inagriculture，theeffectsofauxiliarycapitalInstrengtheninghumanpower，arelessobvious。perhaps，thaninmanufactures；

butcertainlynotlessimportant。Ifweobservethequantityofimplements，ofliveanddeadstock，offences，drainsand

buildingstobefoundon。thesurfaceof1000acresoflandinahighlycultivatedcountry，andcomparethemwiththewild

andill-occupieddistrictsofrudenations，weshallseethateveninagriculture，theeffortsmadebyhumanintellect，tousethe

resultsofpastlaborinstrengtheningtheactualpowerofthehusbaudmantodevelopetheresourcesoftheearth，havebeen

veryconsiderable。Thedifferentextenttowhichdifferentnationshaveachievedthis，formsoneofthemostimportant

distinctionsbetweenthem。Asman，inhisrudeststate，andwhenchieflyemployedinsatisfyinghisbarephysicalwants，is

distinguishedfromthebrutecreationbyhiscapacitytousethehoardedresultsofhispastexertionstoaugmenthis

commandoverthematerialworld；sowhenweviewhiminamoreadvancedstate，andattempttoweighandestimatethe

causesoftheverydistinctproductivepowersofdifferentcommunities，perhapsequallyenlightened，

weshallfindthe

differentdegreesofsuchpowerattainedbyeachtobedetermined，andalmostmeasured，bythedifferentextenttowhich

theyhavecarriedthisoriginalprerogativeofthehumanrace。Thenecessariesandluxuriesoflifearesupplied，inall

countriesremarkablefortheircivilization，bytheassistanceofacertainquantityofauxiliarycapital。Butintheamountof

thatcapitalpossessedandusedbyeach，thereisawidedifference。Inthisrespect，Englandstandsfaraheadofthewhole

civilizedworld，andnotlessremarkablyinheragriculturethaninotherdepartmentsofherindustry。Itappearsfromvarious

returnsmadeatdifferenttimestotheBoardofAgriculture，thatthewholecapitalagriculturallyemployedinEngland，isto

thatappliedtothesupportoflaborers，as5to1；thatis，therearefourtimesasmuchauxiliarycapitalused，asthereisof

capitalappliedtothemaintenanceofthelaboruseddirectlyintillage。InFrance，theauxiliarycapitaluseddoesnotamount

(asappearsfromCountChaptal"sbook，)tomorethantwicethatappliedtomaintainrusticlabor。InotherEuropeancountries，thequantityis，Isuspect，verymuchless。Bearinginmindthen，thatateverystepintheaccumulationofauxiliarycapitalincultivation，adifferenceiscreatedinthe

powerofhumanlabor，whichdoesnotoccurwhencapitalincreasesonlyintheshapeofadditionalmaintenanceforfresh

workmenonthesoilitself；wemayproceedtotheseconddifferencebetweentheeffectsoftheemploymentofauxiliary

capital，andofcapitalapplieddirectlytothesupportofadditionallabor，whichisthis:thatwhenagivenquantityof

additionalcapitalisappliedintheshapeoftheresultsofpastlabor，toassistthelaborersactuallyemployed，alessannual

returnwillsufficetomaketheemploymentofsuchcapitalprofitable，and，therefore，permanentlypracticable，thanifthesamequantityoffreshcapitalwereexpendedinthesupportofadditionallaborers。Letussuppose？00。employeduponthesoilinthemaintenanceofthreemen，producingtheirownwages，and10percent。

profitonthem，or？10。Letthecapitalemployeduponthissoilbedoubled。Andfirstletthefreshcapitalsupportthree

additionallaborers。Inthatcase，theincreasedproducemustconsistofthefullamountoftheirwages，andoftheordinary

rateofprofitonthem。Itmustconsist，therefore，ofthewhole？00。，andtheprofitonit；orof？10。Nextletthesame

additionalcapitalof？00。beappliedintheshapeofimplements，manures，oranyresultscfpastlabor，whilethenumberof

actuallaborersremainsthesame。Andletthisauxiliarycapitallastontheaveragefiveyears:theannualreturntorepaythe

capitalistmustnowconsistof？0。hisprofit，andof？0。theannualwearandtearofhiscapital:or？0。willbetheannual

return，necessarytomakethecontinuousemploymentofthesecond？00。profitable，insteadof？10。，theamountnecessarywhendirectlaborwasemployedbyit。Itwillbeobvious，therefore，thattheaccumulationofauxiliarycapitalincultivation，willbepracticablewhenthe

employmentofthesameamountofcapitalinthesupportofadditionallaborhasceasedtobeso:andthattheaccumulation

ofsuchcapitalincultivationmaygoonforanindefiniteperiod:thatis，itmaygoonaslongashumancontrivancecanuse

ittourgeontheprogressofhumanpowerinaddingtothefertilityofthesoil，orwhatisthesamething，totheefficiencyof

thelaborersemployeduponit:providedonlythattheadditionalproduceobtainedateachstepoftheprocessissufficienttopaytheordinaryrateofprofitonthefreshauxiliarycapitalsoemployed，togetherwiththewearandtearofthatcapital。Stepbystep，however，asthemassofsuchcapitalincreases，theingenuityofmanmustbeatworktodevisefreshmodesof

usingit。Toemployadditionallabortoincreasetheproduceoftheland，allthatisnecessaryistohavethemeansof

maintainingit。Toemploymoreoftheresultsofpastlaborinassistingtheactualtillersoftheearthrequiresconstantcontrivanceandincreasingskill。`Withtheincreaseofthemassofauxiliarycapitalemployedinagriculturerentswillrise，fromtheunequaleffectsofthat

capitalonsoilsofunequalgoodness。Buttheriseofrentsfromtheemploymentofanygivenquantityofauxiliarycapital，

willbelessthanthatwhichwouldtakeplacefromtheemploymentofanequalamountofcapitalinthemaintenanceof

additionallabor。Theadditionalannualproduce，wehaveseen，willbeless，andthedifferencebetweentheamountofthe

produceofequalcapitalsonsoilsofdifferentgradationsoffertility(onwhichdifferencerentsdepend)willbeofcourse

large，whentheproduceislarge，andless，whenitissmaller。Forinstance，letA，B，CandDproduceasfollows:

ABCD？10。？15。？20。？30。Thedifferences，surplusprofits，orrentsonB，CandD，willbe5+10+20，ortogether？5。Letanadditional？00。

employedinthemaintenanceofadditionallabor，raisetheirproducetoABCD？20。？30。？40。？60。Rentswillbedoubled。Theadditiontothemwillamounttoanother？5。Butlettheadditionalcapitalof？00。beappliedin

theresultsofpastlabor，auxiliarytothelaboralreadyemployed；andlet？0。besufficienttopaytheprofitsofthatcapital，

andreplaceitsannualwearandtearonA。IfB，CandDyieldaproducetothenewcapitalfullyproportionedtotheir

originalsuperiorityoverA，stilltheirproducewillnotexceed(suppose，)A140，B(115+32)=147，C(120+34)154，D(130

+36)=166。Thejointrentsofthethreewillnowbe？7。insteadof？5。:butinsteadofrentsbeingdoubled，and，asinthe

lastinstance，theadditionamountingto？5。，itwillamountonlyto？2。；although，inthemeantime，theamountofprofits

realizedbythefarmerswillhavedoubled，asintheformercase。Thepro。gressofrents，therefore，thoughsteadyand

constant，willbemoreslow，andbearalessproportiontotheincreasedcapitalemployed，andtheadvanceoftheincomesof

thecapitalists，whentheadditionstotheagriculturalcapitalofthecountryaremadeintheshapeofauxiliarycapital，than

whenthoseadditionsaremadeintheshapeofcapitalemployedinthesupportofadditional

labor:anapparentdisadvantage

tothelandlords，whichisamplycompensatedtothembythepossibilityofemployingprogressivelyincreasingmassesof

suchauxiliarycapitaltoobtainfreshproduce，whenthemaintainingadditionallaboronthesoilforthatpurposewouldbe

unprofitableandimpracticable。Wearetobearinmind，then，thattheprogressofauxiliarycapitalbothincreasesthe

commandofmanoverthepowersofthesoil，relativelytotheamountoflabordirectlyorindirectlyemployeduponit；and

diminishestheannualreturnnecessarytomaketheprogressiveemploymentofgivenquantitiesoffreshcapitalprofitable

thatitpresentsinitsaccumulationasourceofadditiontothemassofrents，lesscopious，butmoredurable，andlongerinarrivingatitsultimatelimits，thanthatderivedfromthedirectemploymentofmorelabor。EjectsoftheAccumulationofauxiciliaryCapitalinAgricultureontherelativeNumbersandInfluenceofthedifferentClassesoftheCommunity。Theaccumulationinlargerandlargermassesoftheresultsofpastlabor，nottomaintainthelaboringpartoftheactual

population，buttoaugmenttheefficiencyoftheirindustry，isaprocesswhichexercisesadecisiveinfluence，notonlyonthe

comparativeproductivepowerofdifferentnations，butonthevariouselementsoftheirsocialandpoliticalcomposition。And

inthispointofviewtherearetwoprominenteffectsofthismodeofincreasingtheefficiencyofthecultivationwhichmust

benoticed:First，thegreatincreaseoftherelativenumbersofthenon-agriculturalclasses:Secondly，thegreatincreaseof

therevenuesandinfluence(andordinarilyofthenumbers)oftheintermediateclasses，ortheclassesexistingbetweenthe

proprietorsandlaborers。Thesechangesintherelativenumbersofthedifferentpartsofthecommunity，exercisea

considerableinfluenceinmouldingthefortuneandcharacterofnations。Theeffectsofsuchchangesweshallhavetotracein

anotherpartofourwork；itisourobjectnowtoshewthemannerinwhichthechangesthemselvesareproduced。

