Notwithstanding, then, that the labourer would be really worse paid, yet this increase in his wages would necessarily diminish the profits of the manufacturer; for his goods would sell at no higher price, and yet the expense of producing them would be increased. This, however, will be considered in our examination into the principles which regulate profits.
It appears, then, that the same cause which raises rent, namely, the increasing difficulty of providing an additional quantity of food with the same proportional quantity of labour, will also raise wages; and therefore if money be of an unvarying value, both rent and wages will have a tendency to rise with the progress of wealth and population.
But there is this essential difference between the rise of rent and the rise of wages. The rise in the money value of rent is accompanied by an increased share of the produce; not only is the landlord's money rent greater, but his corn rent also; he will have more corn, and each defined measure of that corn will exchange for a greater quantity of all other goods which have not been raised in value. The fate of the labourer will be less happy: he will receive more money wages, it is true, but his corn wages will be reduced; and not only his command of corn, but his general condition will be deteriorated, by his finding it more difficult to maintain the market rate of wages above their natural rate. While the price of corn rises 10 per cent., wages will always rise less than 10 per cent., but rent will always rise more; the condition of the labourer will generally decline, and that of the landlord will always be improved.
When wheat was at 4l. per quarter, suppose the labourer's wages to be 24l. per annum, or the value of six quarters of wheat, and suppose half his wages to be expended on wheat, and the other half, or 12l., on other things. He would receive
| £24.14. | when wheat was at | £4.4.8. | or the value of | 5.83 qrs. |
| 25.10. | 4.10. | 5.66 qrs. | ||
| 26.8. | 4.16. | 5.50 qrs. | ||
| 27.8.6 | 5.2.10 | 5.33 qrs. |
He would receive these wages to enable him to live just as well, and no better, than before; for when corn was at 4l. per quarter, he would expend for three quarters of corn,
| at 4l. per qr. | £12 |
| and on other things | 12 |
| —— | |
| 24 |
| When wheat was 4l. 4s. 8d., three quarters, which he and his family consumed, would cost him | £12.14 |
| other things not altered in price | 12 |
| —— | |
| 24.14 |
| When at 4l. 10s., three quarters of wheat would cost | £13.10 |
| and other things | 12 |
| —— | |
| 25.10 |