an equal Extent of Land, with equal Buildings, Corn, Cattle and other Conveniences and Necessaries of Life, but no Men, Women, nor Children, I should hardly believe this would add either to the Riches of the People, or Revenue of the Prince; for since the present Buildings are sufficient for all the Inhabitants, if any of them should forsake the old to inhabit the new Part of the Island, the Increase of House-Rent in this would be attended with at least an equal Decrease of it in the other: Besides, we have such a Sufficiency of Corn and Cattle, that we give Bounties to our Neighbours to take what exceeds of the former off our Hands, and we will not suffer any of the latter to be imported upon us by our Fellow-Subjects; and for the remaining Product of the Country 'tis already equal to all our Markets. But if all these Things should be doubled to the same Buyers, the Owners must be glad with half their present Prices, the Landlords with half their present Rents; and thus by so great an Enlargement of the Country, the Rents in the whole would not increase, nor the Taxes to the Publick.
On the contrary, I should believe they would be very much diminished; for as the Land is only valuable for its Fruits, and these are all perishable, and for the most part must either be used within the Year, or perish without Use, the Owners will get rid of them at any rate, rather than they should waste in their Possession: So that 'tis probable the annual Production of those perishable things, even of one Tenth Part of them, beyond all Possibility of Use, will reduce one Half of their Value. It seems to be for this Reason that our Neighbour Merchants who ingross all the Spices, and know how great a Quantity is equal to the Demand, destroy all that exceeds it. It were natural then to think that the Annual Production of twice as much as can be used, must reduce all to an Eighth Part of their present Prices; and thus this extended Island would not exceed one Fourth Part of its present Value, or pay more than one Fourth Part of the present Tax.
It is generally observed, That in Countries of the greatest Plenty there is the poorest Living; like the Schoolmen's Ass, in one of my Speculations, the People almost starve between two Meals. The Truth is, the Poor, which are the Bulk of the Nation, work only that they may live; and if with two Days Labour they can get a wretched Subsistence for a Week, they will hardly be brought to work the other four: But then with the Wages of two Days they can neither pay such Prices for their Provisions, nor such Excises to the Government.
paradox therefore in old
Hesiod
or Half is more than the Whole, is very applicable to the present Case; since nothing is more true in political Arithmetick, than that the same People with half a Country is more valuable than with the Whole.
begin to think there was nothing absurd in Sir