TheEmploymentofauxiliaryCapitalaugmentstherelativeNumbersofthenon-agriculturalClasses。Whenadditionalproduceisobtainedbytheuseofaproportionalquantityofadditionallaboralone，the。relativenumbersof

theagriculturalandnon-agriculturalclassesremainunaltered。Letussupposeacapitalofonemillionofmoneymaintaining

onemillionofagriculturallaborers:theprofitsonthemillion，at10percent。willbe？00，000。，andwemayassumetherents

paidtobeasmuchmore。Thenumbersofthenon-agriculturalpopulationwilldependonthequantityofrawproducewhich

thelaborers，fromtheirrevenueofonemillion，thecapitalistsandlandlordsfromtheirrevenuesof？00，000each，canspare

toexchangeformanufacturedarticlesandnon-productivelabor。(14)Letthatnumberbe250，000

souls，orone-fourthofthe

agriculturists。Letussupposetheagriculturalcapitalemployedinsuchacountrydoubled，andtheagriculturallabordoubled；

thatinsteadofoneminionoflaborers，twomillionsareemployed，andthattheproduce，profitsandrentsarealldoubledtoo。

Thehabitsofthepeopleremainingthesame，thequantityofrawproduceappliedtothemaintenanceofnon-agricultural

labor，willbedoubledalso；thenon-agriculturistswillbecome500，000，andtheirrelativenumbercomparedwiththe

increasednumberofnon-agriculturistswillbepreciselywhatitwas。Theirinfluence，andthatoftheproduceoftheirindustry

onthehabitsofthemassofthepeople，therelativeweightoftheiremployersinthecommunity，willalsobepreciselywhatitwas，andnomore:thoughthepopulationofthecountrywillhavedoubled，ornearlydoubled。Letusnextsupposetheagriculturalcapitalinsuchacountrytobedoubled，buttheadditionstobeusednotasfoodto

maintainmorelaborersonthesoil，butinsomeshapeauxiliarytothelaborersalreadyemployed。Andletustaketheaveragedurationofsuchauxiliarycapitalatfiveyears。Thenprofitswinhaveincreasedfrom100，000to200，000。The###第9章increaseofrentsmaybetakenat50，000，andthesumnecessarytoreplacetheannualwearandtearofacapitalofone

millionlastingfiveyearswillbe？00，000。Herewillbeagrossadditionalsumof？50，000。producedoriginallyintheshape

ofagriculturalproduceandwhollyapplicabletothemaintenanceofnon-agriculturallabor；thenumbersofthe

non-agriculturallaborerswillincrease，whilethoseoftheagriculturistsremainstationary，andthisincreasemaygoonswellingandrepeatingitself，tillthenon-agriculturistsequalorexceedtheagriculturists。ThishastakenplaceinEngland，wheretheauxiliarycapitalemployedincultivationisgreaterthaninanyotherpartofthe

world，andwherethenon-agriculturalpopulationisactuallytotheagriculturalas2to1。Inallotherextensivecountries，theagriculturistsformthemajority。InFrancetheycomprisetwo-thirdsofthepopulation:inmostothercountriesmuchmore。Theincreaseofauxiliarycapitaliscertainlynottheonlycircumstancewhichaffectstheproportionatenumbersofthetwo

greatclassesofcultivatorsandnon-cultivators。Anycausewhichincreasestheefficiencyoftheactualcultivatorsmaydoso，

buttheincreaseofauxiliarycapitalistheonlycausewhich，intheordinaryprogressofcivilizednations，wearesuremust

exerciseaprogressiveinfluenceinthisrespect。

TheIncreaseofauxiliaryCapitalincreasestheRevenueoftheintermediateClasses。Thenextpointinwhichtheeffectsoftheemploymentofauxiliarycapital，andofcapitalconsumedinthedirectmaintenance

oflabor。differ，isthis，thatwiththerelativeincreaseofauxiliarycapital，agreatincreaseordinarilytakesplaceintherelative

revenuesofthemiddling，or，touseamorecomprehensivephrase，oftheintermediateclasses。Thiseffectisnotpeculiarto

theincreaseofauxiliarycapitalincultivation，butfollowsitsaccumulationinallthebranchesofhumanindustry。Wemust

enlargeonthiselsewhere:butourviewoftheeffectswhichmaybeexpectedtoaccompanyariseofrentscausedbythe

generalaccumulationofcapitalontheland，wouldbeincompletewithoutadvertingtoit。Ifwesupposeanycapital(？00。

forinstance)employeduponthesoil。whollyinpayingthewagesoflabor，andyielding10percent。profit，therevenueofthe

farmerwillevidentlybeone-tenththatofthelaborers。Ifthecapitalbedoubled，orquadrupled

andthenumberoflaborers

bedoubledorquadrupledtoo，thentherevenueofthefarmerswillcontinuetobearthesameproportiontothatofthe

laborers。Butifthenumberoflaborersremainingthesame，theamountofcapitalisdoubled，profitsatthesameratebecome？0。，orone-fifththerevenueofthelaborers。Ifthecapitalbequadrupled，profitsbecome？0。，ortwo-fifthsoftherevenue

ofthelaborers:ifcapitalbeincreasedto？00。，profitswouldbecome？0。，orhalftherevenueofthelaborers。Andthe

wealth，theinfluence，andprobablytosomeextentthenumbersofthecapitalistsinthecommunity，wouldbeproportionablyincreased。Thispoint，atleast，theaccumulationofauxiliarycapitalincultivationhasreachedinEngland。Thewholecapitalemployed，

istothatadvancedinwagesatleastas5:1。Theauxiliarycapital，therefore，isequaltoatleastfourtimesthecapitalusedin

themaintenanceoflabor，andtheincomeofthecapitalistsemployedinagricultureequaltoatleasthalfthewagespaidtoagriculturallaborers。Ihavesupposedinthecalculationshithertomade，thattheamountoflaboremployedincultivationhasbeenstationary，

whiletheamountofauxiliarycapitalhasbeenaccumulating。Thisislittlelikelyevertobetrueinpractice。Agreatincrease

ofcapital，ofwhateverdescription，usedinanyart，usuallymakestheemploymentofsomeadditionaldirectlabornecessary。Thiscircumstance，however，willnotpreventthesteadyprogressoftherelativeincreaseoftheauxiliarycapital。Thetwolastnoticedresultsoftheincreaseofauxiliarycapitalemployedinagriculture，namely，therelativeincreaseofthe

numbersofthenon-agriculturalclasses，andtherelativeincreaseoftherevenuesandnumbersoftheintermediateclasses，

arebothchangesofconsiderableimportanceintheprogressofsociety。Supposingtwonationstohavemadeinother

respectsnearlyanequalprogressinartsandmanufactures；theabundanceorscantinesswithwhicheachwillbesupplied

withthedecenciesandartificialcomfortsoflife，willdependentirelyonthecomparativesizeof

thatportionofeach

community，ofwhichtheindustryisdirectedtooccupationsdistinctfromagriculture:andineverynationtoo，theamountof

thefundwhichformstherevenueoftheintermediateclasses，oroftheclasseswhichinvariousgradationsseparatethehigherfromthelowerorders，isacircumstanceofgreatmomenttothepoliticalandsocialcharacterofthepeople。Whiletherevenueofthecapitalistsequalsonlyone-tenththatofthelaborers，theyformnoprominentportionofthe

community，andindeedmustusuallybelaborersorpeasantsthemselves。Butamassofprofitsequalto，orexceeding

one-halfthewagesoflabor(whichmassexistsinEngland)naturallyconvertstheclassreceivingitintoanumerousand

variedbody。Theirinfluenceinacommunityinwhichtheyarethedirectemployersofalmostallthelaborers，becomesvery

considerable:andwhatisinsomerespectsofmoreimportance，sucharichandnumerousbodyofcapitalists，as，descending

fromthehigherranks，theyapproachthebodyofthelaborersbyvariousgradationstilltheyalmostminglewiththemforma

speciesofmoralconductors，bywhichthehabitsandfeelingsoftheupperandmiddlingclassesarecommunicateddownwards，andactmoreorlesspowerfullyuponthoseoftheverylowestranksofthecommunity。Therelativeprevalenceofartificialcomforts，consequentontheexistenceofalargeindustriousnon-agriculturalpopulation；

ranksofsocietyapproachingandblendinginsuccessiveorders，sothatthehigherarelinkedwiththelower，andachannelof

communicationformedthroughwhichtheirmoralinfluencemay，toacertainextent，constantlypasstotheirinferiors；these

arccircumstances，thepracticaleffectsofwhichweshallhavetotraceinanotherportionofourwork，whenweare

examiningtheordinaryprogressofthenumbersofnations。Theywillbefoundtohaveanimportantbearingonoursubject，

