in
principle, however accurately I might have set out in stating the
difference in the number of labourers necessary to obtain the successive
quantities of corn required by an increasing population, the quantity
consumed by the labourer's family, &c. &c. My object has been to
simplify the subject, and I have therefore made no allowance for the
increasing price of the other necessaries, besides food, of the
labourer; an increase which would be the consequence of the increased
value of the raw material from which they are made, and which would of
course further increase wages, and lower profits.

I have already said, that long before this state of prices was become
permanent, there would be no motive for accumulation; for no one
accumulates but with a view to make his accumulation productive, and it
is only when so employed that it operates on profits. Without a motive
there could be no accumulation, and consequently such a state of prices
never could take place. The farmer and manufacturer can no more live
without profit, than the labourer without wages. Their motive for
accumulation will diminish with every diminution of profit, and will
cease altogether when their profits are so low as not to afford them an
adequate compensation for their trouble, and the risk which they must
necessarily encounter in employing their capital productively.

I must again observe, that the rate of profits would fall much more
rapidly than I have estimated in my calculation: for the value of the
produce being what I have stated it under the circumstances supposed,
the value of the farmer's stock would be greatly increased from its
necessarily consisting of many of the commodities which had risen in
value. Before corn could rise from 4_l._ to 12_l._ his capital would
probably be doubled in exchangeable value, and be worth 6000_l._ instead
of 3000_l._ If then his profit were 180_l._, or 6 per cent. on his
original capital, profits would not at that time be really at a higher
_rate_ than 3 per cent.; for 6000_l._ at 3 per cent. gives 180_l._; and
on those terms only could a new farmer with 6000_l._ money in his pocket
enter into the farming business.

Many trades would derive some advantage, more or less, from the same
source. The brewer, the distiller, the clothier, the linen manufacturer,
would be partly compensated for the diminution of their profits, by the
rise in the value of their stock of raw and finished materials; but a
manufactu