of some Doctrines of Political Economy. 197 



If they were greater, more capital would be transferred from less 

 profitable employments to farming-, the produce would be in- 

 creased, the price of i)roduce diminished, and thus farming profits 

 would decrease till they were on a level with the profits of other 

 employments or below them. If again farming profits were below 

 other profits, capital would be transferred from agriculture to 

 other employments, where more could be made by it, agiicultural 

 produce would diminish, the price to the remaining agriculturists 

 would rise, and with it their profits, till the equilibrium was 

 restored. Thus the farmer would be content and compelled to 

 follow his employment for the same profits as other capitalists. 

 He could not, permanently, get more ; he would not, perma- 

 nently, take less. He would therefore be willing- to take land 

 on any conditions which would leave him such profits: he wouhl 

 be willing to give the surplus to the landlord. And whenever 

 the bargain came to be made between them, its true and balanced 

 condition, to which all arrangements would tend, would be, that 

 the landlord should receive this surplus and no more ; that is, 

 this surplus would be rent. 



It will be perceived, that in this view of the matter the culti- 

 vator is assumed to be a person who is remunerated by the 

 profits of his capital for the employment of it. Capital is con- 

 sidered to be transferable from one employment to another 

 whenever the other is more profitable. The conclu,sions of our 

 reasonings will be true only so far as these assumptions are true. 

 7. The next principle which I .shall enunciate is this : 

 Axiom 2. When the produce of an}) land would equal or 

 exceed the usual profits of the capital requisite to cultivate it, 

 it will be cultivated; and not otherwise; and when new capital 

 can he applied to land so that the additional produce will equal 

 or exceed the usual profits of the capital, the capital will be so 

 applied; and not othertvise. 



