arger portion to those whose funds employed
this class. Suppose the value of the commodities produced in a
particular manufacture to be 1000_l._, and to be divided between the
master and his labourers, in the proportion of 800_l._ to labourers, and
200_l._ to the master; if the value of these commodities should fall to
900_l._, and 100_l._ be saved from the wages of labour, in consequence
of the fall of necessaries, the net income of the masters would be in no
degree impaired, and, therefore, he could with just as much facility pay
the same amount of taxes, after, as before the reduction of price.[64]

And that wages would fall as much as the mass of commodities, or rather
that the net income remaining to landlords, farmers, manufacturers,
traders, and stockholders, the only real payers of taxes, would be as
great as before, is very highly probable; for nothing would be even
nominally lost to the society by the freest importation of corn, but
that portion of rent of which the landlords would be deprived in
consequence of the fall of raw produce.

The difference between the value of corn and all other commodities sold
in the country, before and after the importation of cheap corn, would be
only equal to the fall of rent; because, independently of rent, the same
quantity of labour would always produce the same value.

The whole reduction which is made in wages, is a value actually added to
the value of the net income before possessed by the society; whilst the
only value which is taken from that net income is the value of that part
of their rent of which the landlords will be deprived by a fall of raw
produce. When we consider that the fall of produce acts upon a limited
number of landlords, while it reduces the wages not only of those who
are employed in agriculture, but of all those who are occupied in
manufactures and commerce, it may well be doubted, whether the net
revenue of the society would suffer any abatement whatever.[65]

But, if it did, it must not be supposed that the ability to pay taxes
will diminish in the same degree, as the money value, even of the net
revenue. Suppose that my net revenue were diminished from 1000_l._ to
900_l._; but that my taxes continued to be the same, to be 100_l._: is
it not probable that my ability to pay this 100_l._ may be greater with
the smaller than with the larger revenue? Commodities cannot fall so
universally as Mr. Malthus supposes, without greatly benefiting the
cons