st have taken place in this country during the last twenty years, and
which has left us with a greatly increased capital, notwithstanding our
vast annual destruction of stock, for so long a period.

Among the temporary causes of high price, which may sometimes mislead
the landlord, it is necessary to notice irregularities in the currency.
When they are likely to be of short duration, they must be treated by
the landlord in the same manner as years of unusual demand. But
when they continue so long as they have done in this country, it is
impossible for the landlord to do otherwise than proportion his rent
accordingly, and take the chance of being obliged to lessen it again, on
the return of the currency to its natural state.

The present fall in the price of bullion, and the improved state of
our exchanges, proves, in my opinion, that a much greater part of the
difference between gold and paper was owing to commercial causes, and a
peculiar demand for bullion than was supposed by many persons; but they
by no means prove that the issue of paper did not allow of a higher rise
of prices than could be permanently maintained. Already a retrograde
movement, not exclusively occasioned by the importations of corn, has
been sensibly felt; and it must go somewhat further before we can return
to payments in specie. Those who let their lands during the period of
the greatest difference between notes and bullion, must probably lower
them, whichever system may be adopted with regard to the trade in corn.
These retrograde movements are always unfortunate; and high rents,
partly occasioned by causes of this kind, greatly embarrass the regular
march of prices, and confound the calculations both of the farmer and
landlord.

With the cautions here noticed in letting farms, the landlord may fairly
look forward to a gradual and permanent increase of rents; and, in
general, not only to an increase proportioned to the rise in the price
of produce, but to a still further increase, arising from an increase in
the quantity of produce.

If in taking rents, which are equally fair for the landlord and tenant,
it is found that in successive lettings they do not rise rather more
than in proportion to the price of produce, it will generally be owing
to heavy taxation.

Though it is by no means true, as stated by the Economists, that all
taxes fall on the net rents of the landlords, yet it is certainly true
that they are more frequently taxed both