if the produce of agriculture were sold at such a price as to
yield less net surplus, agriculture would be equally productive to the
general stock, must be very far from the truth.

With regard to my own conviction, indeed, I feel no sort of doubt that
if, under the impression that the high price of raw produce, which
occasions rent, is as injurious to the consumer as it is advantageous
to the landlord, a rich and improved nation were determined by law,
to lower the price of produce, till no surplus in the shape of rent
anywhere remained; it would inevitably throw not only all the poor land,
but all, except the very best land, out of cultivation, and probably
reduce its produce and population to less than one tenth of their former
amount.

From the preceding account of the progress of rent, it follows, that
the actual state of the natural rent of land is necessary to the actual
produce; and that the price of produce, in every progressive country,
must be just about equal to the cost of production on land of the
poorest quality actually in use; or to the cost of raising additional
produce on old land, which yields only the usual returns of agricultural
stock with little or no rent.

It is quite obvious that the price cannot be less; or such land would
not be cultivated, nor such capital employed. Nor can it ever much
exceed this price, because the poor land progressively taken into
cultivation, yields at first little or no rent; and because it will
always answer to any farmer who can command capital, to lay it out on
his land, if the additional produce resulting from it will fully repay
the profits of his stock, although it yields nothing to his landlord.

It follows then, that the price of raw produce, in reference to the
whole quantity raised, is sold at the natural or necessary price, that
is, at the price necessary to obtain the actual amount of produce,
although by far the largest part is sold at a price very much above that
which is necessary to its production, owing to this part being produced
at less expense, while its exchangeable value remains undiminished.

The difference between the price of corn and the price of manufactures,
with regard to natural or necessary price, is this; that if the price of
any manufacture were essentially depressed, the whole manufacture would
be entirely destroyed; whereas, if the price of corn were essentially
depressed, the quantity of it only would be diminished. There would