ast employed pays no
rent. For the greater productive powers of the first 1000_l._, fifteen
quarters is paid for rent, for the employment of the second 1000_l._ no
rent whatever is paid. If a third 1000_l._ be employed on the same land,
with a return of seventy-five quarters, rent will then be paid for the
second 1000_l._ and will be equal to the difference between the produce
of these two, or ten quarters; and at the same time the rent of the
first 1000_l._ will rise from fifteen to twenty-five quarters; while the
last 1000_l._ will pay no rent whatever.

If then good land existed in a quantity much more abundant than the
production of food for an increasing population required, or if capital
could be indefinitely employed without a diminished return on the old
land, there could be no rise of rent; for rent invariably proceeds from
the employment of an additional quantity of labour with a proportionally
less return.

The most fertile, and most favourably situated land will be first
cultivated, and the exchangeable value of its produce will be adjusted
in the same manner as the exchangeable value of all other commodities,
by the total quantity of labour necessary in various forms, from first
to last, to produce it, and bring it to market. When land of an inferior
quality is taken into cultivation, the exchangeable value of raw produce
will rise, because more labour is required to produce it.

The exchangeable value of all commodities, whether they be manufactured,
or the produce of the mines, or the produce of land, is always
regulated, not by the less quantity of labour that will suffice for
their production under circumstances highly favourable, and exclusively
enjoyed by those who have peculiar facilities of production; but by the
greater quantity of labour necessarily bestowed on their production by
those who have no such facilities; by those who continue to produce them
under the most unfavourable circumstances; meaning--by the most
unfavourable circumstances, the most unfavourable under which the
quantity of produce required renders it necessary to carry on the
production.

Thus, in a charitable institution, where the poor are set to work with
the funds of benefactors, the general prices of the commodities, which
are the produce of such work, will not be governed by the peculiar
facilities afforded to these workmen, but by the common, usual, and
natural difficulties, which every other manufacturer will have to