at can be grown at home, as to equal
both the profits and the rent of the grain which it displaces."
_Grounds_, &c. p. 36.

As rent is the effect of the high price of corn, the loss of rent is the
effect of a low price. Foreign corn never enters into competition with
such home corn as affords a rent; the fall of price invariably affects
the landlord till the whole of his rent is absorbed;--if it fall still
more, the price will not afford even the common profits of stock;
capital will then quit the land for some other employment, and the corn,
which was before grown upon it, will then, and not till then, be
imported. From the loss of rent, there will be a loss of value, of
estimated money value, but there will be a gain of wealth. The amount
of the raw produce and other productions together will be increased,
from the greater facility with which they are produced; they will,
though augmented in quantity, be diminished in value.

Two men employ equal capitals--one in agriculture, the other in
manufactures. That in agriculture produces a net annual value of
1200_l._ of which 1000_l._ is retained for profit, and 200_l._ is paid
for rent; the other in manufactures produces only an annual value of
1000_l._ Suppose that by importation, the same quantity of corn can be
obtained for commodities which cost 950_l._, and that, in consequence,
the capital employed in agriculture is diverted to manufactures, where
it can produce a value of 1000_l._ the net revenue of the country will
be of less value, it will be reduced from 2200_l._ to 2000_l._, but
there will not only be the same quantity of commodities and corn for its
own consumption, but also as much addition to that quantity as 50_l._
would purchase, the difference between the value at which its
manufactures were sold to the foreign country, and the value of the corn
which was purchased from it.

Mr. Malthus says, "It has been justly observed by Adam Smith, that no
equal quantity of productive labour employed in manufactures can ever
occasion so great a reproduction as in agriculture." If Adam Smith
speaks of value, he is correct, but if he speaks of riches, which is the
important point, he is mistaken, for he has himself defined riches to
consist of the necessaries, conveniences, and enjoyments of human life.
One set of necessaries and conveniences admits of no comparison with
another set; value in use cannot be measured by any known standard, it
is differently estimated by