whileweremarkvariouscircumstancessuccessivelyunfoldingthemselvesintheprogressofcivilization，whichtendto

moderatethedispositionofapeople，toexerttheirfullphysicalpowersofincreasingtheiraggregatenumbers，andhelptosubjecttheanimalpassionsofmantothepartialcontrolofmotives，aimsandhabitspeculiartohimasarationalbeing。Wewillconcludehereourexaminationofthefirstsourceenumeratedofariseoffarmers"rents，namely，theprogressive

accumulationandunequaleffectsofcapitalonallgradationsofsoils。

Wehavefound，thatsuchanaccumulationordinarilytakesplaceintheprogressofpopulationandwealth:Thattheriseofrents，whichproceedsfromthiscause，iswhollyindependentofthecultivationofinferiorsoils，andofthe

expenditureofcapitalontheoldsoilswithadiminishedreturn；andthatitmightgoonindefinitely，thoughneitherofthesecircumstanceseveroccurred:Thattheadditionalcapitalmaybeemployedinmaintainingadditionalagriculturallaborers；orinvariousshapesinwhichitisonlyauxiliarytothelaborersalreadyemployed:Thatwhenfreshcapitalisusedinagricultureinthelattershape，thepowerofthehumanlaborapplieddirectlyorindirectly

tothesoil，maybeassumedtobeincreasing；whilethequantityofadditionalproducenecessarytomaketheemploymentofagivenquantityofcapitalprofitable，isdecreasing:Thathencetheaccumulationofauxiliarycapitalwithincreasingeffectonthelandmaygoon，foranindefiniteperiod，after

theemploymentofadditionalcapital，withoutadiminishedreturninmaintainingmoreagriculturallabor，hasbecomeimpossible:Thatwiththeemploymentofgreatermassesofauxiliarlycapital，therelativenumbersofthenonagriculturalclasseswill

increase；andalsotherevenue，theinfluence，andordinarilythenumberandvariety，oftheintermediateclasses，whichconnectthehigherwiththelower。Wehaveseen，thatthegeneralincreaseofproductionwhichfollowssuchanaccumulationofcapitalontheoldsoil，isa

mostimportantandbeneficialadditiontotheterritorialresourcesofthepeopleamongwhomittakesplace:andthatthere

ispracticallynoperiodofsuchanincrease，atwhichtheinterestsofthelandedproprietorsarenotinstrictunisonwiththose

ofthepopulation。

SECTIONIII。OnthesecondSourceoftheIncreaseofFarmers"Rents，orontheincreasingEfficiencyoftheCapitalemployed。Intheprogressofagriculture，andaftertheestablishmentoffarmers"rents，someimprovementsmaybeexpectedtotake

placeintheefficiencyofthecapitalemployedincultivation。Boththeskillandpowerofthecultivatingclassincrease。Their

skill，becausemuchthoughtissedulouslyappliedtothesubjectbymenfreedfromthetoilsomeandabsorbingoccupations

ofthemerelaborer，andnotdistractedlikethelandlordsbyloftierpursuitsandmoreenticingoccupations。Withtheincrease

ofskill，themeremanualexertionsofthelaborerandthemostordinaryandrudestimplementsandmeansbecomemore

efficient，becausebetterdirectedandcombined。Butastheagriculturistsincreaseinskill，theyusuallyincreasealsointhe

powerwhichtheycanapplytoeffecttheirpurposes。Theincreaseofauxiliarycapitalinallitsshapes(oneinvariableeffectofadvancingwealthandknowledge)hasaconstanttendency，aswehaveseen，toputsuchincreasedpowerintotheirhands。Ofincreasedskillandincreasedpower，anincreaseintheefficiencyofthecapitalemployedincultivationisanecessary

consequence，andmayshewitselfbytwoeffects。

1st。Lesscapitalmaybenecessarytoproduceagivenquantityofproducefromaspotofground。2nd。Thesamecapitalmayproducefromthesamespotofgroundalargerproducethanitbeforeyielded。Thelastofthese

improvementsordinarilyincludesthefirst。When，onanyspotofground？00。canbesoemployed，astoproducealarger

returnthanthesameamountofcapitaldidbefore，thensomesmallerquantityofcapitalwillusuallyobtainthesameproduce

which？00。oncedid。Butthefirstimprovementmentioned，doesnotalwaysincludethelast；formeansaresometimes

discoveredofgettingthesameamountofproducecheaper，whennomeanshavebeenhitonofincreasingit。Inwhichever

result，however，theincreasingefficiencyofthecapitalemployedshewsitself，rentswillrise，andunlesstheprogressof

improvementoutstripstheprogressofpopulation，andthegrowthofproduceexceedsthegrowthofdemand，(anevent

rarelytobeexpected，)thisriseofrents，fromtheincreasedefficiencyofthecapitalemployed，willbepermanent；anditwill

ordinarilycoincide，asweshallpresentlysee，withanextensionoftheagriculturalwealth，thepopulation，strength，and

resourcesofthecountry。If？0。canbemadetoproducewhat？00。formerlyproducedfromthesamespotofground，say？10。，theprofitsrealizedwillhaverisenfrom10percent。tosomewhatmorethan20。Oftheseprofits，somewhatmore

than？0。willbesurplusprofitsorrents。Again，if？00。formerlyproducedacertainquantityofcornwhichsoldfor？10。，

andcannowbesoemployed，asfromthesamespottoproducecornwhichatthesamepriceswouldsellfor？20；

additionalsurplusprofitswillbemadeonthatland，andadditionalrentbepaidforit:providedthatthewholeimprovement

isnotdiscovered，completed，andgenerallyadopted，sorapidly，astomakethenowincreasingquantityofcornoutstripthe

progressofpopulationanddemand。Forinthatcase，pricesmightfall，andrentsremainstationaryorrecede。Itisnot

necessaryagaintodiscusstheprobabilityofthisdislocationbetweenthedemandandsupply。Theriseofrentswhichwould

followsuchanincreasedefficiencyaswehavebeenassuming，ofthecapitalemployedinagriculture，wouldclearlybequite

independentofanyspreadoftillagetoinferiorsoils。Suchariseofrentsmighttakeplace，andgoonincreasingwiththeincreaseofpopulationindefinitely，thoughnoinferiorgradationsofsoilwereinexistence。Thereisaclearadditiontothenationalresourceswhenrentsrisefromtheincreasedefficiencyofagriculturalcapital。But

thisaddition，(unlikethatwhichaccompaniesariseofrentsfromthegreateraccumulationofcapitalonthesoil，)isusually

confinedto，ormeasuredby，theincreasedrentsthemselves。When？00。produces(pricesbeingthesame)cornworth？20。，insteadofcornworth？10。，thewealthofthenationisincreasedbytenpoundsworthofcorn，andnomore。When？0。willproducethesamequantityofcornwhich？00。didproduce，thenationisenrichedtothesameamountinanother

shape；for？0。maybewithdrawnfromagriculturewithoutitsproducebeingdiminished，

andthenationwillbeenrichedby

beingputinpossessionofanyothercommoditieswhichthecapitalof？0。maybeemployedtoproduce。Theincreaseof

nationalwealthwill，ineithercase，beconfinedtotheamountof？0。，thesamesumbywhichrentsrise。Increasedrents，

therefore，fromtheincreasedefficiencyofcapital，thoughanadditiontothenationalwealthandresources，donotindicate

solargeanadditiontothoseresources，asincreasedrentsproceedingfromtheaccumulationofcapitalincultivation；foran

increasefromthislastsourceisaccompanied，aswehaveseen，byagreatadditiontothemeansoftheproducingclasses，

whichmustbeaddedtothenewrentsbeforewecanestimatethewholeadditiontothenation"sresources，whichsuchariseofrentsindicates。Sofarincreasedrentsfromabetteruseofthecapitalemployedinagriculture，mayseemtocomeaccompaniedbyless

extensiveadditionstothenationalresources，thanincreasedrentsproceedingfromthegradualincreaseintheamountofthe

capitalemployedincultivation。Buttherearesomeresultsoftheincreasingefficiencyofagriculturalcapitalthatremaintobenoticed，whichverymuchaugmenttheeffectsonpublicprosperityofaprogressiveriseofrentsfromthissource。Ithasalreadybeenshewn，thataspreadoftillagetoinferiorsoilsdoesnotnecessarilyaccompany，orfollow，ariseofrents，

whentheefficiencyofthecultivator"scapitalincreases；thatsuchanextensionisinnosenseeitherthecauseofsuchariseor

essentialtoit。Butstill，infact，thesameincreasedproductivenessofagriculturalcapital，whichoccasionsariseofrentson

theoldlands，usuallymakesitpossibletoextendtillagetolandsofinferiornaturalfertility，withasampleareturnasthat

obtainedfromtheoldsoilsbeforetheimprovementtookplace。WhentheturniphusbandrywasfirstadoptedbytheNorfolk

farmers，itwasfoundtoincreasethefertilityoftheirlandssomuch，thatfarms，whichbeforeyieldedaverysmallrent，now

yieldedoneconsiderablylarger。Butanother，andinanationalpointofview，amuchmoreimportantresultfollowed。There

existedinEnglandlargetractsoflightsandysoil，supposedtobewhollysterile，onwhichthisnewmodeofhusbandrywas

