We have shewn that in early stages of society, both the landlord's and the labourer's share of the value of the produce of the earth, would be but small; and that it would increase in proportion to the progress of wealth, and the difficulty of procuring food. We have shewn too, that although the value of the labourer's portion will be increased by the high value of food, his real share will be diminished; whilst that of the landlord will not only be raised in value, but will also be increased in quantity.
The remaining quantity of the produce of the land, after the landlord and labourer are paid, necessarily belongs to the farmer, and constitutes the profits of his stock. But it may be alleged, that though as society advances, his proportion of the whole produce will be diminished, yet as it will rise in value, he, as well as the landlord and labourer, may, notwithstanding, receive a greater value.
It may be said for example, that when corn rose from 4l. to 10l., the 180 quarters obtained from the best land would sell for 1800l. instead of 720l.; and therefore, though the landlord and labourer be proved to have a greater value for rent and wages, still the value of the farmer's profit might also be augmented. This however is impossible, as I shall now endeavour to shew.
In the first place, the price of corn would rise only in proportion to the increased difficulty of growing it on land of a worse quality.
It has been already remarked, that if the labour of ten men will, on land of a certain quality, obtain 180 quarters of wheat, and its value be 4l. per quarter, or 720l.; and if the labour of ten additional men, will on the same or any other land, produce only 170 quarters in addition, wheat would rise from 4l. to 4l. 4s. 8d.; for 170: 180:: 4l.: 4l. 4s. 8d. In other words, as for the production of 170 quarters, the labour of ten men is necessary, in the one case, and only that of 9.44 in the other, the rise would be as 9.44 to 10, or as 4l. to 4l. 4s. 8d. In the same manner it might be shewn, that if the labour of ten additional men would only produce 160 quarters, the price would further rise to 4l. 10s.; if 150, to 4l. 16s., &c. &c.
| But when 180 quarters were produced on the land paying no rent, and its price was 4l. per quarter, it sold for | £720 |
| And when 170 quarters were produced on the land paying no rent, and the price rose to 4l. 4s. 8d. it still sold for | 720 |
| So, 160 quarters at 4l. 10s. produce | 720 |
| And 150 quarters at 4l. 16s. produce the same sum of | 720 |
Now it is evident, that if out of these equal values, the farmer is at one time obliged to pay wages regulated by the price of wheat at 4l., and at other times at higher prices, the rate of his profits will diminish in proportion to the rise in the price of corn.
In this case, therefore, I think it is clearly demonstrated that a rise in the price of corn, which increases the money wages of the labourer, diminishes the money value of the farmer's profits.
But the case of the farmer of the old and better land will be in no way different; he also will have increased wages to pay, and will never retain more of the value of the produce, however high may be its price, than 720l. to be divided between himself and his always equal number of labourers; in proportion therefore as they get more, he must retain less.
When the price of corn was at 4l., the whole 180 quarters belonged to the cultivator, and he sold it for 720l. When corn rose to 4l. 4s. 8d. he was obliged to pay the value of ten quarters out of his 180 for rent, consequently the remaining 170 yielded him no more than 720l.: when it rose further to 4l. 10s. he paid twenty quarters, or their value, for rent, and consequently only retained 160 quarters, which yielded the same sum of 720l.