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.
It will be seen then, that whatever rise may take place in the price of corn, in consequence of the necessity of employing more labour and capital to obtain a given additional quantity of produce, such rise will always be equalled in value by the additional rent, or additional labour employed; so that whether corn sells for 4 l. , 4 l. 10 s. , or 5 l. 2 s. 10 d. , the farmer will obtain for that which remains to him, after paying rent, the same real