practicable，andwhentheproduceofkindredsoils，ofsomewhatbetterstaple，yieldedmuchmorethantheordinaryprofits

ofstock，andpaidconsiderablerents，itbecamepossibletocultivatesomeofthemorebarrentractswithoutaloss。They

wererapidlyreclaimedfromthewaste，andtheagricultureofEnglandhassincebeengraduallyspreadingitselfoverlarge

districtsofthisdescription，whichbeforeyieldedlittleornohumanfood，andcontributednothingtoincreasethatmassofwages，profits，andrents，whichcomposejointlytheresourcesofthecountry。Noristhistheonly，thoughitisthemostobviousmanner，inwhichanincreasedefficiencyofagriculturalcapitalwidensthe

agriculturalresourcesofnations，atthesametimethatitiselevatingrents。Suchanimprovementusuallyleadstotheemploymentofagreaterquantityofcapitaloverthewholecultivatedsurfaceofthecountry。Ifthecapital，whichbeforeyieldedtheordinaryrateofprofit，say10percent。，nowyields？20。，andpaysarentof？0。，

thefarmerwilloftenfindthathecanemployanotherportionofcapital，say？00。，whichthoughitmaynotpaysomuchas

hisoldcapitalnowdoes，willstillpayonsomesoilsbarelyperhaps？10。，theordinaryprofitsofstock；onothers，perhaps，？11。，？12。，and？18。，thatis，somethingmoreoneachthantheusualrateofprofit，thoughnotsomuchastheoldcapital

hasbeenmadetoyieldbytheimprovedefficiencyofitsapplication。Ontheselastsoils，rentswillthenberisingfromtwo

causes；fromtheincreasedefficiencyoftheoldcapital，andfromtheunequaleffectsonsoilsofdifferentdegreesoffertility，

ofthenewcapital，whichbeginstoaccumulateonthem。Whenanopportunityoffersofthusgraduallyaugmentingthe

capitalwhichtheycanprofitablyemployontheoldlands；thefarmersofaprosperouscountrywillslowlytakeadvantageofit。Forreasonshereaftertobeexplained，incountrieswherecapitalabounds，theownersofitarealwaysimpelledby

self-interesttousethevariousadditionswhichtheyemploy，asmuchaspossible，intheshapeofauxiliarycapital，andas

littleastheycanhelpintheshapeofwagesoflabor。Thegradualincreaseoftherelativequantityofauxiliarycapitalis，

therefore，theordinaryeffectoftheprogressiveincreaseofthewholemassofcapitalemployedinagriculture。Thisis

naturallyfollowed，forthereasonswehavestated，byaprogressiveincreaseoftheefficiencyofhumanindustry；andinthis

manner，themeansaregraduallydeveloped，ofcontendingsuccessfullywithsoilsofalow

degreeofnativefertility，andof

obtaining，withoutadiminutionofagriculturalpower，thesuppliesforanincreasingpopulation。Asthecultivatedterritory

thuswidens，largequantitiesofcapitalaccumulatebothupontheoldsoilsanduponthesuccessiveadditionstothetinedground，andtheresourcesofanationtomaintainanumerouspopulationareatoncemultipliedandextended。Althoughthentheimmediateadditiontothenationalwealth，whichisindicatedbyariseofrentsfromtheincreased

efficiencyofthecapitalemployed，islimitedtotheamountoftheincreasedrentitself:yetthespreadoftillagetoinferior

soils，andtheincreaseofcapitalontheoldsoils，whichusuallyfollowsucharise，produceanadditionalextensionoftheresourcesofapeople，whichisofverygreatimportancetothewelfareandstrengthofeveryincreasingcommunity。Wehaveseen，thataspreadoftillagetoinferiorsoilsisbynomeansessentialtotheriseofrents，whichtakesplacewhen

agriculturalcapitalbecomesmoreefficient。Buttheestablishmentofthisfact，doesnotdisclosealltheerrorsofthosewho

havethoughtandtaughtthat"Rentdependsexclusivelyontheextensionoftillage:thatitishighwheretillageiswidely

extendedoverinferiorlands，andlowwhereitisconfinedtothesuperiordescriptionsonly。"(15)Wheneverariseofrents

takesplacefromtheincreaseddemandforagriculturalproduce，thespreadoftillagetoinferiorsoilspresentsthepractical

limittothatrise。Itisclear，thatif，aspopulationincreased，allfreshsupplieswerenecessarilyextractedfromtheoldsoils

alone，therewouldbenoassignablelimittotheincreaseoftherelativevalueofrawproduce，ofthesurplusprofitsmadeon

theland，orofrents。Butwhileadditionalquantitiesofproducecanbeobtainedfrominferiorgradationsofsoils，thepriceof

rawproducewillneverexceedthecostofprocuringitfromthelowestgradationwhichitisfoundexpedienttocultivate:

andiffromtheincreasingefficiencyofagriculturalcapital，thecostofgettingproducefromthatgradationisnotgreater

thanitwasontheoldsoilsbeforetheimprovement，thepriceofrawproducewillnotriseatall。Theinferiorsoils，therefore，

thoughtheircultureisnotessentialtoariseofrents，presentalwaysaboundarytothatrise。Theirexistenceisaprotection

totheinterestsoftheconsumerswithoutinterferingwiththoseofthelandedproprietors。Theypreventcornbeingsoldata

monopolyprice，andcutofftheincreasedrentswhichsuchapricecreates；withoutinterferingwiththebeneficialincreaseof

therevenuesofthelandedproprietors，whichflowseitherfromthesourceweareexamining，thebetterapplicationofcapital，orfromthatwehavebeforeexamined，theincreasedquantityofcapitalemployedinthenationalagriculture。Improvements，therefore，intheefficiencyofthecapitalemployedincultivation，raiserents，byincreasingthesurplusprofitsrealizedonparticularspotsofland。Theyinvariablyproducethisincreaseofsurplusprofits，unlesstheyaugmentthemassofrawproducesorapidlyastooutstriptheprogressofdemand；aneventofrareoccurrence。Suchimprovementsintheefficiencyofthecapitalemployed，dousuallyoccurintheprogressofagriculturalskin，andoftheaccumulationofgreatermassesofauxiliarycapital。Ariseofrentsfromthiscause，isgenerallyfollowedbythespreadoftillagetoinferiorsoils，withoutanydiminutioninthereturnstoagriculturalcapitalontheworstspotsreclaimed。Thisspreadoftillagemustnot，however，beconfoundedwiththecausesoftheriseofrentsontheoldsoils，withtheorigin

ofwhichriseitiswhollyunconnected，whileitservesinitsconsequencestomoderateandlimitthoseaugmentedrents。

SECTIONIV。OnthethirdSourceoftheIncreaseofFarmers"Rents，namely，aDecreaseintheShareoftheproducingClasses，theProduceremainingthesame。Ariseintherelativevalueofrawproduce，(thecostofproducingothercommoditiesremainingstationary)fromwhatever

causetheuseproceeds，winalwaysbefollowedbyadecreaseoftheshareoftheproducingclassesintheproductsofthesoil，relativelytothelaborandcapitaltheyemploy；andbyacorrespondingriseintheproducerentsofthelandlords。Let？00。belaidoutonA，asoilpayingnorent，andyieldingonlytheordinaryprofitsofstock；andlettheproducebe50

quartersofcornsellingat？。4……perquarter，or？10。Iftherelativevalueofcornrises，andthepriceisraised2s。aquarter，

the？00。laidoutonAwillproduce？115。，ofwhich？。willbesurplusprofits。Thefarmers"profits，athisnextcontract

withhislandlord，willbereducedtothelevelofthoseofhisneighbours。Thiscanonlybedonebyhisretainingsomuchonly

oftheproduceofhisland，asattheadvancedpriceswillpayhim？10。；thelandlordwilltaketheremainder，orthepriceof

theremainder，anditwillbecomerent。A，whichbeforepaidnorent，willnowpayarentof？。，andinlikemanner，uponall

thesuperiorsoilswhichbeforepaidrent，therewillbearise，fromthedecreaseoftheshareoftheproducingclassesintheirproduce，theproduceitselfremainingstationary。Sofar，thedecreaseoftheshareoftheproducingclasses，andthecorrespondingriseofrents，havebeenwhollyunconnected

withthecultivation，oreventheexistence，ofinferiorsoils。Theriseofrawproduce，proceedsalways，inthefirstinstance，

fromanincreasingdemandwithoutacorrespondingincreaseofthesupply。Ifacountryhadnosoiltoresorttobesidesthose

alreadycultivated，thedemandmightkeepconstantlyaheadoftheslowlyincreasingsupply，andthepossibleincreaseintherelativevalueofrawproduce，andtheconsequentriseofrents，wouldbeindefinite。Butwheninferiorgradationsofsoilexist，andcanberesortedto，theriseintheexchangeablevalueofrawproduceis

limited。Itwillatopwhenthepriceofcornissufficienttoreplace，withtheordinaryrateofprofit，theexpenceofcultivating

asmuchofthoseinferiorsoilsaswillyieldtheproducenecessarytorestorethebalancebetweenthedemandandsupply。

