aps, when the
knowledge and capital of an old society are employed upon fresh and
fertile land, this surplus produce, this bountiful gift of providence,
shows itself chiefly in extraordinary high profits, and extraordinary
high wages, and appears but little in the shape of rent. While fertile
land is in abundance, and may be had by whoever asks for it, nobody of
course will pay a rent to a landlord. But it is not consistent with the
laws of nature, and the limits and quality of the earth, that this
state of things should continue. Diversities of soil and situation must
necessarily exist in all countries. All land cannot be the most fertile:
all situations cannot be the nearest to navigable rivers and markets.
But the accumulation of capital beyond the means of employing it on
land of the greatest natural fertility, and the greatest advantage
of situation, must necessarily lower profits; while the tendency of
population to increase beyond the means of subsistence must, after a
certain time, lower the wages of labour.

The expense of production will thus be diminished, but the value of the
produce, that is, the quantity of labour, and of the other products of
labour besides corn, which it can command, instead of diminishing, will
be increased. There will be an increasing number of people demanding
subsistence, and ready to offer their services in any way in which they
can be useful. The exchangeable value of food will, therefore, be in
excess above the cost of production, including in this cost the full
profits of the stock employed upon the land, according to the actual
rate of profits, at the time being. And this excess is rent.

Nor is it possible that these rents should permanently remain as
parts of the profits of stock, or of the wages of labour. If such an
accumulation were to take place, as decidedly to lower the general
profits of stock, and, consequently, the expenses of cultivation, so
as to make it answer to cultivate poorer land; the cultivators of the
richer land, if they paid no rent, would cease to be mere farmers, or
persons living upon the profits of agricultural stock. They would unite
the characters of farmers and landlords--a union by no means uncommon;
but which does not alter, in any degree, the nature of rent, or its
essential separation from profits. If the general profits of stock were
20 per cent and particular portions of land would yield 30 per cent on
the capital employed, 10 per cent of the