84 Rents, Wages, and Profits in Agricnlture 



on property in land, which, taken without 

 the context of his sound common-sense, may 

 even now be regarded as revolutionary — 

 Adam Smith was no defender of the great 

 landlords — in some respects he is less than 

 just to them ; but as I pointed out, he is 

 constrained to admit that England is the 

 only country in which the tenant would 

 take the risk of fixing capital in the land 

 without any other guarantee than good 

 faith in his landlord. 



Again, in the recent and still prevailing 

 depression the landlords have made re- 

 missions and written off arrears, and in 

 general taken the first share in bearing 

 the loss. 



It would be a great misfortune for 

 English agriculture if an attempt to make 

 the letter of the law more favourable 

 to the tenant were to destroy or injure 

 the good relations that have hitherto 