Thisstateofthingsiswhatusuallyexistsinextensivecountriespossessingsoilsofvariousdegreesofgoodness，anditisthat

whichweshallmoreparticularlyexaminewhiletracingtheeffectsofariseofrentsfromadecreaseoftheshareofthe

producingclassesintheproductsofthesoil。Butwemustnot，therefore，losesightofthefact，thattheriseofrentswhich

takesplacefromthecausewearenowtracing，isantecedentto，andindependentof，thespreadoftillagetoinferiorsoils，

andmusttakeplacetoamuchgreaterextentthanweevernowseeit，weretherenoinferiorsoilsinexistence。

TheIncreaseofproduceRentsismeasuredbythedecreasingFertilityofSoils。Where，inconsequenceofanincreasingdemandforrawproduce，cultivationisspreadingtoinferiorsoils，ifthereturnfrom

thosesoils，inspiteoftheincreasingskillandaugmentedpoweroftheagriculturists，bestilllessthanthereturnfromtheold

soilsbeforewas，thepermanentriseofproducerentsfromthiscausewillbemeasuredbythedifferencebetweenthereturn

toacertainquantityofcapitalandlaborfromthenewsoils，andthereturntothesamequantityofcapitalandlaborfromtheworstoftheoldsoils。IfonA，aqualityofsoil，payingnorent，acertainquantityoflaborandcapitalproduces55quartersofcorn，andonBasoil

worsethanA，thesamequantityoflaborandcapitalcanproduceonly53quarters，thenwhenthedemandforcorn，andthe

useinitsrelativevaluebecomessuchthatBcanbecultivated，andpaytheordinaryprofitsofstock，Awillpayarentoftwo

quartersofcorn:forB，whichproduces53quarters，returningtheordinaryprofitsofstock，A，whichproduces55quarters，

mustreturntheordinaryprofitsofstock，andalsotwoquartersofcorn；whichtwoquarters，orthepriceofthem，willbecomesurplusprofitsorrent。Itwillbeobviousthattheriseofrentsinthiscase，formsnoadditiontotheresourcesofacountry。Theincreasedrentsof

theoldsoilsareameretransferofaportionofthewealthalreadyexistingfromtheproducingclassestothelandlords:the

nation，collectively，isneitherrichernorpoorerthanitwas；therehasonlybeenachange，andbynomeansadesirable

change，inthedistributionofwealthwhichitalreadypossessed。Inthisrespect，asinmanyothers，ariseofrentsfromthiscausecontrasts，muchtoitsdisadvantage，witharisefromthetwocausesofwhichwefirstanalyzedtheoperation。Buttheapprehensionswhichhavebeenentertained，astoanecessaryfallingoffinthereturnstocapitalandlaborgenerally，

whichithasbeensupposedmustalwaysfollowadiminutioninthereturnstoagricultural

industryontheworstsoils

cultivated，arehappilyextravagantandgroundless。Suchadiminutioninthepowerofagriculturalindustry，thougha

possibleevent，takesplaceintheprogressofawealthypeopleveryrarely。Idoubtifitevertakesplaceatall；andwhenit

doestakesplace，wemustnothastilyconcludethatbecausethequantityofcornremaininginthehandsoftheproducing

agriculturalclassesisdiminished，theremustthereforebeafalleitherinprofitsorwages，orthatsuchproducingclasses

wouldhavethemeansofconsumingeitherlesscorn，orlessofanyothercommodity，thantheydidbeforethereductionof

theirshareintheproduceofthesoil。Fortheseconclusions，whichlookatfirstveryliketruths，areinfactfallacious，asa

shortexaminationwillshewus。

ThedecreasingFertilityofSoilsmaybebalancedbytheincreasedEfficiencyofmanufacturingLabor。Humanindustryisnotwhollyemployedinproducingrawproduce:anditsincreasingefficiencyinotherdepartmentsmay

balance，andmorethanbalance，thedecreasingpowersofagriculture:mayenablethesocietytosparetheadditional

proportionofmenandcapitalrequiredtoproduceanundiminishedquantityoffoodforincreasingnumbers，andthat

withoutlesseningthemassofwealthenjoyedbyanyclassofmen。Thiswillappearmoreclearlyfromanexampleortwoto

whichIsolicitthereader"sattention，ascontainingtheproofofafactveryimportanttobeunderstood，inexaminingthe

possibleprogressofhumansociety，afterpopulationhasbecomedense，andcapitalandtheartshavemadegreatprogress。

Letusfirsttakethesimplestcasewhichinvolvestheprinciplewewishtoexplain，andletussupposetenshipwrecked

marinerscastonsomeuninhabitedshore，anddividingbetweenthemthetaskofprovidingtheircommonfood，clothing，and

shelter。Duringthefirstyear，lettheexertionsoffivemenbesufficienttosupplytheirtable，andtheexertionsoftheother

fivetheirfood，raiment，&；c。Inthenextyear，foodmayhavebecomemorescarce，andthetimeofeightofthemenmaybe

occupiedinprocuringit。Butinthemeantime，theskilloftheartisandivisionmayhavesoimproved，thattwomenmaybe

abletosecuretothewholepartythesamequantityofclothing，shelter，&；c。thatbeforeengrossedtheindustryoffive。Inthis

case，four-fifthsofthelaboringhandswillbeoccupiedinprocuringfood，insteadofone-halfasbefore。Stilltheconsumption

ofarticlesofeverydescriptionwillremainthesamethroughoutthelittlecommunity。Wemayputthecaseyetstronger。If

onemanbecameabletosupplytheclothing，&；c。theymightspareninetogoinquestoffood，andmightactuallyconsumemorefood，andasmuchofeverythingelse，astheydidwhilefoodwasmoreeasilyprocured。Letusnextobserve，whateffectswouldbeproducedbyasimilarchangeintheproductivepowersofdifferentclassesofthe

community，ifsuchchangeoccurredamongapeoplewhosesocialrelationswerelesssimplethanthoseoftheknotofmen

wehavebeenfiguringtoourselves，andletussupposeacommunityconsistingof24men，employed，one-halfinproducingcorn，andone-halfinproducingcloth。Letcorn，forourpresentpurpose，representallthevarietiesofrawproduce，andcloth

allcommoditiesproducedbythenationalindustrywhicharedistinctfromrawproduce。Letthecorn-growersproduce14quartersofcorn，andthecloth-makers14piecesofcloth，ofeachofwhichlet12goto

wagesand2toprofits。Then，ifeachpartyexchangehalftheirproducewiththeotherdivision，everylaborerineachwill

havehalfaquarterofcorn，andhalfapieceofcloth；andtheirtwoemployerswillhaveapieceofclothandaquarterofcorneach。Next，letussupposethislaboringpopulationdoubled:thatthereare48laborersinsteadof24，andthattoproducedouble

thequantityofcorn，ithasbecomenecessary，fromthedecreasingfertilityofthefreshsoilsresortedto，toemployin

agriculture，notdoublethenumberofmenformerlyemployed，butmorethandouble；saythreetimesthenumber，or36men。

Then，bythesupposition，36menproducedoublethequantityofcornbeforeproduced，or28quarters。Inthemeanwhile，

let:theproductivepowersofthecloth-workershavesoincreased，thattoproducedoubletheformerquan-:tityofcloth，the

laborofdoublethenumberofmenisnotnecessary，butofalessnumber，sayof12:thenbythesupposition，12menwill

producedoubletheformerquantityofcloth，or28pieces。Butas36menproduce28quartersofcorn，while12men

produce28piecesofcloth，eachquarterofcornwillexchangeforthreepiecesofcloth。(16)Betweenthe48men，therewillbe

tobedivided28quartersofcorn，and28piecesofcloth，whichwillgivethemtheiroldwagesofhalfaquarterofcorn，and

halfapieceofclotheach，andwillalsoleavefourquartersofcornandfourpiecesofclothasprofits。Butthecapitalist

cloth-worker，employingonlyone-fourthofthemen，willtakeonlyone-fourthoftheprofit，oronepieceofclothandone

quarterofcorn。Thecorn-grower，employingthree-fourthsofthemen，willtakethree-fourthsoftheprofit，orthreequarters

ofcornandthreepiecesofcloth。Astherateofwagesremainspreciselywhatitwas，sowilltherateofprofits:foreachemployerof12men，attheoldwages，willstillgetonepieceofclothandonequarterofcornastheprofitonhisadvances。Ifthepowerofthemanufacturerofcloth，insteadofdoubling，hadmorethandoubledduringthisprocess，thenitisevident

thattheproducingclassesgenerallymightconsumenotmerelyasmuchcorn，butmorethanasmuchcornastheydidbefore

recoursewashadtosoilsofalessfertility；for，insteadofemploying36men，theymighthaveemployedagreaternumberin

cultivation，haveproducedandconsumedmorecorn，yetgetthesamequantityofclothwhichtheydidbefore。The

agriculturistswillreceive，inthefirstinstance，fromthesoil，lesscorn，inproportiontotheirnumbers，thantheydidbefore

theincreaseofpopulationandthespreadoftillage；butasbythesacrificeofasmallerportionofthatcorn，theycanobtain

thesameamountofothernecessarieswhichtheymayneed，theywillretainasmuchormorecornfortheirown

consumption，astheydidwhentheydrewlargerreturnsfromtheground。Eachmanufacturerormechanicwillgivein

exchangeforthecornwhichheconsumes，alargerquantityofhisownproducethanhedidbeforethespreadoftillage；but

