conx.— - Retiit— Capital* . 1^3 



The i^rieuUurisT here will pro^bly lay out part 

 of Ilia accumulations* uuder all circumstances in buy- 

 Ipg laud ; but if more than 30 per cent, can be sately 

 uud cpjickly bad in trade, it is obvious that mercantile 

 capital will not be largely embarked in it. 



The estimated value of the whole grain produce 

 will be more particularly noticed in the seqiaJ. 

 Three of the chief elements of the prosperity of a 

 community have been already developed in our small 

 ygrivultural one, an increase of capital, an increase, 

 of produce, and an increase of population. Those 

 yet wauled are a more favorable mollification of the 

 moral, and developemeut of the intellectual (acuities, 

 by which bust, wealth is chiefly created by the stimu- 

 lus knowledge gives to industry ; also high market 

 rates of produrr, and a more liberal system of culti- 

 vation. It is more to this Last, than to any increase 

 of population or lull of [trices of labor, that we are to 

 look for a rise of rents beyond what lltey should now 

 jie with reference to profit*, now derived by formers. 

 Surplus produce will probably ftf a while outstrip 

 population, and raise wa^es. The labomvrs of one 

 season will become (he buyers of labor in the next, 

 by occupying tend themselves • at any rate th<\ u ill 

 he so many less in the labor market, and this gradual 

 dniinon the labouring class will croon until all the ^raiu 

 land has been cultivated \ and unfefH serous failures of 

 crops take place, will increase the price of wa^cs, 

 Competition will then probuhh depress the profits of 

 capital employed on the soil, and wa^es will tall 

 from the pressure of population on the means of sub- 

 Htfenee j while rents will absorb more of the surplus 

 of produce over the bare costs of production than 

 formerly ; these briutf of course graduated Ae<ordiny 

 to the degree of fertility of the soil. 



