us to considerable and unnecessary variation in the
bullion value of the currency.

[49] If with the quantity of gold and silver which
actually exists, these metals only served for the
manufacture of utensils and ornaments, they would be
abundant, and would be much cheaper than they are at
present; in other words, in exchanging them for any other
species of goods, we should be obliged to give
proportionally a greater quantity of them. But as a large
quantity of these metals is used for money, and as this
portion is used for no other purpose, there remains less
to be employed in furniture and jewellery; now this
scarcity adds to their value.--_Say_, vol. i. p. 316. See
also note to p. 78.

[50] An Inquiry into the Nature and Origin of Public
Wealth, page 13.

[51] An Inquiry into the Nature and Progress of Rent, p.
15.

[52] See page 124, where I have endeavoured to shew, that
whatever facility or difficulty there may be in the
production of corn; wages and profits together will be of
the same value. When wages rise, it is always at the
expense of profits, and when they fall, profits always
rise.

[53] Of what increased quantity does Mr. Malthus speak?
Who is to produce it? Who can have any motive to produce
it, before any demand exists for an additional quantity?

[54] Inquiry, &c. "In all progressive countries, the
average price of corn is never higher than what is
necessary to continue the average increase of produce."
Observations, p. 21.

"In the employment of fresh capital upon the land, to
provide for the wants of an increasing population, whether
this fresh capital is employed in bringing more land under
the plough, or improving land already in cultivation, the
main question always depends upon the expected returns of
this capital; and no part of the gross profits can be
diminished, without diminishing the motive to this mode of
employing it. Every diminution of price, not fully and
immediately balanced by a proportioned fall in all the
necessary expenses of a farm, every tax on the land, every
tax on farming stock, every tax on the necessaries of
farmers, will tell in the computation; and if, after all
these outgoings are allowed for, the price of the produce
will not leave a fair remuneration for the capital
employed, according to the general rate of profits, and a
rent at least equal to the rent of the l