asheproducesmorethanhedid，hewillbeabletopurchasethesameamountofcornwithoutconsuminglessofother

necessaries。Theeffectsofthefailureinproductivepowerofonebranchofthepopulation，willbebalanced，perhapsmore

thanbalanced，bytheincreasedproductivepowerofanotherbranch。Thosewhoproduceless，willfindtheircommodities

risinginexchangeablevalue；thosewhoproducemorewillfindthemfalling。Thesevariationsinrelativevalue，willdistribute

equallyalltheadvantagesanddisadvantagesofthevariationswhichtakeplaceintheproductivepowerofdifferentbranches

ofindustry。Afallingoffinanyonebranch，maystillleavethenationcollectively，andeachparticularclassofit，aswell

suppliedevenwiththatspeciesofproduceasbeforethedecrease，andtheonlyeffectofadecreaseinonequarter，and

increaseinanother，willbeadifferenceintheproportionatenumberoflaborersandquantityofcapitalemployedindifferentoccupations。Wehaveseen，thatastheprocesswehavebeendescribingbecamecomplete，andcornroseinexchangeablevalue，arent

wouldbegeneratedwhichdidnotexistbefore。Thisincreasedrent，however，unlikethosewhichwehavebeforebeen

considering，willbeobviouslynoadditiontotheresourcesofthecountry。Itwillbeameretransferofwealthalready

existing，fromtheproducingclassestothelandlords。Thenation，itistrue，willbericherrelativelytoitsnumbersthanitwas

beforethespreadoftillage:fortheproducingclasses，wehaveseen，willhavethesamequantityofrawproduceandother

necessarieswhichtheyhad；andtherewillbefurtherinthehandsofthelandlordsacertainportionoftheproduceoftheold

landsasrent。Butthisadditionalwealthwillhaveproceeded，notcertainlyfromthedecreasingpowersofagriculture，but

fromtheincreasedefficiencyofmanufacturingindustry，whichhasenabledthenationtosparewithoutaloss，thehands

necessarytocultivatesoilsofdiminishedfertility，andrathermorethanbalancedtheeffectsofthedecreasedpowersof

agriculturalindustry。Thenation，collectively，wouldnodoubthavebeenricherhadnorentbeengenerated，ifthelandlast

employedintillagehadyieldedreturnsequaltothoseofthelandsbeforecultivated，andiftheadvantagesofincreased

manufacturingpowerhadbeengainedwithoutanydiminutioninthereturnstoagricultural

industry。Whenrentsare

increasingfromthetwosources，ofwhichwebeforeexaminedtheoperation，namely，theaccumulationofadditionalcapital

inagriculture，andtheincreasedefficiencyofcapitalalreadyemployed，thentheresultisanunmixedadvantage。Agriculture

isitselfaddinglargelytotheresourcesofthecountry，andtheincreasingwealthwhichflowsfromtheaugmentedpowersof

manufacturingindustryisbalancedbynodrawback。Itmustbedistinctlyadmittedontheotherhand，thatariseofrentsfrom

theparticularcausewearenowexamining，isnorealadditiontotheresourcesofanation。Thedecreasingefficiencyof

agriculturalcapitalmustalwaysbeadisadvantage，butitisconsolatorytoreflect，thatsuchadecrease，whileitchecksthe

possibleadvanceofanationinwealth，isnotnecessarilyfollowedbyanyactualimpoverishment:thatneithertherateof

wages，orrateofprofits，aredeterminedsolelybythereturnstothecapitalemployeduponthesoil，andthattheymay

remainundiminished，andmayevensteadilyincreasewhilethefertilityofthesoilisassteadilydiminishing。Thecareerofthe

humanracewouldindeedhavebeenmelancholy，hadthelawsofnaturebeensuch，thatasthenumbersofnationsincreased，

additionalfoodmustnecessarilyhavebeenprocuredbythesacrificeofadditionallabor；asacrificeinvolvinginits

consequencesafallintherateofwagesorprofits，whichnoincreaseofintelligence，skill，andpower，intheotherbranches

ofhumanindustrycouldmakeamendsfor。Butthesupposednecessityofthesacrificeofadditionallabortoprocuregreater

supplies，andthesupposedeffectsofthatsacrificeshouldittakeeffect，areeachofthemunfoundedsuppositions。Thefacts，

happily，areallimaginary，onwhichtheassumptionrests，ofanironnecessitydoggingthustheprogressofmankind，and

deprivingthemeverofsomeportionofnecessariesandcomfortsastheirnumbersexpand。Shouldtheproduceofagriculture

begintolessen，theincreasedmeansandskillofcivilizedcommunities，wehaveseen，mayenablethemtosparethe

additionalhandsnecessarytoforcetheflaggingpowersoftheearth，withoutleavinganyclassofthecommunityworse

suppliedwithwealthinanyofitsshapes。

SECTIONV。

OntheFallaciousnessofsomesupposedIndicationsofthedecreasingEfficiencyofagriculturalLabor。Wehopetohaveshewnsatisfactorily，first，thatthereisnogroundforsupposingthatadditionalsuppliesoffoodforan

increasingpopulation，mustnecessarilybegotattheexpenceofmorelabor。And，secondly，shouldtheybegotatthe

expenceofmorelabor，thatitbynomeansfollowsthattheproducingclassesmustnecessarilysubmittoconsumelesseither

offood，orofanythingelse。Stillithasbeenadmitted，thatatsomeperiodintheexistenceofnations，theremaybeariseof

rentscausedbyadecreaseinthereturnstoagriculturalcapital，andtheopinionswhichhavelatelybeenprevalent，makeit

importanttodestroyeverytemptationtoascribehastilytothisunpopularcause，thosesuccessiveadditionstotherevenues

ofthelandedbody，whichothercausesalmostnecessarilyoccasionduringtheprosperouscareerofnations:causes，the

continualactionofwhich，wehavealreadyobservedtobeinperfectharmony，andindeedcloselyconnectedwiththe

progressofapeopleinwealth，andresources，andagriculturalpower，andskill。Wemustentreatthenthefurtherpatienceof

thereader，whileweshewthatsomeindicationswhichhavebeensupposedtoproveinthemostunquestionablemannersomeactualdecreaseinthepowersofagriculture，willturnout，onexamination，toaffordnosuchproofatall。Thecircumstancesusuallyreferredto，withthemostconfidence，asindicatingadecreaseintheproductivepowersof

agriculture，arefirst，afallintherateofprofits；secondly，ariseintherelativevalueofrawproduce，comparedwithother

domesticcommodities；thirdly，ariseinthepricesofrawproduce，comparedwiththeactualpricesinneighbouringcountries

ofsimilarsoilandclimate，orcomparedwithformerpricesathome，provided，inthelastcase，therisebegreaterthancanbe

accountedforbyanyfallwhichmayhavetakenplaceinthevalueofthepreciousmetals。

AfallofProfitsisnoProofofthedecreasingEfficiencyofagriculturalIndustry。Adecreaseintheshareofoneoftheproducingclasses，thatis，afallintherateeitherofwagesorofprofits，isnevernecessarilytheresultofthediminishedproductivepowerofhumanindustryinanyofitsbranches。If，whenprofitsfallfrom12to10percent。wagesexperienceacorrespondingrise，therecanhavebeennodecreaseof

productivepower。Aswagesalwaysengrossthelargestpartoftheproduce，amoderateandalmostinsensiblechangein

wageswillbringaboutmarkedandconsiderablevariationsintherateofprofitsquiteindependentlyofanyalterationsinthe

efficiencyofagriculturalorotherindustry。Letussuppose？00。tobeemployedinpayingwages，returning？12。，ora

profitof12percent。Ifwagesrisefrom？00。to？02。，thatis，2percent。only，then(theproductivepoweroflaborbeing

stationary，)profitsmustfallfrom？2。on？00。advanced，to？0。on？02。advanced:orfrom12percent。tosomething

under10percent。:therewillhavebeenariseofone-fiftiethinwages，andaresultingfallofone-sixthinprofits。Andonthe

suppositionheremade，thatalltheadvancesofthecapitalistareintheshapeofwages，itisclearthatariseof12percent。in

wageswouldnotmerelydiminishtheprofitsofthecapitalist，butabsorbthementirely。

Inpractice，however，amoderateriseofwageswillnotaffectprofitssoseriouslyasintheinstancehereassumed，becauseall

capitalisnotemployedinpayingwages，andtheeffectsoffluctuationsintherateofwagesarenotconfinedtotheprofitsen

thewagesthemselves，butarespreadoveralargerbodyofprofits，andarethusattenuated。Ifwesuppose？00。tobe

employedinproduction，andofthatsumonly？00。tobeadvancedasthewagesoflabor；theprofitsof？500。at12per

cent。willbe？0。Iftherateofprofitsinthiscaseistobereducedbyariseofwagesto10percent。，thatis，toasumof？0。，theriseofwagesmustbemoreconsiderablethanintheinstancebeforeassumed。Thesumadvancedbythecapitalistis？00。:thewholeproduceis？60。Letwagesrise10percent。andbecome？10。；theadvanceofthecapitalistwillthenbe？10。，and，pricesbeingstationary，hisprofit？0。，whichwillbe10percent。withinasmall

fraction。Supposing，therefore，

thewholecapitalemployedtobeequaltofivetimesthesumpaidinwages(whichisperhapsnearlythetrueproportionin

