[56]It is not necessary to state on every occasion, but it must be always understood, that the same effect will be produced by employing different, but equal portions of capital on the land already in cultivation, with different results. Rent is the difference of produce obtained with equal capitals, and with equal labour on the same, or on different qualities of land.
[56]It is not necessary to state on every occasion, but it must be always understood, that the same effect will be produced by employing different, but equal portions of capital on the land already in cultivation, with different results. Rent is the difference of produce obtained with equal capitals, and with equal labour on the same, or on different qualities of land.
[57]Observations on the Corn Laws, p. 4.
[57]Observations on the Corn Laws, p. 4.
[58]Upon shewing this passage to Mr. Malthus, at the time when these papers were going to the press, he observed, "that in these two instances he had inadvertently used the termreal price, instead ofcost of production. It will be seen from what I have already said, that to me it appears, that in these two instances he has used the termreal pricein its true and just acceptation, and that in the former case only it is incorrectly applied.
[58]Upon shewing this passage to Mr. Malthus, at the time when these papers were going to the press, he observed, "that in these two instances he had inadvertently used the termreal price, instead ofcost of production. It will be seen from what I have already said, that to me it appears, that in these two instances he has used the termreal pricein its true and just acceptation, and that in the former case only it is incorrectly applied.
[59]Page 40.
[59]Page 40.
[60]Manufactures, indeed, could not fall in any such proportion, because, under the circumstances supposed, there would be a new distribution of the precious metals among the different countries. Our cheap commodities would be exported in exchange for corn and gold, till the accumulation of gold should lower its value, and raise the money price of commodities.
[60]Manufactures, indeed, could not fall in any such proportion, because, under the circumstances supposed, there would be a new distribution of the precious metals among the different countries. Our cheap commodities would be exported in exchange for corn and gold, till the accumulation of gold should lower its value, and raise the money price of commodities.
[61]The Grounds of an Opinion, &c. page 36.
[61]The Grounds of an Opinion, &c. page 36.
[62]Mr. Malthus, in another part of the same work, supposes commodities to vary 25 or 20 per cent. when corn varies 33⅓.
[62]Mr. Malthus, in another part of the same work, supposes commodities to vary 25 or 20 per cent. when corn varies 33⅓.
[63]In Chap. 24. I have observed, that the real resources of a country, and its ability to pay taxes, depend on its net, and not on its gross income.
[63]In Chap. 24. I have observed, that the real resources of a country, and its ability to pay taxes, depend on its net, and not on its gross income.
[64]This is on the supposition that money continued at the same value. In the last note, I have endeavoured to shew that money would not continue of the same value,—that it would fall, from increased importation; a fact which is much more favourable to my argument.
[64]This is on the supposition that money continued at the same value. In the last note, I have endeavoured to shew that money would not continue of the same value,—that it would fall, from increased importation; a fact which is much more favourable to my argument.
[65]Mr. M'Culloch, in an able publication, has very strongly contended for the justice of making the dividends on the national debt conform to the reduced value of corn. He is in favour of a free trade in corn, but he thinks it should be accompanied by a reduction of interest to the national creditor.
[65]Mr. M'Culloch, in an able publication, has very strongly contended for the justice of making the dividends on the national debt conform to the reduced value of corn. He is in favour of a free trade in corn, but he thinks it should be accompanied by a reduction of interest to the national creditor.
Page190,line8,forobtained,readattained.
521,line20,fortwenty-one shillings,readforty-two shillings.
543,last line,forgive,readspend.
555,last line,forrent money,readmoney rent.
J. McCreery, Printer,Black-Horse-court, London.
Albemarle-street, London,May, 1817.