s are generally thrown off upon the
landlord. The farmer so makes his bargain, or ought so to make it, as to
leave himself, after every expense has been paid, the average profits of
agricultural stock in the actual circumstances of the country, whatever
they may be, and in whatever manner they may have been affected by
taxes, particularly by so general a one as the property tax. The farmer,
therefore, by paying a less rent to his landlord on the renewal of his
lease, is relieved from any peculiar pressure, and may go on in
the common routine of cultivation with the common profits. But his
encouragement to lay out fresh capital in improvements is by no means
restored by his new bargain. This encouragement must depend, both with
regard to the farmer and the landlord himself, exclusively on the price
of produce, compared with the price of the instruments of production;
and, if the price of these instruments have been raised by taxation, no
diminution of rent can give relief. It is, in fact, a question, in which
rent is not concerned. And, with a view to progressive improvements, it
may be safely asserted, that the total abolition of rents would be
less effectual than the removal of taxes which fall upon agricultural
capital.

I believe it to be the prevailing opinion, that the greatest expense of
growing corn in this country is almost exclusively owing to the weight
of taxation. Of the tendency of many of our taxes to increase the
expenses of cultivation and the price of corn, I feel no doubt; but the
reader will see from the course of argument pursued in this inquiry,
that I think a part of this price, and perhaps no inconsiderable part,
arises from a cause which lies deeper, and is in fact the necessary
result of the great superiority of our wealth and population, compared
with the quality of our natural soil and the extent of our territory.

This is a cause which can only be essentially mitigated by the habitual
importation of foreign corn, and a diminished cultivation of it at home.
The policy of such a system has been discussed in another place; but, of
course, every relief from taxation must tend, under any system, to make
the price of corn less high, and importation less necessary.

In the progress of a country towards a high state of improvement, the
positive wealth of the landlord ought, upon the principles which have
been laid down, gradually to increase; although his relative condition
and influence in society