and in its former
state, no sufficient motive can exist to undertake the
projected improvement." Observations, p. 22.

[55] See p. 124.

[56] See p. 70, &c.

[57] It is not necessary to state on every occasion, but
it must be always understood, that the same effect will be
produced by employing different, but equal portions of
capital on the land already in cultivation, with different
results. Rent is the difference of produce obtained with
equal capitals, and with equal labour on the same, or on
different qualities of land.

[58] Observations on the Corn Laws, p. 4.

[59] Upon shewing this passage to Mr. Malthus, at the time
when these papers were going to the press, he observed,
"that in these two instances he had inadvertently used the
term _real price_, instead of _cost of production_." It
will be seen from what I have already said, that to me it
appears, that in these two instances he has used the term
_real price_ in its true and just acceptation, and that in
the former case only it is incorrectly applied.

[60] Page 40.

[61] Manufactures, indeed, could not fall in any such
proportion, because, under the circumstances supposed,
there would be a new distribution of the precious metals
among the different countries. Our cheap commodities would
be exported in exchange for corn and gold, till the
accumulation of gold should lower its value, and raise the
money price of commodities.

[62] The Grounds of an Opinion, &c. page 36.

[63] Mr. Malthus, in another part of the same work,
supposes commodities to vary 25 or 20 per cent. when corn
varies 33-1/3.

[64] In Chap. 24. I have observed, that the real resources
of a country, and its ability to pay taxes, depend on its
net, and not on its gross income.

[65] This is on the supposition that money continued at
the same value. In the last note, I have endeavoured to
shew that money would not continue of the same
value,--that it would fall, from increased importation; a
fact which is much more favourable to my argument.

[66] Mr. M'Culloch, in an able publication, has very
strongly contended for the justice of making the dividends
on the national debt conform to the reduced value of corn.
He is in favour of a free trade in corn, but he thinks it
should be accompanied by a reduction of interest to the
national creditor.

THE END.

ERRATA.

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