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 720_l._ 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 4_l._, the whole 180 quarters belonged to
the cultivator, and he sold it for 720_l._ When corn rose to 4_l._ 4_s._
8_d._ 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 720_l._:
when it rose further to 4_l._ 10_s._ he paid twenty quarters, or their
value, for rent, and consequently only retained 160 quarters, which
yielded the same sum of 720_l._

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 value. Thus we see, that whether the
produce belonging to the farmer be 180, 170, 160, or 150 quarters, he
always obtains the same sum of 720_l._ for it; the price increasing in
an inverse proportion to the quantity.

Rent then, it appears, always falls on the consumer, and never on the
farmer; for if the produce of his farm should uniformly be 180
quarters, with the rise of price, he would retain the value of a less
quantity for himself, and give the value of a larger quantity to his
landlord; but the deduction would be such as to leave him always the
same sum of 720_l._

It will be seen too that, in all cases, the same sum of 720_l._ must be
divided between wages and profits. If the value of the raw produce from
the land exceed this value, it belongs to rent, whatever may be its
amount. If there be no excess, there will be no rent. Whether wages o