England，)ariseof10percent。inwages，thatis，anadditionofonly1s。toevery10s。beforeadvancedtothelaborer，will

lowerprofitsfrom12percent。to10percent。，andsuchamoderateriseofwagesmightproduce，infact，nearlyallthedifferenceobservableintheratesofprofitcurrentinthedifferentstatesofEurope。(17)Inthesecalculations，wehavesupposedtheproductivepowerofthenationalindustrystationary。Wereiteverreallyso，the

influenceontherateofprofitoffluctuationsintheamountofwages，wouldstrikeallpracticalobserversmoreforciblythan

itnowdoes；butintruth，theproductivepowerofthenationalindustryisrarely，orperhapsnever，stationary；andwhilethat

powerisvarying，theresultsofitschangesmustoftenbalancetoacertainextent，andthereforedisguise，theinfluenceof

alterationsintherateofwagesonprofits。Thus，ifwesuppose，asbefore，？00。expendedwhollyinwages，andpaying12

percent。profit，theproducewillbe？12。Butiftheproductivepowerofindustrybesoincreasedthat，pricesremainingthe

same，thereturnbecomes？34。8s。，thenwagesmayriseto？20。，andprofitswillnotvaryatall；theywillstillbe12per

cent。；whilewageshaveincreasedone-fifth，andtheonlychangewillbeanadditiontothemassofcapitaldevotedtothe

advanceofwages。Whiletheproductivepowersoflaborarevarying，therefore，wemayexpectthattheinfluenceof

fluctuationsintheamountofwagesontherateofprofitsmayoftenescapenotice。Itappears，however，thatmarkedand

considerablevariationsintherateofprofitsmayberesultsofchangesintherateofwagesalone。Itfollows，thatafallof

profitsisnosureindicationofdiminishedproductivepowerinanybranchofhumanindustry，andconsequentlycanneverbeacceptedasaproofofthedecreasingefficiencyofagricultureespecially。Thesepropositions，withrespecttotheinfluenceofvariationsinrealwagesontherateofprofits，appeartome，Iconfess，

almosttooobvioustobeformallystated，hadtheynotbeenformallydenied，andveryextensiveconsequencesfoundedon

thedenial。Mr。Ricardo，andotherswhohavefollowedinhistrack，havebelievedthattheycouldtraceeverypossible

variationintherateofprofits，toadecreaseintheproductivepowerofagriculturealone。Toestablishthetruthofthis

opinion，theywereboundtoshew，thatnoothercausecouldaffecttherateofprofits，andofcoursethatvariationsinthe

rateofwagescouldnot。Theirmodeofdoingthiswassufficientlysimple。Itconsistedindenying(whiletreatingonprofits，)thatanysuchthingasapermanentchangeintherateofrealwagescouldevertakeplace。Itwouldatfirstsightappear，thatprofitsdependpartlyontheamountoftheproduceoflabor，partlyonthedivisionofthat

producebetweenthelaborersandcapitalists；andthattheiramount，therefore，mightvaryfromachangeineitherofthese

particulars。Ifcertainlaborers，whosewagesamountto？00。，or100quartersofcorn，produce？12。，or112quartersof

corn，profitswouldbe12percent。；buttheywouldsinkto10，ifwagesroseto？02。orquarters，justascertainlyasthey

wouldiftheproductivepowerofthelaborersdiminished，and，wagesremainingstationary，theyonlyproduced？10。orquarters。Butifitcouldbeprovedthatthelaborerssharewas，intruth，invariable，thatwiththeexceptionofshortintervalsoftime，

theymustcontinuetoreceive？00。orquarters，andneithermorenorless，itwouldfollow，ofcourse，thatallpermanent

variationsintherateofprofitsmustproceedfromchangesintheproductivepowerofindustryalone。Wehavealready

remarked，thatadiminutionofprofitsrarelyproceedsfromadiminutionintheproductivenessofnon-agriculturalindustry，

whichmayraisetherateofprofits，orsustainthemwhentheyarefallingfromothercauses，butcanseldomoccasiontheir

retrogression。Wereitonceadmittedthen，thatprofitsneverfallfromvariationsinwages，itwouldfollowthattheymust

usuallyfallfromadecreaseoftheproductivenessofagriculturalindustry。Thetheoryofthepermanentimmutabilityofreal

wages，oroftheconstantsamenessofthequantityofnecessariesconsumedbythelaborersonwhichreststhisbeliefofthe

exclusiveagencyofthedecreasingpowersofagriculturallaborindiminishingprofits，(18)hardlyrequiresasetdiscussionto

refuteit。ItisneveradheredtobyMr。Ricardohimself，exceptwhentreatingtheparticularsubjectofvariationsintherateof

profit。Atothertimeshespeaks，withouthesitation，ofpermanentalterationsintheconditionandhabitsofthelaborer，of

variationsintherateofnaturalandrealwages。Butwhenattemptingtosimplifyhisanalysisofthecircumstanceswhich

influencetherateofprofits，andtorejecttheagencyofallbuthisfavoritecause，namely，thereturntothecapitallast

employeduponthesoil，hegoesbacktothisposition，equallyinconsistentwithfactsandwithhisownargumentsand

admissions；andasserts，againandagain，thatpermanentchangesintherateofrealwagesnevertakeplace，andneednever，therefore，betakenintoaccountinestimatingthecausesoftherateofprofits。Hisdefenceofthisassertion，whenitisattemptedtobedefended，restsonanexaggerationofsomefactsconnectedwiththesubjectofpopulation。Fluctuationsintherateofrealwages，do，undercertaincircumstances，andtoacertainextent，impelorretardtheincrease

ofthenumbersofthelaboringpopulation，andbyalteringtheirrelationtothefundsfromwhichtheyaresupported，reacton

therateofwages。Fromthisundoubtedfact，manyhavebeenmisled，partlybyhaste，andpartlybyover-strainedingenuity，

todrawthewideandveryfallaciousinference，thateveryincreaseordecreaseinrealwageswillproduceanexpansionor

shrinkingofthepopulationpreciselysufficienttorestore，afteratime，therelationwhichexisted(beforethealterationofwages)betweenthenumbersoflaborers，andthefundsfortheirsupport，andthusbringbackwagestotheirformeramount。Thisopinionoftheeffectsofalterationsinwages，onthenumbersofthepopulation，willmeetusagaininapartofasubject

whenitwillbemoreourbusinesstoexamineit。Atpresent，withoutamoreextensivediscussionofit，wemayappealto

obviousfactsandeverydayexperience。Weseeverydifferentratesofrealwagesprevailingincountrieswithsimilar

climatesandsoils，andsometimes，asinthecaseofEnglandandIreland，underthesamegovernment。Weobserveinthe

samecountries，alterationstakingplacefromcenturytocentury，andfromgenerationtogeneration，inthefood，clothing，

lodging，habits，andgeneralmodeofmaintenanceofthepeople。Wehavealreadyseentoo，thataverymoderatechangein

therateofwagesissufficient，whiletheproductivepowerofindustryremainsthesame，toproduceaveryconsiderable

changeintherateofprofits:andwewillventure，therefore，atpresenttoassume，withoutfurtherargument，thatsucha

permanentriseintherateofrealwagesisneitherimpossiblenorimprobable，asisquitesufficienttoproducealterationsin

therateofprofits，equaltothedifferencesofthatrateinanyofthecountriesofEurope。Thiswillbeenoughtosupportthe

positionwearemaintaining，thatafallofprofitsisneveranunequivocalproofofadiminutionintheefficiencyof

agriculture，becauseitmayproceedfromadifferentdivision，betweenthelaborersandtheiremployers，oftheproduceof

thenationalindustry，whiletheamountofthatproduceremainsunaltered，orisincreasinginallitsbranches。

AnincreasingrelativeValueofrawProduceisnoProofofthedecreasingEfficiencyofagriculturalIndustry。Amongtheproofsofadecreasingefficiencyinagriculturalindustry，theincreasingrelativevalueofrawproduceisusually

treatedasoneofthemostdecisive。Andthis，nodoubt，wouldbeaconclusiveproof，couldwesupposetheproductive

powerofmanufacturingindustry(meaningallindustryotherthanagricultural，)tobestationary，whilerawproducewasthus

risinginrelativevalue。if12quartersofcornareobservedtoexchangefor12piecesofclothduringonecentury，andinthe

next，12quartersofcornexchangefor24piecesofcloth；then，ifweweresurethatnochange

hadtakenplaceinthe

expenceofmanufacturingcloth，wemightveryrationallyconclude，thatthecostofproducingcornhaddoubled。Butwhenwetakeintoaccounttheverygreatincreasewhich，fromtimetotime，reallytakesplaceintheefficiencyofmanufacturingindustry，thecaseisaltered；andwesee，thatanincreaseintherelativevalueofrawproduceiswhatmustbeexpected，

althoughtheproductivepowerofagriculturewerestationary，oreventoacertainextentincreasing。Forinstance，lettwo

menproducetwoquartersofcorn，andtwomentwopiecesofclothandaquarterofcorn；andapieceofclothwill

exchangeforeachother。Next，theefficiencyofagriculturalindustryincreasing，lettwomenproducethreequartersofcorn，

