which the wine falls so much short of the effectual demand, that its
price is always above the natural proportion to that of other equally
fertile, and equally well cultivated land, would necessarily reduce the
rent and profit[22] of those vineyards. The price of the wines being
already the highest that could be got for the quantity commonly sent to
market, it could not be raised higher without diminishing that quantity;
and the quantity could not be diminished without still greater loss,
because the lands could not be turned to any other equally valuable
produce. The whole weight of the tax, therefore, would fall upon the
rent and profit;[23] properly upon the _rent_ of the vineyard." "But the
ordinary price of barley has never been a monopoly price; and the rent
and profit of barley land have never been above their natural proportion
to those of other equally fertile and equally well cultivated land. The
different taxes which have been imposed upon malt, beer, and ale, _have
never lowered the price of barley_; have never reduced the rent and
profit[24] of barley land. The price of malt to the brewer has
constantly risen in proportion to the taxes imposed upon it; and those
taxes, together with the different duties upon beer and ale, have
constantly either raised the price, or, what comes to the same thing,
reduced the quality of those commodities to the consumer. The final
payment of those taxes has fallen constantly upon the consumer, and not
upon the producer." On this passage Mr. Buchanan remarks, "A duty on
malt never could reduce the price of barley, because, unless as much
could be made of barley by malting it as by selling it unmalted, the
quantity required would not be brought to market. It is clear,
therefore, that the price of malt must rise in proportion to the tax
imposed on it, as the demand could not otherwise be supplied. The price
of barley, however, is just as much a monopoly price as that of sugar;
they both yield a rent, and the market price of both has equally lost
all connexion with the original cost."

It appears then to be the opinion of Mr. Buchanan, that a tax on malt
would raise the price of malt, but that a tax on the barley from which
malt is made, would not raise the price of barley; and therefore, if
malt is taxed, the tax will be paid by the consumer; if barley is taxed,
it will be paid by the landlord, as he will receive a diminished rent.
According to Mr. Buchanan then, barley is at a m