andtheefficiencyofmanufacturingindustryincreasingyetmore，lettwomenproducesixpiecesofcloth:cornwillhave

riseninrelativevalue；aquarterofcorn，insteadofexchangingforonepieceofcloth，willexchangefortwo。Inthiscase，

clearly，weshouldbemistakenifweassumedthefactofadecreaseintheefficiencyofindustry，fromthatoftheriseoftherelativevalueofrawproduce。Intheprogressofnations，anincreaseofmanufacturingpowerandskillusuallyoccurs，greaterthanthatwhichcanbe

expectedintheagricultureofanincreasingpeople。Thisisanunquestionableandfamiliartruth。Ariseintherelativevalueof

rawproducemay，therefore，beexpectedintheadvanceofnations，andthisfromacausequitedistinctfromanypositivedecreaseintheefficiencyofagriculture。AnincreasingMoneyValueofrawProduce，comparedwiththePricesofotherCountries，isnoProofofthedecreasingEfficiencyofagriculturalIndustry。Therearevariouscauseswhichmayelevatethemoneyvalueofrawproduce；oneisundoubtedlythedecreasingfertilityof

thesoilwhichgovernsprices。If，intwoneighbouringcountriespayingequalwages，thelandissuchthatitrequiresthree

menintheworsetoproducetheeffectwhichtwomenwillproduceinthemorefertileofthetwo；thepoorercountrywill

notbeabletosellitsproduceascheaplyasthericher。Stilldifferentpricesarenocertainindicationofadifferencein

fertility。Theymayproceedfromatleastthreeotheranddistinctcauses。First，fromahigherrateofwages；secondly，fromahigherrateoftaxation；thirdly，fromadifferentvalueofthepreciousmetals。Whatevereffectonpricesmaybeproducedbythenecessityofemployingmoremeninagriculture，willbeproducedbythe

necessityofpayinghigherwagestothemenactuallyemployed，orofpayinghighertaxes。Whenthecorn-grower，getting

thesamequantityofproduce，isobligedtopayawayanadditionalquantity；whetherthefreshexpenceisincurredinthe

shapeofwagestoadditionallaborers，orofgreaterwagestothosebeforeemployed，orofheaviertaxes，mustbeindifferent

tohim；andasfarasthecostofcultivationisconcerned，itamountstothesamething。Andsupposingtwocountriestogrow

cornatpreciselythesameexpenceoflaborandcapital，analterationintherateofwages，ortheamountoftaxation，may

raisethecostofcultivationintheonebeyondthatintheother，thoughthedearercountrybestationary，oreven(toalimitedextent，)improvingintheefficiencyofitsagriculturalindustry。Thereisathirdcausealso，quitedistinctfromthedecreasingfertilityofthesoil，whichmayincreasethepricesofraw

produceinonecountry，whilepricesinothernationsarestationary，andthatisadecreasingvalueofthepreciousmetals

peculiartothedearercountry。Thatthisisacausewhichhassomeeffectuponthepricesofthedifferentcountriesofthe

world，therecanbelittledoubt。Iwish，however，tobedistinctlyunderstood，asgivingnoopiniononthepossibleextentor

thelimitsofthateffect。TheeminentwriterIamabouttoquotefirstonthepoint，thinksitwillappear"thatfarthegreater

partofthehighpriceofcorninthiscountry，comparedwithmostofthestatesinEurope，"isoccasionedinthisway。"The

causes，"Mr。Malthussays，(19)"whichaffectthepriceofcorn，andoccasionthedifferenceinthispricesoobservablein

differentcountries，seemtobetwo。First，adifferenceinthevalueofthepreciousmetalsindifferentcountriesunder

differentcircumstances；secondly，adifferenceinthequantityoflaborandcapitalnecessarytoproducecorn。Thefirstcause

undoubtedlyoccasionsthegreatestportionofthatinequalityinthepriceofcorn，whichisthemoststrikingandprominent，

particularlyincountriesataconsiderabledistancefromeachother。Morethanthree-fourthsoftheprodigiousdifference

betweenthepriceofcorninBengalandEngland，isprobablyoccasionedbythedifferenceinthevalueofmoneyinthetwo

countries，andfarthegreaterpartofthehighpriceofcorninthiscountry，comparedwithmostofthestatesinEuropeis

occasionedinthesameway。"Inanotetosomefurtherobservationsonthesamesubject，Mr。Malthusafterwardssays，(20)"Thisconclusionmayappeartocontradictthedoctrineofthelevelofthepreciousmetals。Andsoitdoesifbylevelbe

meantlevelofvalueestimatedintheusualway。Iconsiderthatdoctrine，indeed，asquiteunsupportedbyfacts。Theprecious

metalsarealwaystendingtoastateofrest，orsuchastateofthingsastomaketheirmovementunnecessary。Butwhenthis

stateofresthasbeennearlyattained，andtheexchangesofallcountriesarenearlyatpar，thevalueofthepreciousmetalsin

differentcountries，estimatedincornandlabor，orthemassofcommodities，isveryfarindeedfrombeingthesame。"Mr。

Ricardohasstatedsimilaropinions。"Whenanyparticularcountryexcelsinmanufactures，soastooccasionaninfluxof

moneytowardsit，thevalueofmoneywillbelower，andthepricesofcornandlaborwillberelativelyhigherinthatcountry

thaninanyother。Thishighervalueofmoneywillnotbeindicatedbytheexchange。Billsmaycontinuetobenegotiatedat

par，althoughthepricesofcornandlaborshouldbe10，20，or30percent。higherinonecountrythananother。Underthe

circumstancessupposed，suchadifferenceofpricesisthenaturalorderofthings，andtheexchangecanonlybeatparwhen

asufficientquantityofmoneyisintroducedintothecountryexcellinginmanufactures，soastoraisethepriceofitscornand

labor。"(21)"Intheearlystatesofsociety，whenmanufactureshavemadelittleprogress，andtheproduceofallcountriesis

nearlysimilar，consistingofthebulkyandmostusefulcommodities，thevalueofmoneyindifferentcountrieswillbechiefly

regulatedbytheirdistancefromthemineswhichsupplythepreciousmetals；butastheartsandimprovementsofsociety

advance，anddifferentnationsexcelinparticularmanufactures，althoughdistancewillstillenterintothecalculation，the

valueofthepreciousmetalswillbechieflyregulatedbythesuperiorityofthosemanufactures。"(22)"Oftwocountrieshaving

preciselythesamepopulation，andthesamequantityoflandofequalfertilityincultivation，withthesameknowledgetooof

agriculture，thepricesofrawproducewillbehighestinthatwherethegreaterskillandthebettermachineryisusedinthemanufactureofexportablecommodities。"(23)Theadmissionoftheinfluenceofthiscauseonthepriceofcommoditiesindifferentcountriesisanunlucky，hutunavoidable

bar，itmustbeconfessed，toanythinglikeaccuracyinananalysisoftheproportionsofthedifferentelementsofpricein

differentnations。Therearenoveryobviousmeansofdeterminingtowhatextentmoneypricesmaybeaffectedbythat

differentlevelofthepreciousmetals，theexistenceofwhichisherelaiddownbythejointauthorityofMessrs。Malthusand

Ricardo。Andtheattempttosolvethequestion，canonlybesuccessful，Ithink，whenfoundedonanindustriousanddifficult

comparisonofallpossibleelementsofprice，distinctfromthelocalvalueofthepreciousmetals。Butifceasingtotreatthis

asageneralquestion，wenarrowourviewtothecauseswhichaffectthepeculiarvalueofthepreciousmetalsinGreat

Britainalone，wemayconcludewithtolerablecertainty，thatthelowvalueofthosemetalsmustaffectpricesheremore

powerfullythaninanyotherEuropeancountry。Inthefirstplace，Englandispre-eminentintheartandmeansof

manufacturingthoseexportablecommoditieswhich，accordingtoMr。Ricardo，tendtosaturateherwithgoldandsilver；and

thisisnottheonlypeculiaritywhichtendstolowerthevalueofthosemetalsinEngland。Theperfectionoftheartof

substitutingforthosemetals，andtherapidityofhercirculation，servetomagnifytheeffectsoftheinfluxproducedbyher

exporttrade。LetussupposeEnglandandFrancetorequireeach100，000，000forcirculation，andeachtopossessthatsum。

IftheEnglishfoundmeanstosubstitute；paperfor50ofthe100，000，000，then50，000，000ofbullionwouldbesetfree，and

wouldhavethesameeffectinloweringthevalueofthemassas50，000，000ofnewlyimportedmetal。Ifbyincreasingthe

rapidityofcirculation，50，000，000couldbemadetoperformfunctionswhichbeforerequired100，000，000，asimilarresult

wouldfollow，andthevalueofthemassbesimilarlyaffected。NowinEngland，theartofsubstitutingforcoiniscarriedtoan

extentunknownelsewhere。IndependentlyofthenotesoftheBankofEngland，andofcountrybankers，privatebillstothe

amountof100，000，000(24)arecalculatedtobeconstantlycirculatingascash。TheoperationsoftheLondonclearing-house

arefamiliartothepublic，andarealonesufficienttodiminish，toaveryconsiderableextent，thequantityofcashrequiredto

carryonthemoneytransactionsoftheempire。Therapidity，too，oftheEnglishcirculation，weknowtobeunrivalled。